corporate finance - EPrints USM

(1)

UNIVERSITI

SAINS

MALAYSIA

MASTER

OF BUSINESS

ADMINISTRATION

Second SemesterExamination Academic Session1999/2000

February 2000

AGW

619 -

CORPORATE FINANCE

Time: _[ 3 hours]

INSTRUCTIONS:

Please ensurethat this examinationpaper consist

of TWELVE

(12) printedpages before you begin.

Answer

ALL

_Questions from SECTION A, and any

THREE

(3) Questions

from

SECTION^B.

Section

A (COMPULSORY)

1.

Which of

the

following

factors in the discounted cash

ﬂow

(DCF) approach to estimating the cost

of

common equity is the least

difﬁcult

^to ^estimate?

a) b)

C)

d) 6)

Expected growth^rate, g.

Dividend

yield, _DI/PO.

Requiredreturn, _ks.

Expectedrate

of

^return,ks.

All of

the above are equally

difﬁcult

to estimate.

2.

Wak

Brothers uses the

CAPM

to calculate the cost

of

equity capital. The company’s capital structure consists

of

common stock, preferred stock, and debt.

Which of

the

following

events

will

^reduce^the company’s WACC?

3) b)

C)

d) e)

A

reduction

in

the marketrisk premium.

An

increasein the risk-free rate.

An

^increaseⁱⁿ ^the ^company’s^beta.

An

increase in expectedinﬂation.

An

increase in the ﬂoatationcosts associated

with

issuing preferred stock.

3.

Which of

the

following

statementsis most correct?

a)

b)

C)

d) 6)

Since stockholders ^do not generally pay corporate ^taxes, corporations should focus on before-tax ^cash ﬂows ^when calculating the weighted average cost

of

capital

(WACC).

When calCulating the WACC. Firms ^should include the costs

of

^accounts

payable.

When calculating^the

WACC, ﬁrms

should rely on

historical

costs rather than marginalcost

of

capital.

Answers^a ^{and b} ^are ^correct.

None

of

^the answers above ^is correct.

...2/-

(2)

4.

2

AGW619

Assume ^a project has normal ^cash ﬂows (i.e., the

initial

^cash

ﬂow

is negative,and all other ^cash ﬂows ^are positive).

Which of

the

following

statements is most correct?

a)

All

else equal, ^a project’s IRRincreasesas the cost

of

capital ^declines.

b)

All

else equal, ^aproject’s NPV increases^as the cost

of

capitaldeclines.

c)

All

else equal, ^aproject’s

MIRR

is unaffectedbychangesin the cost

of

capital.

d) Answers^a ^{and b are} correct.

e) Answers b and c arecorrect.

Project

A

has an internal ^rate

of

return (IRR)

of

¹⁵ ^%. ^Project ^B ^has ^an

IR of

¹⁴

%. Both projects^have ^acost

of

capital

of

¹² ^%.

Which of

^the

following

^statements

is most correct?

3) Both projects^have ^apositivenetpresent value

(NPV).

b) Project

A

musthave a higher

NPV

than ProjectB.

c)

If

^{the cost}

of

capital were^lessthan 12 %, Project B would have a higher

IRR

than Project A.

d) Statements ^a andc are correct.

e) Statements^a, ^b, and^c are correct.

Two

mutually

exclusive projects ^each have a cost

of

^RM10,000. ^The ^total

undiscounted ^cash ﬂows from Project

L

are RM15,000,

while

the undiscounted cash ﬂows

from

project ^S total RM13,000. Their

NPV

profiles ^cross ât â ^discount rate

of

_10%. Which

of

^the

following

statements bestdescribes

this

situation?

a) The NPV and [RR methods

will

select the same project

if

^{the cost}

of

^capital ^is

greater than ^10%.

b) The NPV and

IR

^methods

will

select the same project

if

^the ^cost

of

capital is

~ less than 10%.

c) To determine

if

^a ranking

conﬂict will

occur between the two projects^{the cost}

of

capital is needed as

well

as an additional piece

of

information.

d) Project L should be selected at any cost

of

capital because

it

^has ^a higher IRR.

e) Project S should be selectedat any cost

of

capital,because

it

has a higher IRR.

When evaluating a

m

^project, ^the

ﬁrm

^should ^consider

all of

^the

following

^factors

except:

a) Changes in

working

capital attributable to the project.

b) Previousexpendituresassociated

with

amarket test to determinethe

feasibility of

the project,

if

^the expenditures have been expensed

for

tax purposes.

c) The currentmarket value

of

any document to be replaced.

d) The resulting difference in depreciation expense

if

^the ^project ^involves

replacement. ^'

e)

All of

the statements above shouldbeconsidered.

..3/-

26

(3)

AGW619

8. Which

of

^the

following

statementsis correct?

10.

11.

a) b)

c)

d) 6)

Capital budgeting analysis

for

expansion and replacement projects ^is essentially the same because the types

of

^cash

ﬂows involved

^are ^the^same.

The replacementdecision involves an analysis

of two

independent projectswhere therelevantcash ﬂows includethe

initial

investment, additional depreciation, ^and the terminal value.

The changein

working

capital

for

^a project is the differencebetween the required increase in currentassets and the spontaneousincrease in current

liabilities

and is always positive.

Net ^cash

ﬂow for

capital budgeting includes retum on capital,

which

^is net income, and return

of

capital,

which

is depreciation.

When a

ﬁrm

implementsa project which requires ^an increase in

working

capital, boththe increase in currentassetsand current

liabilities

must be ﬁnanced.

Regardingthe net present value

of

a replacement decision,

which of

^the

following

statements is alse?

8) b)

C)

d) e)

The present value

of

the after-tax cost reduction beneﬁts resulting

from

the new investmentis treatedas an

inﬂow.

The after-tax marketvalue

of

the old equipmentis treated ^as an

inﬂow

^at ^{t =} ^0.

The present value

of

depreciation ^expenses on the new equipment

multiplied

by the tax rate, is treatedas an

inﬂow.

Any

loss on the sale

of

the old equipment is

multiplied

by the tax rate and is treatedas an

outﬂow

att = 0.

An

increase in net working capital ^{is treated} ^as ^an

outﬂow

when the project beginsand is ^an

inﬂow

^{when the}^project^ends.

A ﬁrm

^is consideringthe purchase

of

ân âsset ^whose ^risk îs greater than the current

risk of

the

ﬁrm,

basedon any method

for

assessing risk. In evaluating this ^asset, the decisionmaker should:

a) b)

C)

d) 6)

Increase the IRR

of

the asset to reﬂect^the greater risk.

Increase theNPV

of

^{the asset}^to ^reﬂect ^the ^greater ^risk.

Reject the ^asset, since its acceptance

would

increase the

risk of

the

ﬁrm.

Ignore the risk

differential if

the asset to be accepted

would

comprise only a

small fraction

of

thetotal assets

of

the

ﬁrm.

Increase the cost

of

^capital ^used to evaluate theproject to reﬂect^the higher risk

of

the project.

A

company estimates that ^an average-risk project has a

WACC of

^10%, a below average risk project has a WACC

of

^8%, and an above average

risk

project has a

WACC of

^12%. ^Which

of

^the

following

independent projects should the company accept?

a) b)

C)

d)

a.

Project

A

has average

risk

and an

IR

^{= 9%.}

Project B has below^average

risk

^and ^an

IR

⁼ ^8.5%

Project C has above^average

risk

and an

IR

⁼ ¹ ^1%.

All of

the projects^above ^should ^be ^accepted.

None

of

the projectsabove should be accepted.

...4/—

(4)

AGW619

12.

Which of

^the

following

^methods involves calculating ^{an average} ^beta

for

ﬁrms

in

a

similarbusiness andthenapplying ^thatbetato determine the beta

of

its own project?

13.

14.

15

a) Risk premium^method.

b) Pure play^method.

C) Accountingbetamethod.

d) CAPM ^method.

6) Answersb and ^c are correct.

Which

of

the

following

statements is most correct?

a)

b)

C)

d) 6)

One

of

the key steps in the development

of

pro forma

ﬁnancial

statements is to identify those assets and

liabilities

which increase spontaneously

with

net income.

The

ﬁrst,

and most

critical

step

in

constructing a set

of

pro foxma ﬁnancial statements is establishing the salesforecast.

Pro forma ﬁnancial statements are

primarily

used to assess a

ﬁrm’s historical

performance.

The capital intensity ratio reﬂects

how rapidly

a

ﬁrm

turns over its assets and is the reciprocal

of

the

ﬁxed

assetsturnoverratio.

The percentage

of

sales method produces accurate results when

ﬁxed

assets are

lumpy andwhen economies

of

scale are present.

The percentage

of

sales method produces accurate results unless

which of

^the

following

conditions is/aIepresent?

a) b)

C)

d) 6)

Fixedassetsare

“lumpy”

Strong economies

of

scalearepresent.

Excesscapacityexistsbecause

of

^a^temporary^recession.

Answersa,b, and c

all

makethe percentage

of

salesmethod inaccurate.

Answers a and 0 make the percentage

of

^sales method inaccurate, but the assumption

of

the economies

of

scale is

built

intothepercentage

of

salesmethod.

. Ridgeﬁeld Enterprises has total assets

of

RM3OO

million.

The company currently

has no debt

in

its capital structure. The company’sbasic earning power is 15%. The companyis contemplatinga recapitalizationwhere

it will

issue debt at 10% and use the proceed to buy back shares

of

the company’s common stock.

If

^the company proceeds

with

the recapitalization, its operating income, total assets, and tax rate

will

remain the same. Which

of

the

following will

occur as a result

of

^the

recapitalization?

a) b)

C)

d) e)

The company’s

ROA will

decline.

Thecompany’s ROE

will

increase.

Thecompany’sbasicearning power

will

decline.

Answersa and b are correct.

All of

the above answers are correct.

28

(5)

AGW619

16.

If

^debt ^ﬁnancing ^{is used,}which

of

the

following

is

m?

17.

18.

19.

a) The percentagechange in net operatingincome is greater than a givenpercentage change

in

net income.

b) The percentage change in net operating income is equal to a given percentage changein net income.

c) The percentage change in net income relative to the percentage change in net operating incomedependsontheinterestrate charged ondebt.

d) The percentagechange in net operatingincome is less than the percentagechange

in

netincome.

e) The degree

of

operating leverageis greaterthan 1.

Which of

the

following

statementsismost correct?

a) Since debt ﬁnancing raises the

ﬁrm’s

ﬁnancial risk, raising a company’s debt ratio

will

^always^increase ^the ^company’s

WACC.

b) Since debt ﬁnancingis cheaper than equity ﬁnancing, raising a company’s debt ratio

will

alwaysreducethecompany’s WACC.

c) Increasing a company’sdebtratio

will typically

reduce the marginal^cost

of

both debt andequity ﬁnancing; however,

it still

may raisethe company’s

WACC.

d) Statements aand c are correct.

e) None

of

the statements above is correct.

The

trade-off

theory provides several insights to ﬁnancial managers concerning

optimal

capitalstructure.

Which of

the

following

insightsis false?

a) Other things equal,

ﬁrms with

large amounts

of

marketable

ﬁxed

assets should use more debt ﬁnancing ^than ﬁrms whose value comes mostly

from

intangible assets.

b) Other things ^equal,

ﬁrms with

high corporate tax ^rates should use less debt ﬁnancing than

ﬁrms

With

low

taxrates.

c) Other things equal, ﬁrms

with

high business risk should use less debt ﬁnancing than

ﬁrms with low

businessrisk.

As a generalrule, the capital ^structurethat

a) maximizes^expected^{EPS also} maximizestheprice per share

of

commonstock.

b) minimizes^theinterestrate on debtalso maximizesthe expectedEPS.

c)

minimizes

the requiredrate on equityalso maximizes^the stockprice.

(1) maximizesthe priceper share

of

common stock alsominimizes^the

WACC

at any given volume

of

^ﬁnancing.

e) none

of

^the^{above is} ^atrue statements.

...6/—

(6)

AGW619

20.

Which of

^the

following

^statements concerning capital structure theoryis false?

a) The major contribution

of Miller’s

^theory ^is ^that

it

demonstrates that personal taxesdecreasethe value

of

corporate debt.

b) Under

MM with

zero ^taxes,ﬁnancial ^leverage^has^noeffecton

ﬁrm

value.

c) Under

MM with

corporate^taxes, the value

of

^the ^levered

ﬁrm

exceeds the value

of

the unlevered

ﬁrm

bythe product

of

the tax rate times the marketvalue

dollar

amount

of

debt.

d) Under

MM with

^corporate^taxes, ^kS ^increases

with

leverage, and this increase is

just

sufﬁcientto offsetthetax beneﬁts

of

debtﬁnancing.

e) Under

MM with

corporate ^taxes, the effect

of

business

risk

is automatically incorporatedbecauseksL isa

function of

ksU.

(25 marks)

Section B

Answerany

THREE

(3)

of

^the

following

^questions.

1. (a) Sidek Copy Company is contemplating the replacement

of

^its ^old

printing

machine

with

^a ^new model costing RM60,000. The old machine

which originally

cost RM40,000, has 6 years

of

expected

life

remainingand a current book value

of

RM30,000 versus ^a current market value

of

^RM24,000. The Company'scorporate tax rate is 40%.

It

sells the old machineat market value, what is the

initial

after-tax outlay

for

thenew

printing

machine?

(8 marks) (b) Raksasa Steel is forecastingthe

following

numbers:

EBIT

RM1,000,000

Interest Expense 300,000

ROE 20 %

The company is in the 40% tax bracket.

After

putting together the forecast the company is considering a proposal

from

its CFO

(Chief Financial Ofﬁcer)

which calls

for

an increase

in

the company's debtratio.

If

^the ^CFO's

policy

is adopted, the company

will

reduce the number

of

commonsharesby25 % and increase its interest expense by 20 %. What

will

be the company's forecasted ROE

if

^the ^company

adopts the CFO's recommendation? (Assume that the change

in

ﬁnancing has no

impacton

EBIT)

^’

(12 marks) (c ) Explain some

of

the contributingfactors thathinders thedevelopment

of

^the

Malaysianbond market.

(5 marks)

...7/-

30

(7)

AGW619

2. (a)

A

company is analyzing

two mutually

exclusive projects,^S and

L,

whosecash

ﬂows

are shownbelow:

Years 0

k

⁼ 12% 1 2 3

S (RM1,000) 1,000 350 50

L

(RM1,100) 0 300 1,500

The company's cost

of

capital is 12%, and

it

can get an

unlimited

amount

of

capital atthat cost. Whatis the regular

IRR

(not

MIRR) of

the better project, that is, the project

which

the company should choose

if it

wants to

maximize

stock price?

(8 marks) (b) Club

Auto

Parts' last dividend, _D0 was RMO.50, and the company expects to experience no growth

for

the next 2 years. However, the company

will

grow at an annual rate

of

⁵ ^% in the

third

and fourth yeaIs, and beginning

with

the

ﬁrth

year,

it

should attain a 10 % growth rate which

it will

sustain thereafter. The company has a required rate

of

return

of

12 %. What should be the price per share

of

the company's stock^atthe end

of

the second year,_P2?

(12 marks) (c)

Explain

the difference between interest rate price

risk

and coupon reinvestmentrate

risk of

bonds.

(5 marks) 3. (a) Stock

X

andthe market have hadthe

following

^rates

of

^returns over the past

four

years.

YeaI ^Stock

X

Market

1995 ¹² % 14 %

1996 ⁵ ²

1997 ¹¹ ¹⁴

1998 -7 -3

60%

of

your

portfolio

^is ^invested ⁱⁿ ^Stock ^X, ^{and the} ^remaining ⁴⁰ % is invested

in

Stock Y. The risk-free rate is 6 % and the market

risk

premium is also 6 %. You estimate that 14 % is the required^rate

of

returnon your

portfolio.

What is thebeta

of

StockY?

(8 marks)

(8)

(b) Giventhe f0

. '

the acquisition

of

^a ^new^machine;^that^IS,

att=0?

AGW619 llowing information,^what ^{is the} ^required ^cash

outﬂow

_associated_With in âprojectânalysis, what is the cashoutflow

—

^M^'1

“

Purchaseprice

of

new^machine RM8,000

Installation^charge ^2,000

Marketvalue

of

old machine 2,000 Bookvalue

of

old machine ^1,000 Inventorydecrease

if

new machine

is installed ^1,000

Accountspayable increase

if

^new

machine is installed ⁵⁰⁰

Taxrate ³⁵ %

Cost

of

^capital ¹⁵ ^%

(12 marks) (c ) What impactdoes the efﬁcientmarket hypothesis

(EMH)

have on the _decisions concerning the investment in securities? What impact does the

EMH

have on

corporate ﬁnancing decisions?

(5 marks)

4. (a) Lakna Enterprises, an all-equity

ﬁrm,

is consideringa new capital investment.

Analysis has indicated that the proposed investment has a beta

of

0.5 and

will

generate an expected return

of

⁷ %. The

ﬁrm

currentlyhasarequired return

of

10.75

% and a beta

of

^1.25. ^The investment,

if

undertaken,

Will

double the

ﬁrm's

total assets.

If

km: = ₇ _{% and the} market return is ¹⁰ %, should the

ﬁrm

^undertake^the

investment?

(8 marks) (b) Colour Bricks Bhd.(CBB)^has a total market value

of RM200 million,

consisting

of

2

million

^shares

of

common stock selling

for

RM50 per share and RM100

million of

10% perpertual bonds currently selling at par.

CBB

pays out ^all earnings as dividends, and its marginal tax rate is 40%. The

ﬁrm's

earnings before interest and taxes (EBIT) are R30

million.

Management is considering increasing CBB‘s debt to RM140

million

by calling

in all

the old bonds ^and issuing new debt

with

a 12% coupon which sells at par. The

additional

^funds

will

be used to repurchase stockat the new

equilibrium

price.

If

^CBB's ^ﬁnancial

leverageis increasedas described, the required rate

of

return on common^equity

will

increaseto 15%.

What is CBB's current required rate

of

return on equity? What

would

^be ^the value

of

the

ﬁrm if

the capital structurechange weremade?

(12^marks)

Present Vniub

of SI

ADuc at the End ofn

Periods:

(c) Discusssome

of

the factors that managersconsider when setting the

ﬁrm's

^target capital structure.

(5 marks)

---000000000--- ^E

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