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8/9/2019 tổng hợp.docx
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Which of the following is not one of
Porter’s factors determining the idensity
of competition within an industry?
Bargaining power of suppliers.
Which of the following the likely an
advantage of using P/S multiple?
p/s muliples are not as volatile as P/E
multiples and hence may be more reliabe
in valuation analysis.
Which piece below when fitted
B
On balance volume is useful to :
all above or clarify the volume trend.
i!i ph"p can thi#p c$a ch%nh ph$ &'iv(i doanh nghi#p trong th) tr*+ng &,c
-uy.n hon ton bu,c doanh nghi#p ph!i
gia t0ng s!n l*1ng cao nh2t3
Quy định giá trn b!ng giao đi"m b!ng
giao đi"m gi#a đ$%ng cu v& '(
Which of the following is 4O5 are
recogni6ed approach to standard 7
setting?
48u gi" tr) hi#n t9i c$a dng ti.n thi8tl;p &*1c l <<= tri#u &>ng t v'n &@u t* ban &@u <== tri#u &>ng3 4PA c$a dB "nl bao nhiCu ?
)* tri+u
Df a firms’s annual days sales in payableswas E= dayF and the annual GOS iseHpected to increase by II J Kand thenumber of days remains constantLF whichof following changes in the end of periodaccount payable balance will most likely
improveKincreaseL the GMO?
Dn the Narkowits frameworkF an investor should most appropriately evaluate a potential investment based on its
Effect on portfolio ris, and return
i.u no sau &y QR4 thu,c gi!thi8t c$a mT hUnh GVPN:
(ác nh& đu t$ ,h-ng dng vn vay.
5 chXc niCm y8t chY &*1c h$y niCm y8ttB nguy#n khi no?
Quy0t định c1a 232(2 c4 tr5n )*6 s phi0u bi"u 7uy0t c1a các c8 đ-ng ,h-ng ph9i l& c8 đ-ng l:n ch;p nh<n h1y ni5m y0t.
GTng thXc s' trung bUnh nhn &*1c dZng&[ t%nh?
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N,t nh &@u t* dB t%nh mua \ mi8ng &2t
gi" <== tri#u &>ngF chi ph% s]a ch^a <=
tri#u _
=> su;t sinh l?i l& @)A)@6
Vn analyst determines that
approHimately `` percent _ standard
deviation?
@ACCD
On balance volume is SM to ll above
i!i ph"p can thi#p c$a ch%nh ph$ &'i
v(i doanh nghi#p trong th) tr*+ng &,c
-uy.n hon ton bu,c doanh nghi#p ph!i
gia t0ng s!n l*1ng cao nh2t?
Quy định giá trn b!ng v:i giao đi"m gi#a đ$%ng cu v& đ$%ng '(.
5rong th) tr*+ng c9nh tranh hon ton
n8u c"c doanh nghi#p m(i gia nh;p lm
cho l*1ng c@u y8u t' s!n Hu2t t0ng
nh*ng gi" c"c y8u t' sH k &i thU &*+ng
cung di h9n c$a ngnh s :
F!m ngang
V model that estimates eHpected eHcess
return on a security based on the ratio of
the firm’s book value to its market value
is best described as a:
GingleHfactor model
Paying a cash dividend is most likely to
result in:
n increase in financial leverage ratios.
GTng ty Rong R hi#n &ang c t l#
thanh to"n nhanh l \F t l# thanh to"n
hi#n hnh l _3IC ng&y
jetsy Ninor is considering the
diversification benefits of two stock
portfolioF \F \F \F IF =F E=F =FE
JarK *A*ILICM deviationK @NA)N6
eterminants of substitute threats
include:
relative price performance of substitutesF
buyer propensity to substituteF and
switching costs
S] dng nh^ng thTng tin &)nh gi" cp
cTng ty Gomputech tUm ph"t bi[u ít
chính xác nhất:
giá cp O mc @DAC
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arner Gorporation is investing =
million in new capital e-uipment3 5he
present value of future afterqtaH cash
flows generated by the e-uipment isestimated to be <= million3 GurrentlyF
arner has a stock price of I3== per
share with million shares outstanding3
Vssuming that this proect represents
new information and is independent of
other eHpectations about the companyF
what should the effect of the proect beon the firm’s stock price?
=he stoc, price will increase to WI*.)*
Righ risk toleranceF a long investment
hori6onF and low li-uidity needs aremost
li,ely to characteri6e the investment
needs of aKnL:defined benefit pension plan.
Vssume a firm uses a constant WVGG to
select investment proects rather than
adusting the proects for risk3 Df soF the
firm will tend to:
XeYect profitableA lowHris, proYects and
accept unprofitableA highHris, proYects.
Vccording to the earnings multipliermodelF all else e-ualF as the re-uired rateof return on a stock increasesF the:
P/E ratio will decrease.
V firm pays an annual dividend of \3\<3
5he riskqfree rate KML is I3<JF and the
total risk premium KPL for the stock is
J3 What is the value of the stockF if the
dividend is eHpected to remain constant?
W@A@
Participating preference shares most
li,ely:
receive eZtra dividends if firm profits
eZceed a predetermined threshold.
5he current price of xF Dnc3F is =
per share with \F=== shares of e-uity
outstanding3 Sales are F=== and the
book value of the firm is \=F===3 What
is the price/sales ratio of xF Dnc3?
@*A***
5he price to book value ratio KP/jAL is ahelpful valuation techni-ue when
eHamining firms:
that hold primarily li7uid assets.
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Rume Dnc thTng b"o l1i nhu;n -uz m{i
c ph@n | mXc \3I=F cao h}n \<J so
v(i n0m ngo"i3 1i nhu;n _3 5hTng b"o
!nh h*|ng ntn &8n gi" c phi8u3 [h-ng đ8i
Vn analyst gathered the following datafor the Parker Gorp3 for the year endedecember \F I==<:
♣ PSI==< \3<
♣ ividendsI==< \3=
♣ jeta Parker \3\
♣ ongqterm bond rate E3<J
♣ ate of return S~ <== \I3==J
5he firm has changed its dividend policyand now plans to pay out E=J of itsearnings as dividends in the future3 Df thelongqterm growth rate in earnings anddividends is eHpected to be <JF theappropriate price to earnings KP/L ratiofor Parker will be:
DAC
se the following inf and the dividend
discount model to find the value of
oMlowerF DncF common stock:
F\\=J\IJJ\F\
$121,79
StrawlinF Dnc va mua cTng ngh# s!n
Hu2t m(i v lCn k8 ho9ch gi!m gi" v(i z
&)nh &•y c"c &'i th$ nh€ h}nF y8u h}n v.
cTng ngh# ra kh€i th) tr*+ng3 theo mT
hUnh c$a PorterF &i.u no sau &y H!y ra?
Ji+c đ\y các đi th1 nh] s^ thu h_t các
đi th1 m`nh áp dng c-ng ngh+ t$ng t.
Which of the following is least li,ely anadvantage of using price/sales KP/SLmultiple?
B)P/S multiples are more reliable because sales data cannot bedistorted by management3
S] dng c"c thTng tin sau &[ H"c &)nhgi" c ph@n cTng ty
24.8
A(i c"c thTng tin sauF hy t%nh h# s' P/S
0.5X
i! &)nh rng t'c &, t0ng tr*|ng c tXcc$a m,t doanh nghi#p gi!m t <JHu'ng =
Giảm
N,t cTng ty c tY l# chi tr! c tXc dB ki8nvo mX <=J
3.33
G"c thay &i ti8n b, v. cTng ngh# s d‚n&8n nh^ng thay &i ny sau &y
Các giáo trình giảng dạy ! cả nh" c#"$ nhi$" %ản &h'm d(ch *hác
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\3sing the information belowF value thestock of Symphony PublishingF Dnc3using the free cash flow from e-uityKMGML valuation method3
e-uired return of \3=J3
Aalue at the end of year of \
times MGM3
Shares outstanding: \=3=
million3
4et income in year \ of \=3=
millionF proected to grow at \=Jfor the neHt two years3
epreciation per year of 3=
million3Gapital Hpenditures per year
of I3< million3
Dncrease in working capital per
year of \3= million3
Principal repayments on debt
per year of \3< million3
5he value per share of SymphonyPublishing is approHimately:
+) \\3I\3
Dn forecasting free cash flows it iscommon to assume that:
C) the firm adheres to a target capitalstructure3
I/ gi! &)nh \ c phi8u c c"c thTng tinnh* sau: h# s' bC ta c gi" tr) kho!ngFI`3
/ n8u t l# chi tr! c tXc dB ki8n c$adoanh nghi#p &*1c kƒ v„ng t0ng t <=J
lCn <<J: h# s' P/ c$a doanh nghi#p sgi!m
tili6ing the infinite period dividenddiscount modelF all else held e-ualF if the
re-uired rate of return KQeL decreasesFthe model yields a price that is:
,)
increasedF due to a smaller spread between re-uired return and growth3
Vn investor is considering ac-uiring acommon stock that he would like to holdfor one year3 Re eHpects to receive both\3<= in dividends and IE from the sale
of the stock at the end of the year3 Whatis the maHimum price he should pay forthe stock today to earn a \< percentreturn?
,) I3`\3
Vn analyst studying Vlbion Dndustriesdetermines that the average A/jD5Vratio for Vlbion’s industry is \=3 5he
analyst obtains the following informationfrom Vlbion’s financial statements:
jD5V £\\F===F===Narket value of debt £=F===F===Gash £\F===F===
jased on the industry’s averageenterprise value multipleF what is thee-uity value of Vlbion Dndustries?
C) £\F===F===3
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an6ibar aniesF a noveltiesmanufacturerF faces a number ofcompetitive problems3 Dt decides to usethe siHqstep process to determine howPorter’s five forces affect its industry3
an6ibar ust finished identifyingcompetitorsF buyersF suppliersF potentialentrantsF and potential substitutes3 5heneHt step is to:
C)determine the strength or weaknessof each of the five forces3
Participating preference shares receive
eHtra dividends if firm profits eHceed a predetermined threshold3
Which of the following is not one of porter’s five factors:__ B-rg-ining&o/r o th/ irm1% cr/ditor%
Ph*}ng ph"p &)nh gi" dng ti.n tB dov'n c ph@n: Chi &hí % dng n c&h#n
Vccording to the earnings multipliermodelF all else e-ualF as the re-uired rateof return on a stock increasesF the:
B) P/ ratio will decrease3
1/ Which of the following statements about theindustry life cycle is most accurate?A
)
The mature stage is followed by a shakeoutstage and a decline stage.
B)
The growth stage is typically characterizedby decreasing prices.
C
)
Industry growth rates are highest in theembryonic stage.
2/ Utilizing the infinite period dividend
discount model, all else held equal, if the
required rate of return (Ke) decreases, the
model yields a price that is:
A)reduced, due to increased spread
et!een gro!th and required return"
#)reduced, due to the reduction in
discount rate"
$)increased, due to a smaller spread
et!een required return and gro!th"
3/ Sử dụng mô hình chiết khấu dòng
cổ tức 1 năm và nhiều năm (DDM!h"# t$nh %& th'# ổi gi) t*+ c,' cổ-hiếu M.n%t* 0u*g* 2'c 4 56!55
và 57!89:
;/ <ếu t= 2> chi t*? cổ tức d& kiến c,'1 d.'nh nghi>- @Ac kB vCng tăng t69E 2Fn 66E:::4 gi?m
6/ G c.m-'n# H% -'#.ut *'ti. i% 9:;6
'nd it% I-ctd *tu*n .n Juit#
(KL i% 53E:::4 15:N6E6/ n e!uity "aluation model that "alues a firmbased on the market "alue of its outstandingdebt and e!uity securities# relati"e to a firmfundamental# is a$n%&A) enterprise "alue model.
B) asset'based model.
C) market multiple model.
(/ )anzibar )anies# a no"elties manufacturer#faces a number of competiti"e problems. Itdecides to use the si*'step process to
determine how +orter,s fi"e forces affect itsindustry. )anzibar -ust finished identifyingcompetitors# buyers# suppliers# potentialentrants# and potential substitutes. The ne*tstep is to&
A) assess possible changes in each force.
B) analyze the industry structure anddetermine how each of the fi"e forces
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affect pricing.
C)determine the strength or weakness ofeach of the fi"e forces.
8/t c0ng ty c t2 l3 chi tr4 c5 tc d7 ki8n"9o mc :;<...& =.==
7/ O'*2' P'n.v*! QL c,' M'*%h'22Q.m-ut*% 4 S& Riến mất c,' i
th,:
\=/ Which of the following statements
concerning security "aluation is least accurate?
A)
The best way to "alue a company with nocurrent di"idend but who is e*pected topay di"idends in three years is to use the
temporary supernormal growth$multistage% model.
B)
firm with a >1.:; di"idend last year# adi"idend payout ratio of ;<# a return one!uity of 1@<# and a 1:< re!uiredreturn is worth >1A.@.
C)
The best way to "alue a company withhigh and unsustainable growth thate*ceeds the re!uired return is to use thetemporary supernormal growth$multistage% model.