财务管理课后习题答案

财务管理课后习题答案 期末复习习题汇总 货币时间价值练习题 1 某人贷款购买轿车一辆，在六年内每年年末付款26500元，当利率为5,时，相当于现在一次付款多少,(后后付年金现值) PVn =A*(P/A,i,n)= A* (P/A,5%,6)=26500*5.076=134514 元 货币时间价值练习题 2 某公司需用计算机一台，购置价格为25000元，预计使用10年。如果向租赁公司租用，每年初需付租金3000元，如果利率为8,，该企业该如何决策, 解:如果采用 方案 气瓶 现场处置方案 .pdf气瓶 现场处置方案 .doc见习基地管理方案.doc关于群访事件的化解方案建筑工地扬尘治理专项方案下载 一:当期现金流出为2500元。 如果采用方案二，10年租金的现值(先付年金) PV=A* [(P/A,i,n-1)+1]=3000*[(P/A,8%,9)+1]= 3000*7.247=21741 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 方案二的现金流出少于方案一的现金流 出，所以采取方案二，租赁计算机。 货币时间价值练习题 3 某公司有一笔123600元资金，准备存入 银行，希望在7年后利用这笔款项的本利 和购买一套生产设备，当时的存款利率为 复利10,，该设备的预计价格为240000元，这笔钱7年后能否购买设备,(复利 终值) 解: FVn =P*(F/P,i,n)= P*(F/P,10%,7)=123600*1.949=240896.4 所以这笔钱7年后能够购买这项设备。 货币时间价值练习题 4 某人出国5年，请你代付房租，每年年 末付租金2500元，若i,5,， (1)现在一次给你多少钱,(后付年金现 值)(2)回来一次给你多少钱,(后付年 金终值) 解:1 PVn =A*(P/A,i,n)= A*(P/A,5%,5)=2500*4.330=10825 元 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 2 FVn =A*(F/A,i,n)= A* (F/A,5%,5)=2500*5.526=13815 元 金融资产估价 5 ABC公司拟于2011年2月1日发行面额为1000元的债券，其票面利率为8%，每年2月1日计算并支付一次利息，并于5年后的1月31日到期，同等风险投资的必要报酬率为10%，则债券的价值为多少, V=80*(P/A,10%,5)+1000*(P/F,10%,5)=80*3.791+1000*0.621= 924.28元 金融资产估价 6 企业有大量现金，为了避免资金闲散，决定进行证券投资，假设市场利率为12,。甲企业面临两项投资机会:(1)购买A 债券。A债券面值为1000元，票面利率为8,，5年期，市价为900元。(2)购买B 股票，B股票为固定成长股，年增长率为8,，预计一年后的股利为0.8元，市价为16元。要求(1)计算A 债券的价值，并判断是否应该购买A 债券。(2)计a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 算B股票的价值，并判断是否应该购买该股票。 解 (1 )Va,C× (P/A,i,n)+B × (P/F,i,n),1000 ×8, ×3.605，1000 ×0.567 ,288.4，567,855.4，900 所以不应该购买。 (2)Vb,D1/(r,g),0.8/(12%-8%),20元，16元 所以股票应该购买。 7 某公司准备对一种股利固定成长的普通股股票进行长期投资，该股票当年股利为每股2元，估计年增长率为4,，现行国债的收益率为6,(无风险报酬率)，平均风险股票的必要收益率为10,，该股票的B系数为1.5。计算该股票的价值, 解答:计算该股票的收益率: R=6%+(10%-6%) ×1.5=12% V,2 ×(1，4,)/(12,,4,),26元 8 某投资者准备从证券市场上购买A\B\Ca firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 三种股票组成投资组合。已知A,B.C,三种股票的B系数分别为0.8，1.2，2。现行国债的收益率为8,，市场平均股票的必要收益率为14,。 (1)采用资本资产定价模型分别计算这三种股票的预期收益率。 (1)Ra,8%+(14%-8%) ×0.8=12.8% Rb,8%+(14%-8%) ×1.2=15.2% Rc,8%+(14%-8%) ×2=20% (2)假设该投资者准备长期持有A股票，A股票当年的每股股利为2元，预计年股利增长率为8,，当前每股市价为40元，投资者投资A股票是否合算。 D0,2 元 Va,2×(1，8,)/(12.8,8,),45元，40元 所以买入合算。 (3)若投资者按5:2:3的比例分别购买了A,B,C三种股票，计算该投资组合的B系数和预期收益率。 β ,βa×50,，βb×20,，βc×30,,1.24 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the R ,Ra×50,， Rb×20,， Rc×30,,15.44, 9 无风险证券的收益率为6%，市场投资组合的收益率为12% (1)计算市场风险溢价 (2)如果某一股票的β系数为0.8，计算该股票的预期收益率 (3)如果某股票的必要收益率为9%，计算其β系数。 解 (1)市场风险溢价=Rm –Rf=12%-6%=6% (2)R=6%+0.8*(12%-6% ) =10.8% (3)β=(9%-6%)/(12%-6%)=0.5 金融资产的收益与风险 10 化成公司股票的β系数为2.0，无风险利率为6%，市场平均报酬率为12%，那么，化成公司股票的报酬率应为: R,6%，2.0，(12%,6%),18% 金融资产的收益与风险 11 长江公司投资了两种证券A和B，两种证券的投资比例为1:4，A和B的贝塔系a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 数分别为1.5和0.8，市场组合平均报酬率为10%，无风险的报酬率为6%，则长江公司的投资组合预期报酬率为多少, n ,,W,,20%，1.5，80%，0.8,0.94,Pii ,1i R,R，,(R,R)PFPMF ,6%，0.94，(10%,6%),9.76% 项目投资决策 12 某固定资产项目需在建设起点一次投入资本210万，建设期2年，第二年年末完工，并于完工后投入流动资本30万元，预计该固定资产投产后，使企业各年的经营净利润净增60万元。该固定资产的使用寿命期为5年，按直线法折旧，期满有固定资产残值收入10万元，流动资本于项目终结时一次收回，该项目的资本成本率为10%。 (1)计算该项目各年的现金净流量 (2)计算该项目的净现值 解:建设起点现金流量:NCF0=-210万 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the NCF1=0 建设期末: NCF2=-30万 经营期间现金净流量=净利润+折旧 =60+40=100万 即NCF3-6 =100万 终结阶段: NCF7 =100+10+30=140万元 (2)NPV= NCF + NCF(P/F,10%,1)+NCF012 (P/F,10%,2)+ NCF[(P/A,10%,6)-3-6 (P/A,10%,2)]+NCF7 (P/F,10%,7)=-210+0-30*0.826+100* (4.355-1.736)+140*0.513=98.94万元 13 某固定资产项目需要一次投入资本 100万元。该固定资产可使用6年，按直 线法折旧，期末残值为10万元，当年建设 当年投产，投产后可为企业在各年创造净 利润如图，假定资本成本率为10%， 时间(年) 1 2 3 4 5 6 净利(万元) 20 25 35 30 25 20 (1)计算该投资项目的回收期 (2)计算该投资项目的净现值 5各年现金净流量:时间(年) 0 1 2 3 4 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 6 原始投资 (100) 净利 20 25 35 30 25 20 折旧 15 15 15 15 15 15 残值 10 净现金流量 -100 35 40 50 45 40 45 1 项目投资回收期: 2+(25/50)=2.5年(根据净现金流量) 2 NPV=-100+35*0.909+40*0.862+50*0.751+ 45*0.683+40*0.621+45*0.564=83.365万 元 资本结构 14 某公司发行一笔期限为5年的债券， 债券的面值为1000万元，票面利率为12%，每年付息一次，发行费用率为3%，所得税 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 率为25%，债券按照面值发行。则该债券筹资的资本成本为多少, 15 某公司发行期限为8年的债券，债券面值为2000元，溢价发行，实际发行价格为面值的115%，每年年末支付一次利息，第8年年末一次性偿还本金，筹资费率为3%，所得税税率为25%。要求计算该债券的资本成本。 资本结构 16 某公司按面值发行优先股2000万元，筹资费用为2%，年股利率为10%，所得税税率为25%。计算优先股资本成本。 17 宏达公司准备增发普通股，每股发行价格15元，筹资费用率为20%。预计第1年的股利为1.5元，以后每年股利增长a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 2.5%。其资本成本是多少, 18 某公司发行普通股筹资，股票面值1000万元，实际发行价格为1600元，筹资费率为5%，第一年年末的股利为10%，预计股利增长率为4%，所得税税率为25%，计算普通股资本成本, 19强盛公司普通股股票的β值为1.2，无风险收益率为6%，市场平均收益率为10%，则按资本资产定价模型，计算的资本成本为: Kc=6%+1.2×(10%,6%)=10.8% 20某公司当前的资本结构为长期债券市值4000万元，普通股市值6000万元。公司债券面值100元，票面利率8%，期限为10年，每年年末付息，到期一次还本，当前市价为85元。公司普通股面值1元，当前每股市价为5.5元，期初派发每股现金股利0.35元，预计每股收益增长率维持在a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 4%，公司所得税率为25%。计算公司的加权平均资本成本。 解:债券的资本成本=100*8%*(1-25%)/85=7.06% 普通股资本成本=0.35*(1+4%)/5.5+4%=10.62% 加权资本成本 =7.06%*40%+10.62%*60%=9.20% 21 ABC公司资本总额为250万元，负债比例为45%，其利率为14%。该企业销售额为320万元，固定成本为48万元，变动成本占销售收入的60%。 分别计算该企业的经营杠杆系数和财务杠杆系数 (EBIT=320*(1-60%)-48=80，I=250*45%*14%=15.75) a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 22 某上市公司当前的普通股股利为每股1.5元。今后公司将保持增长率为5%的稳定股利支付水平。公司现有的股利支付率(每股股利与每股收益)为35%，其当前股票市盈率为8。估计也将保持不变。假设一投资者认为，依该公司的风险水平，他对公司的普通股的要求收益率为10%，要求，运用股利贴现模型，来确定该投资者是否该购买股票。 因此不应该购买股票 22 某上市公司当前的股票的β系数为1.05，当前无风险收益率为6.5%，预计资本市场平均收益率为12%。假设一投资者a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 认为，依该公司的风险水平，他对公司的普通股的要求收益率为10%，要求，运用资本资产定价模型，来确定该投资者是否该购买股票。 因此应该购买股票 23 某公司生产一种产品，售价为100元，单位变动成本为50元，固定成本为90000元，假设本年销售该产品5000件。要求:1 计算该公司的经营杠杆系数2 如果财务杠杆系数为1.6，则总杠杆系数为多少3 如果今年每股收益为8元，预计明年息税前收益较本年增长20%，则明年的每股收益为多少, 1 DOL=5000×(100-50)/[5000×(100-50)-90000]=1.5625 2 DTL=1.5625 ×1.6=2.5 3 明年的每股收益=8 ×(1+20% × 1.6)=10.56元 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 24 宏达公司今年销售额为100万元，税后净利为10万元，若财务杠杆系数为1.6，固定成本为24万元，假定所得税率为20%，该公司没有优先股，公司预期明年的销售额为120万元，要求，计算每股收益增加的幅度。 税后净利为10万元，则税前利润为10?(1-20%)=12.5万元。 EBIT=12.5+I DFL=EBIT/EBIT-I=1.6 所以I=7.5万元，EBIT=20 M=EBIT+F=44万 DOL=M/EBIT=2.2 DTL=1.6*2.2=3.52 所以，当销售额增加20%时，销售量也增加了20%，每股收益增加幅度为20%*DTL=70.4% 股利政策 25 南方公司是一家大型钢铁公司，公司业绩一直很稳定，其盈余的长期成长率为12%。2006年该公司税后盈利为1000万元，当年发放股利共250万元。2007年该公司a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 面临一投资机会，需要投资900万元，预计投资后，公司盈利可达到1200万元，2008年以后公司仍会恢复12%的增长率。公司目标资本结构为负债/权益=4/5。现在公司面临股利分配政策的选择，可供选择的股利分配政策有固定股利支付率政策，剩余股利支付率政策以及固定或稳定增长的股利政策。 股利政策要求:如果你是该公司的会计师，请你计算2007年公司实行不同的股利政策时的股利水平，并比较不同的股利政策，做出你认为正确的选择。 解答:1 (1)如果采用固定股利支付率政策，2006年股利支付率=250/1000=25% 2007年支付的股利额=1200*25%=300万元 (2)如果采用剩余股利政策需内部权益融资额为900*(5/9)=500万 2007年支付的股利额=1200-500=700万 (3)如果实行持续增长鼓励政策，支付股利为250*(1+12%)=280万元 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 2 剩余股利政策在股利分配时，优先考虑投资机会的选择，其股利额会随着所面临的投资机会而变动。因为公司每年面临不同的投资机会，所以会造成股利较大的变动，不利于公司股价稳定。 固定股利支付率政策由于按固定比率支付，因而股利会随着每年盈余的变动而变动，使公司股利支付既不稳定，不利于公司市值最大化目标的实现。 鼓励政策 稳定增长的股利政策，其股利发放额稳定增长，有利于树立公司良好的形象，使公司股价稳定，有利于公司的长期发展，但是实行这一政策的前提是公司的收益必须稳定且能逐年增长。 通过上述的分析，结合所给数据，如果南方公司预计正确的话，2007年该公司的利润增长率达到20%，因此正确的选择是采用稳定增长的鼓励政策。 a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 流动资产管理 26 某公司预计全年需要现金40万元，该公司的现金收支状况比较稳定，因此当公司现金短缺时，公司就准备用短期有价证券变现取得。现金与有价证券每次转换成本为50元，有价证券的年利率为10%。要求:利用存货模式计算该公司的最佳现金持有量、最低现金持有成本和有价证券最佳交易次数。 27 某公司只生产一种产品-甲产品，该产品所耗用的主要原 材料 关于××同志的政审材料调查表环保先进个人材料国家普通话测试材料农民专业合作社注销四查四问剖析材料 为p材料，制造一个甲产品需要2.4千克P材料。假定该公司每年生产12000个甲产品，且在整个一年中甲产品的需求量非常稳定，公司采购P材料每次的变动性订货成本为200元，单位材料的年储存成本为8元。 要求:(1)P材料的经济订货批量是多少,(2)经济订货批量下的存货总成本为多a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the 少, (3)每年最佳订货多少次, 第十章 流动资产管理 例 某书店准备进一批心理学畅销书，该书定价为每本30元，该书以1000本作为一基本订货单位安排订货，安排每次订货的成本为40元，该书每月的需求量为20000本，每本书的月储存成本为0.1元。要求:该书的经济订货批量是多少,每月最佳订货多少次, a firewall. Guarantees network moments stable security run. can support external attack prevention, and network security, and flow monitoring, and mail filter, and page filter, and application layer filter, function, can effective of guarantee network of security, firewall full consider network application on high reliability of requirements, business interface card support hot plug pulled, full meet network maintenance, and upgrade, and optimization of needs; support double machine state hot prepared, support Active/Active and Active/Passive two species work mode. Can provides variety intelligent analysis and management means, support mail alarm, support variety log, provides network management monitoring, assist network administrator completed network of security management; support variety VPN business, as L2TP VPN, and GRE VPN, and IPSec VPN, and dynamic VPN,; support RIP/OSPF/BGP/routing strategy and the strategy routing; support rich of QoS characteristics, provides flow regulatory, and flow plastic and the variety queue scheduling strategy. Information room at medical floor, an area of 110 square meters, rooms are designed in accordance with the code for design of electronic computer room located ... (HIS,PACS,LIS system) equipped with mini computers, servers, SAN storage, disk array, such as a computer network, electronic equipment power supply required. designed electricity capacity for one hour. According to the computer room situation, to further ensure the reliability of the