以下是引用wzaina在2009-3-9 15:19:00的发言：
LOS b: Describe, compare, and contrast the FCFF and FCFE approaches to valuation.
Q1. Free cash flow to the firm valuation uses which discount rate?
A) After-tax cost of debt.
B) Cost of equity.
C) Weighted average cost of capital.
Q2. Valuation with free cash flow to equity and free cash flow to the firm:
A) both use the cost of equity.
B) use different discount rates.
C) both use the after-tax cost of debt.
Q3. If a firm is valued using FCFF, the relevant discount rate is the:
A) after-tax weighted average cost of capital.
B) before-tax cost of equity.
C) before-tax weighted average cost of capital.
Q4. In the stable-growth FCFE model, an extremely low value can result from all of the following EXCEPT:
A) capital expenditures are too high relative to depreciation.
B) the required rate of return is too high for a stable firm.
C) the expected growth rate is too high for a stable firm.
Q5. Mark Washington, CFA, uses a two-stage free cash flow to equity (FCFE) discount model to value Texas Van Lines. His analysis yields an extremely low value, which he believes is incorrect. Which of the following is least likely to be a cause of this suspect valuation estimate?
A) The cost of equity estimate in the stable growth period is too high for a stable firm.
B) The forecast of working capital as a percentage of revenues in the stable growth period is not large enough to maintain the long-term sustainable growth rate.
C) Earnings are temporarily depressed because of a one-time extraordinary accounting charge in the most recent fiscal year.
Q6. Free cash flow (FCF) approaches are the best source of value when:
A) a firm is paying a dividend that is higher than the industry average.
B) FCFs track profitability closely over the analyst's forecast horizon.
C) a firm has preferred stock.
Q7. What is the most likely reason that you get an extremely low value from the three-stage FCFE model? Capital expenditures are significantly:
A) higher than depreciation in the stable-growth phase.
B) less than depreciation during the high-growth phase.
C) higher than depreciation during the high-growth phase.
Q8. When using the two-stage FCFE model, if increases in working capital appear too high the analyst should:
A) normalize them to be equal to zero.
B) use changes that are based upon a working capital ratio that is closer to the industry average.
C) switch to a three-stage model.
Q9. Free cash flow approaches are the best source of value when:
A) a firm has significant minority interest.
B) return on assets is falling.
C) dividends are not paid.
Q10. Free cash flow (FCF) approaches are the best source of value when:
A) dividends are paid but do not reflect the company's capacity to pay dividends.
B) a firm has no preferred stock.
C) a firm has significant minority interest.
Q11. Free cash flow to equity valuation uses which discount rate?
A) Cost of equity.
B) Weighted average cost of capital.
C) After-tax cost of debt.
Q12.The difference between free cash flow to equity (FCFE) and free cash flow to the firm (FCFF) is:
A) earnings before interest and taxes (EBIT) less taxes.
B) after-tax interest and net borrowing.
C) before-tax interest and net borrowing.
发表于 2009-5-27 10:50
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