Finance d'entreprise - Examen Final 2023
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Questions and Answers

Quelle machine devrait être choisie en fonction des coûts annuels ?

  • Les deux machines ont le même coût
  • Machine B (correct)
  • Aucune des machines ne doit être choisie
  • Machine A

    • Quelle approche ne fait PAS partie des méthodes de valorisation des actions ?

  • Évaluation comparative
  • Évaluation par marché (correct)
  • Valeur Actif Nette (NAV)
  • Valeur de Liquidation

    • Quel type d'actions est désigné par des dividendes constants sans croissance ?

  • Actions de valeur
  • Actions de croissance
  • Actions spéculatives
  • Actions de revenus (correct)

    • Quelle est l'approche qui implique le calcul des flux de trésorerie actualisés ?

    <p>Approche DCF (Discounted Cash Flow)</p> Signup and view all the answers

    Quel facteur n'a PAS besoin d'être pris en compte dans la formule de valorisation des actions à dividende constant ?

    <p>Nombre d'actions en circulation</p> Signup and view all the answers

    Quel est l'avantage principal d'une entreprise individuelle ?

    <p>Facilité de création</p> Signup and view all the answers

    Qui élit le conseil d'administration d'une corporation ?

    <p>Les actionnaires</p> Signup and view all the answers

    Quel est un inconvénient majeur d'une société par actions ?

    <p>Possibilité de conflits d'intérêts</p> Signup and view all the answers

    Quel est le rôle principal du conseil d'administration dans une corporation ?

    <p>Exécuter la stratégie de l'entreprise</p> Signup and view all the answers

    Quelle est la critique principale du concept de 'primauté des actionnaires' ?

    <p>Il ne prend pas en compte les parties prenantes</p> Signup and view all the answers

    Quel type d'entreprise est responsable de son propre patrimoine ?

    <p>Sole proprietorship</p> Signup and view all the answers

    Quelle action ne peut pas être entreprise par le conseil d'administration d'une corporation ?

    <p>Embaucher des employés</p> Signup and view all the answers

    Quel terme décrit les nouvelles corporations qui cherchent à équilibrer les intérêts des actionnaires et des parties prenantes ?

    <p>Société à mission</p> Signup and view all the answers

    Quel est le résultat de l'opération $8,33 / 15%$ ?

    <p>55.53</p> Signup and view all the answers

    Quelle est la formule du PVGO ?

    <p>PVGO = NPV1 / (r - g)</p> Signup and view all the answers

    Qu'est-ce qui n'est pas considéré comme un instrument de dette ?

    <p>Actions</p> Signup and view all the answers

    Quelle déclaration sur la valeur d'une obligation est correcte ?

    <p>La valeur d'une obligation est la somme des paiements futurs d'intérêts et du remboursement.</p> Signup and view all the answers

    Quel est le terme pour désigner l'écart entre le rendement d'une obligation et celui d'un indice de référence ?

    <p>Spread</p> Signup and view all the answers

    Quel type de risque affecte directement les flux de trésorerie ?

    <p>Risque opérationnel</p> Signup and view all the answers

    Quel type d'obligation est considéré comme 'Investment Grade' ?

    <p>Obligations notées entre AAA et BBB</p> Signup and view all the answers

    Quelles agences sont responsables de la notation des titres de créance ?

    <p>Standard &amp; Poor's, Fitch et Moody's</p> Signup and view all the answers

    Quelle est la formule pour calculer le PER (Price Earnings Ratio) ?

    <p>PER = prix par action / bénéfice par action</p> Signup and view all the answers

    Qu'est-ce qui influence le ratio PER ?

    <p>Le taux d'intérêt à travers k</p> Signup and view all the answers

    Quelle affirmation concernant la valeur comptable est correcte ?

    <p>Elle est calculée en soustrayant les dettes des actifs</p> Signup and view all the answers

    Quelle est l'importance du PBR (Price to Book Ratio) ?

    <p>Il montre les attentes des investisseurs envers la gestion</p> Signup and view all the answers

    Quel est le résultat du calcul suivant pour le prix théorique par action ? 5€ / (0,15 - 0,10)

    <p>100€</p> Signup and view all the answers

    Quel est le ratio de distribution si un dividende de 5€ est payé sur un bénéfice par action de 8,33€ ?

    <p>0,6</p> Signup and view all the answers

    Comment peut-on justifier un taux de croissance de 10% pour les dividendes ?

    <p>Par la partie des bénéfices réinvestis multipliée par le retour sur fonds propres</p> Signup and view all the answers

    Quel serait le prix d'une action si elle n'avait aucune croissance ?

    <p>Elle serait égale à sa valeur comptable</p> Signup and view all the answers

    Quel est le principal avantage d'acheter des portefeuilles d'actifs plutôt que des actifs uniques ?

    <p>Réduction du risque global du portefeuille</p> Signup and view all the answers

    Comment le CAPM définit-il la prime de risque requise par les investisseurs ?

    <p>Elle est proportionnelle au coefficient bêta</p> Signup and view all the answers

    Quelle méthode est généralement préférée pour estimer la prime de risque de marché ?

    <p>La prime de risque attendue</p> Signup and view all the answers

    Qu'indique une action positionnée au-dessus de la ligne du marché des titres (SML) ?

    <p>L'action est sous-évaluée</p> Signup and view all the answers

    Quelle est la formule du taux de rendement requis pour une entreprise J selon le CAPM ?

    <p>Rendement requis = taux sans risque + βJ x prime de risque du marché</p> Signup and view all the answers

    Quel rôle joue la matrice de covariance dans le modèle CAPM ?

    <p>Elle évalue la dépendance entre les rendements des titres</p> Signup and view all the answers

    Quel est l'impact d'un changement parallèle dans la SML ?

    <p>Changement du taux d'intérêt</p> Signup and view all the answers

    Quelle caractéristique est vraie concernant le bêta d'un portefeuille ?

    <p>C'est la moyenne pondérée des bêtas des titres du portefeuille</p> Signup and view all the answers

    Quel est un problème potentiel avec le Taux de Rendement Interne (TRI) pour les projets de longue durée ?

    <p>Le TRI est constant et ne prend pas en compte les variations de flux de trésorerie.</p> Signup and view all the answers

    Quelle affirmation représente le mieux un coût irrécupérable ?

    <p>C'est un coût qui a déjà été engagé et qui ne peut influencer la décision actuelle.</p> Signup and view all the answers

    Pourquoi est-il important d'utiliser des flux de trésorerie plutôt que les revenus comptables lors d'une allocation de budgétisation de capital ?

    <p>Les flux de trésorerie représentent uniquement l'argent réel disponible.</p> Signup and view all the answers

    Comment les effets secondaires d'un projet peuvent-ils influencer les flux de trésorerie ?

    <p>Ils peuvent réduire les flux de trésorerie d'autres produits existants.</p> Signup and view all the answers

    Quelle situation nécessite d'ignorer un coût lors de l'évaluation d'un projet ?

    <p>Lorsque le coût est considéré comme un coût irrécupérable.</p> Signup and view all the answers

    Quelle affirmation concernant les coûts alloués est correcte pour la budgétisation de capital ?

    <p>Ils ne doivent être considérés que s'ils sont des coûts incrémentiels.</p> Signup and view all the answers

    Quelle condition peut empêcher l'utilisation du TRI pour choisir entre deux projets mutuellement exclusifs ?

    <p>Des différences dans l'échelle ou le calendrier des projets.</p> Signup and view all the answers

    Quel terme décrit la perte de revenus potentiel due à l'utilisation alternative d'un actif ?

    <p>Coût d'opportunité</p> Signup and view all the answers

    What is the main reason for opting for machine B over machine A?

    <p>Machine B has a lower cost per annum.</p> Signup and view all the answers

    Which method of determining Market Value involves using free cash flow?

    <p>Absolute valuation approach.</p> Signup and view all the answers

    What assumption is often made about dividend payments for income stocks?

    <p>Dividends will remain constant indefinitely.</p> Signup and view all the answers

    In the context of stock valuation, what does the 'relative valuation approach' focus on?

    <p>Comparing stock prices to financial metrics.</p> Signup and view all the answers

    What is implied by stating that the constant dividend growth rate does not actually happen in reality?

    <p>Dividends are likely to fluctuate significantly.</p> Signup and view all the answers

    What is the primary disadvantage of a sole proprietorship?

    <p>Unlimited liability</p> Signup and view all the answers

    Which body has the authority to declare a dividend in a corporation?

    <p>The board of directors</p> Signup and view all the answers

    What is a characteristic of a corporation compared to a sole proprietorship?

    <p>Limited liability for owners</p> Signup and view all the answers

    What does shareholder primacy emphasize regarding corporate decisions?

    <p>Maximizing shareholder profits</p> Signup and view all the answers

    What is the role of the board of directors in a corporation?

    <p>To elect the CEO and oversee management</p> Signup and view all the answers

    What has criticized the rule of shareholder primacy in recent years?

    <p>Environmental concerns and social awareness</p> Signup and view all the answers

    Which type of organization is characterized by having its own legal identity distinct from its owners?

    <p>Corporation</p> Signup and view all the answers

    What type of corporation aims to balance the interests of shareholders and social/environmental goals?

    <p>Benefit corporation</p> Signup and view all the answers

    What is the primary goal of the CFO in managing the firm's finances?

    <p>To maximize the firm's value</p> Signup and view all the answers

    Which of the following responsibilities does the Treasurer NOT handle?

    <p>Internal auditing</p> Signup and view all the answers

    What does the income statement primarily record?

    <p>Revenues and related expenses</p> Signup and view all the answers

    Which method of preparing a cash flow statement is generally more straightforward?

    <p>Indirect method</p> Signup and view all the answers

    When is revenue recognized in an income statement?

    <p>When earned, regardless of cash flow</p> Signup and view all the answers

    What is the nature of depreciation in accounting?

    <p>A non-cash expense</p> Signup and view all the answers

    In which section of the cash flow statement would cash from selling equipment be reported?

    <p>Investing activities</p> Signup and view all the answers

    What information does a balance sheet provide?

    <p>A snapshot of assets and how they are financed</p> Signup and view all the answers

    What is the formula used to calculate Future Value (FV)?

    <p>FV = V0 (1 + r)^n</p> Signup and view all the answers

    How is Present Value (PV) calculated when trying to find out how much to invest today for a future amount?

    <p>PV = FV / (1 + r)^n</p> Signup and view all the answers

    What is the purpose of compounding periods in calculating Future Value?

    <p>To adjust the interest rate for multiple compounding periods.</p> Signup and view all the answers

    What does Net Present Value (NPV) represent?

    <p>The difference between the discounted cash flows and market value.</p> Signup and view all the answers

    Which of the following representations refers to the total cost of borrowing that includes interest and fees?

    <p>Annual Percentage Rate (APR)</p> Signup and view all the answers

    How do you adjust the interest rate when compounding semiannually?

    <p>Divide the interest rate by 2.</p> Signup and view all the answers

    What key principle does the concept of time value of money emphasize?

    <p>Money can be invested to increase its future value.</p> Signup and view all the answers

    What formula would you use to calculate the present value of multiple future cash flows?

    <p>PV = ∑ (FV_n) / (1 + r)^n</p> Signup and view all the answers

    What does a positive Net Present Value (NPV) indicate about a project?

    <p>The project can be accepted.</p> Signup and view all the answers

    In the formula for the present value (PV) of a perpetuity, what does 'C' represent?

    <p>The coupon paid every year.</p> Signup and view all the answers

    Which condition warrants the acceptance of a project based on the Internal Rate of Return (IRR)?

    <p>IRR is greater than the market rate.</p> Signup and view all the answers

    What is the main purpose of calculating Net Present Value (NPV)?

    <p>To determine the value created by an investment.</p> Signup and view all the answers

    What happens when the discount rate increases in the context of present value calculations?

    <p>The present value decreases.</p> Signup and view all the answers

    How is the present value of an annuity calculated?

    <p>Discounting annual payments over a fixed number of periods.</p> Signup and view all the answers

    What factor represents the trade-off in the present value formula for a perpetuity with growth?

    <p>The growth rate 'g'.</p> Signup and view all the answers

    When calculating the Net Present Value (NPV), how are cash flows treated if the NPV is negative?

    <p>They are deemed insufficient to justify the investment.</p> Signup and view all the answers

    What does the Price Earnings Ratio (PER) formula calculate?

    <p>Price per share divided by earnings per share</p> Signup and view all the answers

    Which of the following factors directly influences the Price Earnings Ratio?

    <p>EPS growth rate</p> Signup and view all the answers

    What does a Price to Book Value (PBR) ratio greater than 1 indicate?

    <p>The market believes in the management's ability to create value</p> Signup and view all the answers

    If a firm retains 40% of its earnings and has a return on equity (ROE) of 25%, what is its expected growth rate?

    <p>10%</p> Signup and view all the answers

    What is indicated by a low Price to Book Value (PBR) ratio?

    <p>Market skepticism about the firm's ability to add value</p> Signup and view all the answers

    How is market value defined?

    <p>The value established by market transactions</p> Signup and view all the answers

    What outcome is expected if a company's return on equity (rE) exceeds the required rate of return (kE)?

    <p>A PBR ratio greater than 1</p> Signup and view all the answers

    In the provided example, what is the theoretical price per share calculated with a dividend of €5 and capitalization rate of 15%?

    <p>€100</p> Signup and view all the answers

    Study Notes

    Corporate Finance Finals 2023 - Summary

    • Session 1 (Chapters 1, 2, & 3): Financial management and control of a firm. Covers different organizational structures (sole proprietorship, partnership, corporation).
    • Session 2 (Chapter 4): The time value of money. Explores future value and present value calculations using compound interest formulas.
    • Session 3 (Chapter 6): Internal rate of return (IRR) and other investment rules. Discusses NPV (Net Present Value) and how it's used to evaluate projects.
    • Session 4 (Chapter 7): Making capital investment decisions. Explores incremental cash flows, sunk costs, opportunity costs, and how to evaluate projects with different lives.
    • Session 5 (Chapter 5): Stock valuation. Discusses methods for determining stock value (Net Asset Value, Liquidation Value, Market Value) and approaches, including absolute valuation (DCF and DDM) versus relative valuation (multiples).
    • Session 6 (Chapters 5 & 16): How to value bonds. Covers basic bond concepts (principal, face value, coupon, maturity), the calculation of bond values, and yield to maturity.
    • Session 7 (Chapter 9): Risk and Return - Statistics. Explains the concept of risk and how it is measured (expected return, variance, standard deviation).
    • Session 8 (Chapter 10): The capital asset pricing model (CAPM) and the cost of equity. Details how to use the CAPM to estimate the cost of equity.
    • Session 9 (Chapter 12): The weighted average cost of capital (WACC). Explains how to calculate WACC and its significance for firm valuation.

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    Description

    Testez vos connaissances sur la finance d'entreprise à travers un examen complet abordant des concepts clés tels que la gestion financière, la valeur temps de l'argent, et la valorisation des actions. Ce quiz couvre également les décisions d'investissement et l'évaluation des projets, notamment la VAN et le taux de rendement interne.

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