109年 - 109 國立臺北大學_日間學士班曁進修學士班轉學生招生考試試題_金融與合作經營學系日間學士班曁進修學士班3年級：財務管理#147597

a. If the one-year discount factor is .912, what is the one-year interest rate?

b. If the two-year interest rate is \( 10.8\% \), what is the two-year discount factor?

c. Given these one- and two-year discount factors, calculate the two-year annuity factor.

d. If the PV of $10 a year for three years is $25.65, what is the three-year annuity factor?

e. Form your answers to (c) and (d), calculate the three-year discount factor.

a. 計算每一個投資計畫的淨現值(NPV)、內部報酬率(IRR，列出式子)、回收期間(payback period，小數點後二位)、折現後回收期間(discounted payback period，小數點後二位)。(16分)

b.修正後內部報酬率(MIRR,列出式子)。(4分)

a.請問兩檔股票的 \( \beta \) 值為何？(5分)

b.當市場報酬為 \( 5\% \) 或 \( 20\% \) 的機率相等，且國庫券利率水準為 \( 8\% \) 時，兩支股票的預期報酬率分別為何？(5分)

四、請敘述Fama所提出的三種不同型式的效率市場並說明其反應何種資訊集合？(10分)

五、請敘述股利政策的 Miller and Modigliani (1961) “股利無關論” (dividend irrelevance theory) 與 Lintner and Gorden 的“一鳥在手理論”(bird-in-the-hand theory) 與“所得稅差異論”(tax preference theory)。(15分)

六、請說明資本結構的抵換理論與融資順位理論(10 分)

a. \( 30\% \) in Treasury bills, \( 70\% \) in stock P. (5分)

b. \( 50\% \) each in Q and R, assuming the shares have (15分)