跨国公司经营管理练习.doc

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1、Lecture 2If a firm lies within a country with _ or _ domestic capital markets, it can achieve lower global cost and greater availability of capital with a properly designed and implemented strategy to participate in international capital markets.所选答案： C. liquid; large正确答案： B. illiquid; segmented 问题

2、2得 1 分，满分 1 分 Other things equal, a firm that must obtain its long-term debt and equity in a highly illiquid domestic securities market will probably have a _.所选答案： C. relatively high cost of capital正确答案： C. relatively high cost of capital 问题 3得 1 分，满分 1 分 Relatively high costs of capital are more l

3、ikely to occur in _.所选答案： C. highly illiquid domestic securities markets正确答案： C. highly illiquid domestic securities markets 问题 4得 1 分，满分 1 分 Reasons that firms may find themselves with relatively high costs of capital include:所选答案： B. all of the above正确答案： B. all of the above 问题 5得 1 分，满分 1 分 Which

4、 of the following is NOT a contributing factor to the segmentation of capital markets?所选答案： A. All of the above are contributing factors.正确答案： A. All of the above are contributing factors. 问题 6得 0 分，满分 1 分 Which of the following is NOT a contributing factor to the segmentation of capital markets?所选答

5、案： B. Lack of transparency.正确答案： A. All of the above are contributing factors. 问题 7得 1 分，满分 1 分 The weighted average cost of capital (WACC) is所选答案： A. the required rate of return for a firms average risk projects.正确答案： A. the required rate of return for a firms average risk projects. 问题 8得 0 分，满分 1

6、分 The capital asset pricing model (CAPM) is an approach所选答案： A. used by marketers to determine the price of saleable product.正确答案： D. to determine the price of equity capital. 问题 9得 0 分，满分 1 分 Which of the following is NOT a key variable in the equation for the capital asset pricing model?所选答案： B. A

7、ll are important components of the CAPM.正确答案： A. The marginal tax rate. 问题 10得 1 分，满分 1 分 _ risk is a function of the variability of expected returns of the firms stock relative to the market index and the measure of correlation between the expected returns of the firm and the market.所选答案： C. System

8、atic正确答案： C. Systematic 问题 11得 0 分，满分 1 分 Systematic risk所选答案： D. is the standard deviation of a securitys return.正确答案： A. is measured with beta. 问题 12得 1 分，满分 1 分 Which of the following is generally unnecessary in measuring the cost of debt?所选答案： A. All of the above are necessary for measuring the

9、cost of debt.正确答案： A. All of the above are necessary for measuring the cost of debt. 问题 13得 0 分，满分 1 分 The after-tax cost of debt is found by所选答案： D. dividing the before-tax cost of debt by (1 - the corporate tax rate).正确答案： A. multiplying the before-tax cost of debt by (1 - the corporate tax rate).

10、 问题 14得 0 分，满分 1 分 A firm whose equity has a beta of 1.0所选答案： C. stands little chance of surviving in the international financial market place.正确答案： B. None of the above is true. 问题 15得 1 分，满分 1 分 The difference between the expected (or required) return for the market portfolio and the risk-free rat

11、e of return is referred to as _.所选答案： A. the market risk premium正确答案： A. the market risk premium 问题 16得 1 分，满分 1 分 If a company fails to accurately predict its cost of equity, then所选答案： D. All of the above are true.正确答案： D. All of the above are true. 问题 17得 0 分，满分 1 分 The primary goal of both domest

12、ic and international portfolio managers is所选答案： D. all of the above正确答案： C. to maximize return for a given level of risk, or minimize risk for a given level of return. 问题 18得 1 分，满分 1 分 Which of the following is NOT a portfolio diversification technique used by portfolio managers?所选答案： All of the ab

13、ove are diversification techniques.正确答案： All of the above are diversification techniques. 问题 19得 1 分，满分 1 分 If all capital markets are fully integrated, securities of comparable expected return and risk should have the same required rate of return in each national market after adjusting for _.所选答案：

14、B. foreign exchange risk and political risk正确答案： B. foreign exchange risk and political risk 问题 20得 1 分，满分 1 分 Capital market segmentation is a financial market imperfection caused mainly by _.所选答案： B. all of the above正确答案： B. all of the above 问题 21得 1 分，满分 1 分 Capital market imperfections leading t

15、o financial market segmentation include所选答案： C. all of the above正确答案： C. all of the above 问题 22得 1 分，满分 1 分 Capital market imperfections leading to financial market segmentation include所选答案： A. all of the above正确答案： A. all of the above 问题 23得 0 分，满分 1 分 The MNE can _ its _ by gaining access to marke

16、ts that are more liquid and/or less segmented than its own.所选答案： C. increase; MCC正确答案： A. decrease; MCC 问题 24得 0 分，满分 1 分 Theoretically, most MNEs should be in a position to support higher _ than their domestic counterparts because their cash flows are diversified internationally.所选答案： D. equity rat

17、ios正确答案： C. debt ratios 问题 25得 0 分，满分 1 分 According to your authors, diversifying cash flows internationally may help MNEs reduce the variability of cash flows because所选答案： D. of an offset to cash flow variability caused by exchange rate variability.正确答案： B. returns are not perfectly correlated betw

18、een countries. 问题 26得 0 分，满分 1 分 Which of the following statements is NOT true regarding MNEs when compared to purely domestic firms?所选答案： B. MNEs have greater costs of asymmetric information.正确答案： A. MNEs tend to rely more on short and intermediate term debt. 问题 27得 1 分，满分 1 分 The optimal capital b

19、udget所选答案： B. occurs where the marginal cost of capital equals the marginal rate of return of the opportunity set of projects.正确答案： B. occurs where the marginal cost of capital equals the marginal rate of return of the opportunity set of projects. 问题 28得 1 分，满分 1 分 Empirical studies indicate that MN

20、Es have higher costs of capital than purely domestic firms. This could be due to higher levels of _.所选答案： A. all of the above正确答案： A. all of the above 问题 29得 1 分，满分 1 分 Empirical studies indicate that WACC for an MNE is higher than for their domestic competitors. Reasons cited for this increased cos

21、t include all of the following EXCEPT:所选答案： D. All of the above are cited as reasons for an MNEs increased WACC.正确答案： D. All of the above are cited as reasons for an MNEs increased WACC. 问题 30得 1 分，满分 1 分 A national securities market is segmented if the required rate of return on securities in that

22、market differs from comparable securities traded in other, unsegmented markets.所选答案： 对正确答案： 对 问题 31得 0 分，满分 1 分 Other things equal, an increase in the firms tax rate will increase the WACC for a firm that has both debt and equity financing.所选答案： 对正确答案： 错 问题 32得 0 分，满分 1 分 If a firms expected returns

23、 are more volatile than the expected return for the market portfolio, it will have a beta less than 1.0.所选答案： 对正确答案： 错 问题 33得 1 分，满分 1 分 The WACC is usually used as the risk-adjusted required rate of return for new projects that are of the same average risk as the firms existing projects.所选答案： 对正确答案

24、： 对 问题 34得 1 分，满分 1 分 Internationally diversified portfolios often have a lower rate of return and almost always have a higher level of portfolio risk than their domestic counterparts.所选答案： 错正确答案： 错 问题 35得 0 分，满分 1 分 Empirical tests of market efficiency fail to show that most major national markets

25、are reasonably efficient.所选答案： 对正确答案： 错 问题 36得 1 分，满分 1 分 A MNEs marginal cost of capital is constant for considerable ranges in its capital budget, but this statement cannot be made for most domestic firms.所选答案： 对正确答案： 对 问题 37得 1 分，满分 1 分 Because of the international diversification of cash flows,

26、the risk of bankruptcy for MNEs is significantly lower than that for purely domestic firms.所选答案： 对正确答案： 对 问题 38得 0 分，满分 1 分 The opportunity set of projects is typically smaller for MNEs than for purely domestic firms because international markets are typically specialized niches.所选答案： 对正确答案： 错 问题 39

27、得 1 分，满分 1 分 Empirical studies indicate that MNEs have a lower debt/capital ratio than domestic counterparts, indicating that MNEs have a lower cost of capital.所选答案： 错正确答案： 错Lecture 3问题 1 得 1 分，满分 1 分 The choice of when and how to source equity globally is usually aided early on by the advice of 所选答

28、案： an investment banker. 正确答案： an investment banker. 问题 2 得 1 分，满分 1 分 Investment banking services include which of the following? 所选答案： all of the above 正确答案： all of the above 问题 3 得 1 分，满分 1 分 Which of the following is the typical order of sourcing capital abroad? 所选答案： An international bond issue

29、, then an international bond issue in the target market, then cross listing the outstanding issues on other exchanges. 正确答案： An international bond issue, then an international bond issue in the target market, then cross listing the outstanding issues on other exchanges. 问题 4 得 1 分，满分 1 分 _ are negot

30、iable certificates issued by a bank to represent the underlying shares of stock, which are held in trust at a foreign custodian bank. 所选答案： Depositary receipts 正确答案： Depositary receipts 问题 5 得 1 分，满分 1 分 Depositary receipts traded outside the United States are called _ depositary receipts. 所选答案： Glo

31、bal 正确答案： Global 问题 6 得 1 分，满分 1 分 Each ADR represents _ of the shares of the underlying foreign stock. 所选答案： a multiple 正确答案： a multiple 问题 7 得 1 分，满分 1 分 Which of the following is NOT an advantage of ADRs to U.S. shareholders? 所选答案： All of the above are advantages of ADRs. 正确答案： All of the above a

32、re advantages of ADRs. 问题 8 得 1 分，满分 1 分 ADRs that are created at the request of a foreign firm wanting its shares traded in the United States are _. 所选答案： sponsored 正确答案： sponsored 问题 9 得 1 分，满分 1 分 Who pays the costs of creating a sponsored ADR? 所选答案： the foreign firm whose stocks underlie the ADR

33、 正确答案： the foreign firm whose stocks underlie the ADR 问题 10 得 1 分，满分 1 分 Level I ADRs trade primarily 所选答案： over the counter or pink sheets. 正确答案： over the counter or pink sheets. 问题 11 得 1 分，满分 1 分 Level II ADRs must meet 所选答案： U.S. GAAP standards. 正确答案： U.S. GAAP standards. 问题 12 得 1 分，满分 1 分 Leve

34、l _ is the easiest standard to satisfy for issuing ADRs. 所选答案： I 正确答案： I 问题 13 得 1 分，满分 1 分 Level III ADR commitment applies to 所选答案： the sale of a new equity issued in the United States. 正确答案： the sale of a new equity issued in the United States. 问题 14 得 1 分，满分 1 分 By cross listing and selling its

35、shares on a foreign stock exchange a firm typically tries to accomplish which of the following? 所选答案： all of the above 正确答案： all of the above 问题 15 得 1 分，满分 1 分 The stock exchange with the greatest value of shares traded is _. 所选答案： NYSE 正确答案： NYSE 问题 16 得 1 分，满分 1 分 Your authors note several empiri

36、cal studies that have found 所选答案： a positive share price effect for foreign firms that cross-list on major U.S. exchanges. 正确答案： a positive share price effect for foreign firms that cross-list on major U.S. exchanges. 问题 17 得 1 分，满分 1 分 Empirical evidence shows that new issues of equity by domestic

37、firms in the U.S. market typically has a _ stock price reaction and new equity issues in the U.S. markets by foreign firms with segmented domestic markets have a _ stock price reaction. 所选答案： negative; positive 正确答案： negative; positive 问题 18 得 1 分，满分 1 分 In addition to gaining liquidity, which of th

38、e following could also be considered a legitimate reason for cross-listing equity? 所选答案： all of the above 正确答案： all of the above 问题 19 得 1 分，满分 1 分 Another school of thought about the worldwide trend toward fuller and more standardized disclosure rules is that the cost of U.S. level equity capital d

39、isclosure 所选答案： all of the above 正确答案： all of the above 问题 20 得 1 分，满分 1 分 According to the U.S. school of thought, the worldwide trend toward fuller and more standardized disclosure rules should _ the cost of equity capital. 所选答案： decrease 正确答案： decrease 问题 21 得 1 分，满分 1 分 For the most part, U.S. S

40、EC disclosure requirements are _ stringent than other, non-U.S. equity market rules. 所选答案： more 正确答案： more 问题 22 得 1 分，满分 1 分 Which of the following were NOT identified by the authors as an alternative instrument to source equity in global markets? 所选答案： All of the above are alternatives to source e

41、quity instruments. 正确答案： All of the above are alternatives to source equity instruments. 问题 23 得 1 分，满分 1 分 A _ is defined as one that is targeted at investors in a single country and underwritten in whole or part by investment institutions from that country. 所选答案： directed public share issue 正确答案：

42、directed public share issue 问题 24 得 1 分，满分 1 分 The term euro as used in the euro equity market implies 所选答案： none of the above 正确答案： none of the above 问题 25 得 1 分，满分 1 分 Private equity funds (PEF) differ from traditional venture capital (VC) funds in that 所选答案： VC is almost unavailable to emerging m

43、arkets while PEF capital is available. 正确答案： VC is almost unavailable to emerging markets while PEF capital is available. 问题 26 得 1 分，满分 1 分 Strategic alliances are normally formed by firms that expect to gain synergies from which of the following? 所选答案： all of the above 正确答案： all of the above 问题 27

44、 得 1 分，满分 1 分 Most firms raise their initial capital in foreign markets. 所选答案： 错 正确答案： 错 问题 28 得 1 分，满分 1 分 ADRs cannot be exchanged for the underlying shares of the foreign stock, therefore, arbitrage cannot keep the prices in line with the foreign price of the stock. 所选答案： 错 正确答案： 错 问题 29 得 1 分，满分 1 分 An unsponsored ADR may be initiated without the approval of the foreign firm with the underlying stock. 所选答案： 错 正确答案： 错 问题 30