tổng hợp.docx

8/9/2019 tổng hợp.docx

http://slidepdf.com/reader/full/tong-hopdocx 1/8

Which of the following is not one of

Porter’s factors determining the idensity

of competition within an industry?

Bargaining power of suppliers.

Which of the following the likely an

advantage of using P/S multiple?

p/s muliples are not as volatile as P/E

multiples and hence may be more reliabe

in valuation analysis.

Which piece below when fitted

B

On balance volume is useful to :

all above or clarify the volume trend.

i!i ph"p can thi#p c$a ch%nh ph$ &'iv(i doanh nghi#p trong th) tr*+ng &,c

-uy.n hon ton bu,c doanh nghi#p ph!i

gia t0ng s!n l*1ng cao nh2t3

Quy định giá trn b!ng giao đi"m b!ng

giao đi"m gi#a đ$%ng cu v& '(

Which of the following is 4O5 are

recogni6ed approach to standard 7

setting?

48u gi" tr) hi#n t9i c$a dng ti.n thi8tl;p &*1c l <<= tri#u &>ng t v'n &@u t* ban &@u <== tri#u &>ng3 4PA c$a dB "nl bao nhiCu ?

)* tri+u

Df a firms’s annual days sales in payableswas E= dayF and the annual GOS iseHpected to increase by II J Kand thenumber of days remains constantLF whichof following changes in the end of periodaccount payable balance will most likely

improveKincreaseL the GMO?

Dn the Narkowits frameworkF an investor should most appropriately evaluate a potential investment based on its

Effect on portfolio ris, and return

i.u no sau &y QR4 thu,c gi!thi8t c$a mT hUnh GVPN:

(ác nh& đu t$ ,h-ng dng vn vay.

5 chXc niCm y8t chY &*1c h$y niCm y8ttB nguy#n khi no?

Quy0t định c1a 232(2 c4 tr5n )*6 s phi0u bi"u 7uy0t c1a các c8 đ-ng ,h-ng ph9i l& c8 đ-ng l:n ch;p nh<n h1y ni5m y0t.

GTng thXc s' trung bUnh nhn &*1c dZng&[ t%nh?



N,t nh &@u t* dB t%nh mua \ mi8ng &2t

gi" <== tri#u &>ngF chi ph% s]a ch^a <=

tri#u _

=> su;t sinh l?i l& @)A)@6

Vn analyst determines that

approHimately `` percent _ standard

deviation?

@ACCD

On balance volume is SM to ll above

i!i ph"p can thi#p c$a ch%nh ph$ &'i

v(i doanh nghi#p trong th) tr*+ng &,c

-uy.n hon ton bu,c doanh nghi#p ph!i

gia t0ng s!n l*1ng cao nh2t?

Quy định giá trn b!ng v:i giao đi"m gi#a đ$%ng cu v& đ$%ng '(.

5rong th) tr*+ng c9nh tranh hon ton

n8u c"c doanh nghi#p m(i gia nh;p lm

cho l*1ng c@u y8u t' s!n Hu2t t0ng

nh*ng gi" c"c y8u t' sH k &i thU &*+ng

cung di h9n c$a ngnh s :

F!m ngang

V model that estimates eHpected eHcess

return on a security based on the ratio of

the firm’s book value to its market value

is best described as a:

GingleHfactor model

Paying a cash dividend is most likely to

result in:

n increase in financial leverage ratios.

GTng ty Rong R hi#n &ang c t l#

thanh to"n nhanh l \F t l# thanh to"n

hi#n hnh l _3IC ng&y

jetsy Ninor is considering the

diversification benefits of two stock

portfolioF \F \F \F IF =F E=F =FE

JarK *A*ILICM deviationK @NA)N6

eterminants of substitute threats

include:

relative price performance of substitutesF

buyer propensity to substituteF and

switching costs

S] dng nh^ng thTng tin &)nh gi" cp

cTng ty Gomputech tUm ph"t bi[u ít

chính xác nhất:

giá cp O mc @DAC





arner Gorporation is investing =

million in new capital e-uipment3 5he

present value of future afterqtaH cash

flows generated by the e-uipment isestimated to be <= million3 GurrentlyF

arner has a stock price of I3== per

share with million shares outstanding3

Vssuming that this proect represents

new information and is independent of

other eHpectations about the companyF

what should the effect of the proect beon the firm’s stock price?

=he stoc, price will increase to WI*.)*

Righ risk toleranceF a long investment

hori6onF and low li-uidity needs aremost

li,ely to characteri6e the investment

needs of aKnL:defined benefit pension plan.

Vssume a firm uses a constant WVGG to

select investment proects rather than

adusting the proects for risk3 Df soF the

firm will tend to:

XeYect profitableA lowHris, proYects and

accept unprofitableA highHris, proYects.

Vccording to the earnings multipliermodelF all else e-ualF as the re-uired rateof return on a stock increasesF the:

P/E ratio will decrease.

V firm pays an annual dividend of \3\<3

5he riskqfree rate KML is I3<JF and the

total risk premium KPL for the stock is

J3 What is the value of the stockF if the

dividend is eHpected to remain constant?

W@A@

Participating preference shares most

li,ely:

receive eZtra dividends if firm profits

eZceed a predetermined threshold.

5he current price of xF Dnc3F is =

per share with \F=== shares of e-uity

outstanding3 Sales are F=== and the

book value of the firm is \=F===3 What

is the price/sales ratio of xF Dnc3?

@*A***

5he price to book value ratio KP/jAL is ahelpful valuation techni-ue when

eHamining firms:

that hold primarily li7uid assets.



Rume Dnc thTng b"o l1i nhu;n -uz m{i

c ph@n | mXc \3I=F cao h}n \<J so

v(i n0m ngo"i3 1i nhu;n _3 5hTng b"o

!nh h*|ng ntn &8n gi" c phi8u3 [h-ng đ8i

Vn analyst gathered the following datafor the Parker Gorp3 for the year endedecember \F I==<:

♣ PSI==< \3<

♣ ividendsI==< \3=

♣ jeta Parker \3\

♣ ongqterm bond rate E3<J

♣ ate of return S~ <== \I3==J

5he firm has changed its dividend policyand now plans to pay out E=J of itsearnings as dividends in the future3 Df thelongqterm growth rate in earnings anddividends is eHpected to be <JF theappropriate price to earnings KP/L ratiofor Parker will be:

DAC

se the following inf and the dividend

discount model to find the value of

oMlowerF DncF common stock:

F\\=J\IJJ\F\

$121,79

StrawlinF Dnc va mua cTng ngh# s!n

Hu2t m(i v lCn k8 ho9ch gi!m gi" v(i z

&)nh &•y c"c &'i th$ nh€ h}nF y8u h}n v.

cTng ngh# ra kh€i th) tr*+ng3 theo mT

hUnh c$a PorterF &i.u no sau &y H!y ra?

Ji+c đ\y các đi th1 nh] s^ thu h_t các

đi th1 m`nh áp dng c-ng ngh+ t$ng t.

Which of the following is least li,ely anadvantage of using price/sales KP/SLmultiple?

B)P/S multiples are more reliable because sales data cannot bedistorted by management3

S] dng c"c thTng tin sau &[ H"c &)nhgi" c ph@n cTng ty

24.8

A(i c"c thTng tin sauF hy t%nh h# s' P/S

0.5X

i! &)nh rng t'c &, t0ng tr*|ng c tXcc$a m,t doanh nghi#p gi!m t <JHu'ng =

Giảm

N,t cTng ty c tY l# chi tr! c tXc dB ki8nvo mX <=J

3.33

G"c thay &i ti8n b, v. cTng ngh# s d‚n&8n nh^ng thay &i ny sau &y

Các giáo trình giảng dạy ! cả nh" c#"$ nhi$" %ản &h'm d(ch *hác



\3sing the information belowF value thestock of Symphony PublishingF Dnc3using the free cash flow from e-uityKMGML valuation method3

e-uired return of \3=J3

Aalue at the end of year of \

times MGM3

Shares outstanding: \=3=

million3

4et income in year \ of \=3=

millionF proected to grow at \=Jfor the neHt two years3

epreciation per year of 3=

million3Gapital Hpenditures per year

of I3< million3

Dncrease in working capital per

year of \3= million3

Principal repayments on debt

per year of \3< million3

5he value per share of SymphonyPublishing is approHimately:

+) \\3I\3

Dn forecasting free cash flows it iscommon to assume that:

C) the firm adheres to a target capitalstructure3

I/ gi! &)nh \ c phi8u c c"c thTng tinnh* sau: h# s' bC ta c gi" tr) kho!ngFI`3

/ n8u t l# chi tr! c tXc dB ki8n c$adoanh nghi#p &*1c kƒ v„ng t0ng t <=J

lCn <<J: h# s' P/ c$a doanh nghi#p sgi!m

tili6ing the infinite period dividenddiscount modelF all else held e-ualF if the

re-uired rate of return KQeL decreasesFthe model yields a price that is:

,)

increasedF due to a smaller spread between re-uired return and growth3

Vn investor is considering ac-uiring acommon stock that he would like to holdfor one year3 Re eHpects to receive both\3<= in dividends and IE from the sale

of the stock at the end of the year3 Whatis the maHimum price he should pay forthe stock today to earn a \< percentreturn?

,) I3`\3

Vn analyst studying Vlbion Dndustriesdetermines that the average A/jD5Vratio for Vlbion’s industry is \=3 5he

analyst obtains the following informationfrom Vlbion’s financial statements:

jD5V ￡\\F===F===Narket value of debt ￡=F===F===Gash ￡\F===F===

jased on the industry’s averageenterprise value multipleF what is thee-uity value of Vlbion Dndustries?

C) ￡\F===F===3



an6ibar aniesF a noveltiesmanufacturerF faces a number ofcompetitive problems3 Dt decides to usethe siHqstep process to determine howPorter’s five forces affect its industry3

an6ibar ust finished identifyingcompetitorsF buyersF suppliersF potentialentrantsF and potential substitutes3 5heneHt step is to:

C)determine the strength or weaknessof each of the five forces3

Participating preference shares receive

eHtra dividends if firm profits eHceed a predetermined threshold3

Which of the following is not one of porter’s five factors:__ B-rg-ining&o/r o th/ irm1% cr/ditor%

Ph*}ng ph"p &)nh gi" dng ti.n tB dov'n c ph@n: Chi &hí % dng n c&h#n

Vccording to the earnings multipliermodelF all else e-ualF as the re-uired rateof return on a stock increasesF the:

B) P/ ratio will decrease3

1/ Which of the following statements about theindustry life cycle is most accurate?A

)

The mature stage is followed by a shakeoutstage and a decline stage.

B)

The growth stage is typically characterizedby decreasing prices.

C

)

Industry growth rates are highest in theembryonic stage.

2/ Utilizing the infinite period dividend

discount model, all else held equal, if the

required rate of return (Ke) decreases, the

model yields a price that is:

A)reduced, due to increased spread

et!een gro!th and required return"

#)reduced, due to the reduction in

discount rate"

$)increased, due to a smaller spread

et!een required return and gro!th"

3/ Sử dụng mô hình chiết khấu dòng

cổ tức 1 năm và nhiều năm (DDM!h"# t$nh %& th'# ổi gi) t*+ c,' cổ-hiếu M.n%t* 0u*g* 2'c 4 56!55

và 57!89:

;/ <ếu t= 2> chi t*? cổ tức d& kiến c,'1 d.'nh nghi>- @Ac kB vCng tăng t69E 2Fn 66E:::4 gi?m

6/ G c.m-'n# H% -'#.ut *'ti. i% 9:;6

'nd it% I-ctd *tu*n .n Juit#

(KL i% 53E:::4 15:N6E6/ n e!uity "aluation model that "alues a firmbased on the market "alue of its outstandingdebt and e!uity securities# relati"e to a firmfundamental# is a$n%&A) enterprise "alue model.

B) asset'based model.

C) market multiple model.

(/ )anzibar )anies# a no"elties manufacturer#faces a number of competiti"e problems. Itdecides to use the si*'step process to

determine how +orter,s fi"e forces affect itsindustry. )anzibar -ust finished identifyingcompetitors# buyers# suppliers# potentialentrants# and potential substitutes. The ne*tstep is to&

A) assess possible changes in each force.

B) analyze the industry structure anddetermine how each of the fi"e forces



affect pricing.

C)determine the strength or weakness ofeach of the fi"e forces.

8/t c0ng ty c t2 l3 chi tr4 c5 tc d7 ki8n"9o mc :;<...& =.==

7/ O'*2' P'n.v*! QL c,' M'*%h'22Q.m-ut*% 4 S& Riến mất c,' i

th,:

\=/ Which of the following statements

concerning security "aluation is least accurate?

A)

The best way to "alue a company with nocurrent di"idend but who is e*pected topay di"idends in three years is to use the

temporary supernormal growth$multistage% model.

B)

firm with a >1.:; di"idend last year# adi"idend payout ratio of ;<# a return one!uity of 1@<# and a 1:< re!uiredreturn is worth >1A.@.

C)

The best way to "alue a company withhigh and unsustainable growth thate*ceeds the re!uired return is to use thetemporary supernormal growth$multistage% model.

Documents

tổng hợp.docx