财务分析复习重点(2)

5， How capital rationing affects the ability of a company to accept projects.

Limited the funds.If you have only a small amount of money, you can't choose the expensive project.

6， What is sensitivity analysis, scenario analysis?

The basic ideal with a sensitivity analysis is to freeze all of the variable except one and then see how sensitivity our estimate of NPV is to changes in that one variable . The basic form of what--if analysis is called scenario analysis

7， What are the three types of break-even?

Accounting break--even where NI=0 Q=(FC+D)/(P-V) Csah break--even where OCF=0 Q=FC/(P-V)

Financial break--even where NPV=0 Q=(FC+OCF*)/(P-V)

8，What is degree of operating leverage?

Operating leverage is the degree to which a project or firm is committed to fixed production costs.

第十五章

1，The venture capital market and its role in the financing of new, high-rish ventures.

Although there is a large venture capital market,the truth is that access to venture capital is really very limited.but the new, high-rish ventures get venture capital more easily.

2,How securities are sold to the public and the role of investment banks in the process.

3， Initial public offerings and some of the costs of going public.

4， How rights are issued to existing shareholders and how to value those rights. Stock option right.

Have the value that buy the new shares issued by the company (or treasury stock).,Before the expiry date.

5，What is venture capital ?

It generally refers to financing for new ,often high--risk ventures

6，What are some of the important services provided by underwriters? Formulating the method used to issue the securities Pricing the new securities Selling the new securities

7，What type of underwriting is the most common in the United States? Firm commitment underwriting Best effort underwriting Dutch auction underwriting

8，What are some of the costs associated with issuing securities? (1)gross spread

(2)Other direct expenses (3)Indirect expenses (4)Abnormal returns (5)Underpricing (6)Green shoe option

第十七章

1，Dividend types and how they are paid. Regular cash dividends Extra dividends Special dividends Liquidating dividends

2，The issues surrounding dividend policy decisions.

Taxes , flotaion costs , dividend restrictions ,disire for current incom, tax and other benefits from high dividends.

3，The difference between cash and stock dividends. Cash dividends;pay cash ,effect cash flow

Stock dividends;pay stock,no contact with cash flow

4， Why share repurchases are an alternative to dividends. Because it Return the remaining funds to shareholders

5，What are the different types of dividends, and how is a dividend paid?

Cash dividend( Regular cash dividends, Extra dividends, Special dividends, Liquidating dividends)

Stock dividend(stock)

6，What is the clientele effect, and how does it affect dividend policy relevance? Different clientele pursue different values,

As long as enough high--dividend firms satisfy the dividend-loving investors,a firm won’t be able to boost its share price by paying hiah dividend.

7，What is the information content of dividend changes?

The change of dividend policy will not change the value of stock of the company

8，What are stock dividends, and how do they differ from cash dividends?

The stock dividend is the dividend paid by the company in the way of issuing stock. Cash dividends;pay cash ,effect cash flow

Stock dividends;pay stock,no contact with cash flow