跨国公司经营管理练习

Lecture 2

If 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 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 likely 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 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 firm's average risk projects. 正确答案： A. the required rate of return for a firm's average risk projects. 问题 8 得 0 分，满分 1 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. All 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 firm's 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. Systematic 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 security's 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 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). 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 rate 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 it's 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 domestic 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 above 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： 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 to 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 markets 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.