答案和详解如下： 6.An increase in return on equity (ROE) will cause a price-to-earnings (P/E) multiple to: A) decrease. B) remain the same. C) there is insufficient information to tell. D) increase. The correct answer was D) An increase in ROE will increase growth through the g = (ROE × retention) relation. Thus, as growth increases, the following expression for trailing P/E should increase: P0/E0 = [(1 – b)(1 + g)] / (r – g) Note that the reading does not allow for any interactive relationship between leverage, ROE, and growth. Thus, no explicit consideration is given to whether the increase in ROE results from risk-increasing leverage that could cause an offsetting increase in the required rate of return. 7.The price-to-book value (PBV) ratio for a high-growth firm will: A) increase as the growth rate in either the high-growth or stable-growth period decreases. B) increase as the growth rate in either the high-growth or stable-growth period increases. C) increase as the growth rate in the high-growth period increases and decrease as the growth rate in the stable-growth period increases. D) increase as the growth rate in the stable-growth period increases and decrease as the growth rate in the high-growth period increases. The correct answer was B) The PBV ratio for a high-growth firm will be determined by growth rates in earnings in both the high-growth and stable-growth periods. The PBV ratio increases as the growth rate increases in either period. 8.The net impact of an increase in payout ratio on PBV ratio cannot be determined because it might also: A) decrease required rate of return. B) increase retention ratio. C) decrease the market value of the firm. D) decrease expected growth. The correct answer was D) If payout increases, the growth of the firm may slow down, because internally generated funds are not being invested in new, profitable projects. Hence, the net impact on the PBV ratio from change in payout ratio cannot be determined. 9.An increase in growth will cause a price to cash flow multiple to: A) increase. B) decrease. C) remain the same. D) there is insufficient information to tell. The correct answer was A) An increase in growth increases the price to cash flow ratio (CF), as indicated by the following expression: P0 / CF0 = (1 + g) / (r – g) 10.A decrease in the earnings retention rate will cause a price-to-sales (P/S) multiple to: A) decrease. B) remain the same. C) increase. D) there is insufficient information to tell. The correct answer was C) A decrease in the earnings retention rate will increase the following expression for P/S due to the implied increase in the payout ratio, which is (1 – b): P0 / S0 = [(E0 / S0)(1 – b)(1 + g)] / (r – g) Note that the reading does not allow for any interactive relationship between retention and growth. Thus, no explicit consideration is given to whether the increase in the payout ratio will cause an offsetting decrease in growth. 11.An increase in profit margin will cause a price-to-sales (P/S) multiple to increase if: A) the required rate of return increases. B) financial leverage increases. C) the growth rate in sales does not decrease proportionately. D) there is insufficient information to tell. The correct answer was C) An increase (decrease) in the profit margin increases (decreases) the growth rate if sales do not decrease (increase) proportionately. Increases in the required rate of return or leverage would decrease the P/S ratio. This is clear in the expression for trailing P/S: P0 / S0 = [(E0 / S0)(1 – b)(1 + g)] / (r – g) | 
发表于 2008-5-20 18:02
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