公司理财英文版题库6.doc

CHＡPＴEＲ　6
Stock Ｖaluａtiｏn
I. DＥFINＩTIOＮS
ＧＲOＷＩＮG PＥRPETUITＹ
a 1． An asset　chａｒａcteｒｉzed bｙ cash flｏws　that ｉncｒeaｓｅ ａt a　cｏnstaｎt ｒａte　foｒever iｓ　ｃalled　a:
a. growiｎg ｐerpetuｉty.
　aｎnuitｙ．
annuity.
duｅ.
ﻩe． ｐreferrｅd　sｔｏcｋ.
ﻩDｉｆficulty level:　　Eaｓｙ
ＤIVIDＥND GROＷＴH MOＤEＬ
stocｋ ｖalｕation　modｅl　that　deterｍines the　curreｎｔ stoｃk prｉce by　dividinｇ　ｔhe　nｅxｔ ａnｎuａｌ ｄividｅｎｄ amｏunｔ　by　thｅ eｘｃess of tｈe dｉscｏunｔ raｔｅ ｌｅss　ｔｈe dｉｖidｅnd growth ratｅ is called　tｈｅ ＿＿___ mｏｄel．
ﻩa．ﻩzeｒo ｇroｗth
ﻩb． dividend ｇrｏwtｈ
ｃ. capitａl prｉcing
d． earｎingｓ capitalizaｔion
dividｅｎd
Difficulty leveｌ: Ｅasy
DＩVIＤENＤ YIELD
yeａｒ’ｓ　annual dｉｖidend dividｅd bｙ the current stock pricｅ ｉs　caｌｌｅd　the:
ﻩa．ﻩｙield tｏ maｔurｉｔｙ．
yield.
ｃ. diviｄｅnｄ　yield.
ﻩd. capitａl　gａiｎs yiｅld.
ﻩｅ．ﻩearningｓ yｉelｄ.
Diｆfｉｃuｌty　ｌevｅl： Easy
CＡPITAL ＧAＩNS ＹIＥLD
ｄ 4．ﻩThｅ　ｒate at wｈich ａ stｏｃk’s pｒice　is expected　to apprｅcｉatｅ (ｏr　depreciaｔe) ｉs ｃalled ｔｈｅ　____＿ yieｌｄ.



ﻩd．ﻩcapitaｌ ｇainｓ

Diｆficｕlｔy lｅｖel：　 Easy
PＲEFERRＥD STＯCK
dﻩ5. A　ｆorm of　equitｙ wｈich reｃeiｖes　prｅfeｒenｔial ｔrｅatment　in　ｔhe　paymeｎt ｏｆ dｉviｄendｓ iｓ　ｃalｌed _＿_＿_　stocｋ．
a. dual class
b．ﻩcuｍｕlativｅ

d. ｐrｅferrｅd

ﻩＤｉｆｆicuｌｔy level： Easy
PＲEFERRED ＳＴOCK
ｅﻩ6． A　＿＿___ is　a　form　oｆ ｅｑｕitｙ seｃuriｔy　thａｔ hａｓ a　ｓｔateｄ ｌｉquｉｄatiｎg value.
a. bｏｎd


ﻩd. ｃｏmmon ｓtｏｃｋ
ﻩｅ． ｐreferred stock
Difficulｔｙ levｅl： Medium
COＭMON ＳTOCK
e 7．ﻩA fｏrm　of equｉｔy　whiｃｈ rｅcｅives nｏ　preｆeｒentiaｌ trｅatｍｅnt　in ｅｉthｅr ｔhe pａymenｔ of divideｎdｓ or in bａｎｋruｐtcy ｄisｔribuｔionｓ ｉs callｅd ___＿_ stocｋ.
ﻩa. ｄｕal　class
ﻩb. cumuｌａtivｅ


e. ｃommoｎ
ﻩDiffｉculty level： Easy
CUMULATIVE VＯTIＮＧ
b 8. The voting pｒocｅｄｕrｅ ｗhｅreｂｙ shａｒeｈolders may cａst aｌl oｆ their　ｖotｅs fｏr ｏne meｍｂｅｒ of the　ｂoａrd iｓ　caｌｌed __＿__ ｖ