财务管理学第7章课后重点题答案

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财务管理学第7章课后重点题答案

财务管理学第7章课后重点题答案

第七章1某软件公司目前有两个项目A、B可供选择,其各年现金流量情况如下表所示。

(1)若公司要求的项目资金必须在2年内收回,应选择哪个项目?(2)公司现在采用净现值法,设定折现率为15%,应采纳哪个项目?年份项目A 项目B0 1 2 3 -7500400035001500-50002500120030003华荣公司准备投资一个新的项目以扩充生产能力,预计该项目可以持续5年,固定资产投资750万元。

固定资产采用直线法计提折旧,折旧年限为5年,估计净残值为50万元。

预计每年的付现固定成本为300万元,每件产品单价为250元,年销量30000件,均为现金交易。

预计期初需要垫支营运资本250万元。

假设资本成本率为10%,所得税税率为25%,要求:1、计算项目营业净现金流量2、计算项目净现值3、计算项目的内涵报酬率初始投资=-(750+250)万元1、计算(1)项目营业净现金流量固定资产年折旧额=(750-50)/5=140万元营业净现金流量=(营业收入-付现成本)*(1-所得税率)+折旧额*所得税率=(250*3-300)*(1-25%)+140*25%=372.5万元第0年:-1000万元第1-4年:372.5万元第5年:372.5+250+50=672.5万元2、计算(2)项目净现值NPV=372.5*(P/A,10%,4)+672.5*(P/F,10%,5)-1000 =372.5*3.1699+672.5*0.6209-1000=598.35(3)计算项目的内涵报酬率按28%估行的贴现率进行测试,372.5*(P/A,28%,4)+672.5*(P/F,28%,5)-1000=30.47万元按32%估行的贴现率进行测试,372.5*(P/A,32%,4)+672.5*(P/F,32%,5)-1000=-51.56万元内涵报酬率IRR=28%+((30.47-0)/(30.47+51.56))*(32%-28%)=29.49%3 某公司要在两个项目中选择一个进行投资:A项目需要160000元的初始投资,每年产生80000元的现金净流量,项目的使用寿命为3年,3年后必须更新且无残值;B项目需要210000元的初始投资,每年产生64000元的现金净流量,项目的使用寿命为6年,6年后必须更新且无残值。

财务管理第6、7章 课本习题及答案

财务管理第6、7章 课本习题及答案
公司所得税税率;N表示流通在外的普通股 股数。
7.试说明联合杠杆的基本原理和联合杠杆系数的测算方法 答:(1)联合杠杆原理。联合杠杆,亦称总杠杆,是指营业杠杆和财务杠杆 的综合。营业杠杆是利用企业经营成本中固定成本的作用而影响息税前利润,财务 杠杆是利用企业资本成本中债务资本固定利息的作用而影响税后利润或普通股每 股收益。营业杠杆和财务杠杆两者最终都影响到企业税后利润或普通股每股收益。 因此,联合杠杆综合了营业杠杆和财务杠杆的共同影响。一个企业同时利用营业杠 杆和财务杠杆,这种影响作用会更大。 (2)联合杠杆系数的测算。对于营业杠杆和财务杠杆的综合程度的大小,可 以用联合杠杆系数来反映。联合杠杆系数,亦称总杠杆系数,是指普通股每股收益 变动率相当于营业收入(或销售数量)变动率的倍数。它是营业杠杆系数与财务杠 杆系数的乘积,用公式表示为: DCL(或DTL)=DOL·DFL
即=

DP05b_205_215TC005 092-661 解决方案
或=
式中,DCL(或DTL)表示联合杠杆系数。 8.试对企业资本结构决策的影响因素进行定性分析 答:企业资本结构决策的影响因素很多,主要有企业财务目标、企业发展阶段、 企业财务状况、投资者动机、债权人态度、经营者行为、税收政策、行业差别等。 下面进行简要的定性分析。(1)企业财务目标的影响分析。企业组织类型的不同, 其财务目标也有所不同。对企业财务目标的认识主要有三种观点:利润最大化、股 东财富最大化和公司价值最大化。企业财务目标对资本结构决策具有重要的影响。
DP05b_205_215TC005 092-661 解决方案
第 6 章 资本结构决策
教材习题解析
一、思考题
1.试分析广义资本结构与侠义资本机构的区别 答:资本结构有广义和狭义之分。广义的资本结构是指企业全部资本的各种构 成及其比例关系。企业一定时期的资本可分为债务资本和股权资本、短期资本和长 期资本。一般而言,广义的资本结构包括:债务资本与股权资本的结构、长期资本 与短期资本的结构,以及债务资本的内部结构、长期资本的内部结构和股权资本的 内部结构等。 狭义的资本结构是指企业各种长期资本的构成及其比例关系,尤其是指长期债 务资本与(长期)股权资本之间的构成及其比例关系。 2.试分析资本成本中用资费用和筹资费用的不同特征 答:资本成本从绝对量的构成来看,包括用资费用和筹资费用两部分。

国际财务管理课后习题答案chapter 7

国际财务管理课后习题答案chapter 7

CHAPTER 7 FUTURES AND OPTIONS ON FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END—OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1。

Explain the basic differences between the operation of a currency forward market and a futures market。

Answer: The forward market is an OTC market where the forward contract for purchase or sale of foreign currency is tailor—made between the client and its international bank. No money changes hands until the maturity date of the contract when delivery and receipt are typically made. A futures contract is an exchange—traded instrument with standardized features specifying contract size and delivery date. Futures contracts are marked—to-market daily to reflect changes in the settlement price. Delivery is seldom made in a futures market. Rather a reversing trade is made to close out a long or short position。

财务管理学---第7章 例题答案

财务管理学---第7章 例题答案

第7章投资决策原理【例1·单选题】将企业投资区分为固定资产投资、流动资产投资、期货与期权投资等类型所依据的分类标志是(D)。

A.投入行为的介入程度B.投入的领域C.投资的方向D.投资的内容『答案解析』根据投资的内容,投资可以分为固定资产投资、无形资产投资、其他资产投资、流动资产投资、房地产投资、有价证券投资、期货与期权投资、信托投资和保险投资等。

【例2·判断题】直接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资(错)『答案解析』间接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资,如企业购买特定投资对象发行的股票、债券、基金等。

【例3·计算题】某企业拟投资新建一个项目,在建设起点开始投资,历经两年后投产,试产期为1年,主要固定资产的预计使用寿命为10年。

据此,可以估算出该项目的如下指标:(1)建设期;(2)运营期;(3)达产期;(4)项目计算期。

『正确答案』建设期=2年运营期=10年达产期=10-1=9(年)项目计算期=2+10=12(年)【例4·计算题】B企业拟新建一条生产线项目,建设期2年,运营期20年。

全部建设投资分别安排在建设起点、建设期第2年年初和建设期末分三次投入,投资额分别为100万元、300万元和68万元;全部流动资金投资安排在投产后第一年和第二年年末分两次投入,投资额分别为15万元和5万元。

根据项目筹资方案的安排,建设期资本化利息22万元。

要求:计算下列指标(1)建设投资;(2)流动资金投资;(3)原始投资;(4)项目总投资。

『正确答案』(1)建设投资合计=100+300+68=468(万元)(2)流动资金投资合计=15+5=20(万元)(3)原始投资=468+20=488(万元)(4)项目总投资=488+22=510(万元)【例5·判断题】在项目投资决策中,净现金流量是指经营期内每年现金流入量与同年现金流出量之间的差额所形成的序列指标。

财务管理第四版练习题答案 练习题答案(第七章)

财务管理第四版练习题答案 练习题答案(第七章)

第七章练习题答案:1.解:留存收益市场价值=400500800250=⨯(万元) 长期资金=200+600+800+400=2000(万元)(1)长期借款成本=5%×(1-25%)=3.75%比重=2001200010= (2)债券成本=5008%(125%) 5.21%600(14%)⨯⨯-=⨯- 比重=6003200010= (3)普通股成本=50010%(16%)6%12.97%800(15%)⨯⨯++=⨯- 比重=8004200010= (4)留存收益成本=25010%(16%)6%12.63%400⨯⨯++= 比重=4002200010= (5)综合资金成本=3.75%×110+5.21%×310+12.97%×410+12.63%×210=9.65%2. 解:(1)2009年变动经营成本=1800×50%=900(万元)2009年息税前利润EBIT 2009=1800-900-300=600(万元)2009/600450/450 1.67/18001500/1500EBIT EBIT DOL S S ∆===∆(-)(-) 2009200920102009200920091800(150%) 1.51800(150%)300S C DOL S C F -⨯-===--⨯-- (2)2008200920082008450 1.8450200EBIT DFL EBIT I ===-- 2010/22.5% 1.5/15%EPS EPS DFL EBIT EBIT ∆===∆ (3)200920092009 1.67 1.8 3.006DTL DOL DFL =⨯=⨯=201020102010 1.5 1.5 2.25DTL DOL DFL =⨯=⨯=3.解:(1)设每股利润无差别点为EBIT 0,那么220110)1)((EBIT )1)((EBIT N T I N T I --=-- 00(EBIT 40012%)(125%)(EBIT 40012%30014%)(125%)9060-⨯--⨯-⨯-= EBIT 0=174(万元)(2)如果预计息税前利润为150万元,应当选择第一个方案,即发行股票方案。

00067财务管理第七章练习及答案

00067财务管理第七章练习及答案

第七章证券投资决策一、单项选择题1、市场利率上升时,债券价值的变动方向是()。

A.上升B.下降C.不变D.随机变化【正确答案】:B【答案解析】:债券价值指的是未来收到的利息和本金的现值,其中的折现率是市场利率,因此,市场利率上升,债券价值会下降。

参见教材166页。

2、甲公司在2008年1月1日发行5年期债券,面值1000元,票面年利率8%,于每年6月30日和12月31日付息,到期时一次还本。

ABC公司欲在2011年7月1日购买甲公司债券100张,假设市场利率为6%。

则债券的价值为()元。

已知(P/A,3%,3)=2.8286;(P/F,3%,3)=0.9151;(P/A,6%,2)=1.8334;(P/F,6%,2)=0.8900A.998.90B.1108.79C.1028.24D.1050.11【正确答案】:C【答案解析】:债券的价值=1000×4%×(P/A,3%,3)+1000×(P/F,3%,3)=40×2.8286+1000×0.9151=1028.24(元)。

参见教材166页。

3、下列各项中,不会对债券价值的计算产生影响的是()。

A.债券面值B.票面利率C.到期日D.发行价格【正确答案】:D【答案解析】:影响债券价值的因素主要有债券的面值、期限、票面利率和所采用的贴现率等因素。

债券的发行价格不影响债券价值。

参见教材166页。

4、假设市场上有甲乙两种债券,甲债券目前距到期日还有3年,乙债券目前距到期日还有5年。

两种债券除到期日不同外,其他方面均无差异。

如果市场利率出现了急剧上涨,则下列说法中正确的是()。

A.甲债券价值上涨得更多B.甲债券价值下跌得更多C.乙债券价值上涨得更多D.乙债券价值下跌得更多【正确答案】:D【答案解析】:市场利率上涨,债券价值下降,A、C错误;距到期日越近受利率影响越小,选项B错误。

参见教材166页。

5、现有一份刚发行的面值为1000元,每年付息一次,到期归还本金,票面利率为14%,5年期的债券,若某投资者现在以1000元的价格购买该债券并持有至到期,则该债券的投资收益率应()。

财务管理学第七章习题+答案

财务管理学第七章习题+答案

第七章:投资决策原理一、名词解释1、企业投资2、间接投资3、短期投资4、长期投资5、对内投资6、对外投资7、初创投资8、独立项目9、互斥项目 10、相关项目11、常规项目 12、现金流量 13、净现值 14、内含报酬率15、获利指数 16、投资回收期 1 7、平均报酬率二、判断题1、对现金、应收账款、存货、短期有价证劵的投资都属于短期投资。

()2、长期证劵投资因需要可转为短期投资。

()3、对内投资都是直接投资,对外投资都是间接投资。

()4、原有固定资产的变价收入是指固定资产更新时变卖原有固定资产所得的现金收入,不用考虑净残值的影响。

()5、在互斥选择决策中,净现值法有时会做出错误的决策,而内含报酬率法则始终能得出正确的答案。

()6、进行长期投资决策时,如果某一备选方案净现值比较小,那么该方案的内含报酬率也相对较低。

()7、由于获利指数是用相对指数来表示,所以获利指数法优于净现值法。

()8、固定资产投资方案的内含报酬率并不一定只有一个。

()9、某些自然资源的储量不多,由于不断开采,价格将随储量的下降而上升‘因此对这些自然资源越晚开发越好。

()三、单项选择题1、有关企业投资的意义,下列叙述中不正确的是()A.企业投资是实现财务管理目标的基本前提。

B.企业投资是发展生产的必要手段C.企业投资是有利于提高职工的生活水平D.企业投资是降低风险的重要方法2、某企业欲购进一套新设备,要支付400万元,该设备的使用寿命为4年,无残值,采用直线法并计提折旧。

预计每年可生产税前净利140万元,如果所得税税率为40%,则回收期为()年。

A、4.5B、2.9C、2.2 D3.23、当贴现率与内含报酬率相等时()A、净现值小于零B、净现值等于零C、净现值大于零D、净现值不一定4、某企业准备新建一条生产线,预计各项支出如下:投资前费用2000元,设备购置费用8000元,设备安装费用1000元,建筑工程费用6000元,投产时需垫支营运资金3000元,不可预见费按总支出的5%计算,则该生产线的投资总额为()元。

自考《财务管理学》章节试题及答案:第7章

自考《财务管理学》章节试题及答案:第7章

自考《财务管理学》章节试题及答案:第7章第七章[1] 在确定企业的收益分配政策时,应当考虑相关因素的影响,其中“资本保全约束”属于( )。

A 股东因素B 公司因素C 法律因素D 债务契约因素[2] 下列企业利润分配顺序正确的是( )。

A 弥补以前年度亏损→提取法定公益金→提取法定盈余公积金→向投资者分配利润B 弥补以前年度亏损→提取法定盈余公积金→提取法定公益金→向投资者分配利润C 弥补以前年度亏损→提取法定盈余公积金→向投资者分配利润→提取法定公益金D 弥补以前年度亏损→向投资者分配利润→提取法定公益金→提取法定盈余公积金[3] 企业采用剩余股利政策进行收益分配的主要优点是( )。

A 有利于稳定股价B 获得财务杠杆利益C 降低综合资金成本D 增强公众投资信心[4] 公司以股票形式发放股利,可能带来的结果是( )。

A 引起公司资产减少B 引起公司负债减少C 股票的市场价格下跌D 引起股东权益与负债同时变化[5] 公司采用固定股利政策发放股利的好处主要表现为( )。

A 降低资金成本B 维持股价稳定C 提高支付能力D 实现资本保全[6] 在下列股利分配政策中,能保持股利与利润之间一定的比例关系,并体现风险投资与风险收益对等原则的是( )。

A 剩余股利政策B 固定股利政策C 固定股利支付率政策D 正常股利加额外分红政策[7] 在下列公司中,通常适合采用固定股利政策的是( )。

A 收益显著增长的公司B 收益相对稳定的公司C 财务风险较高的公司D 投资机会较多的公司[8] 相对于其他股利政策而言,既可以维持股利的稳定性,又有利于优化资本结构的股利政策是( )。

A 剩余股利政策B 固定股利政策C 固定股利支付率政策D 低正常股利加额外分红政策[9] 在下列有关企业的利润中,由(产品销售利润+其他销售利润-管理费用-财务费用)构成的是( )。

A 利润总额B 净利润C 营业利润D 投资净收益[10] 下列关于股利分配政策的表述中,正确的是( )。

财务管理学课后习题答案第7章

财务管理学课后习题答案第7章

思考题1.答题要点:如果通过事后审计将赔偿责任引入投资项目的预测阶段,从积极的方面来说,由于赔偿责任的约束,一方面进行投资预测的工作人员会不断地改进预测方法,总结经验教训,更加认真踏实地做好本职工作,从而提高投资项目预测的准确度,从而持续提高投资管理的效率。

另一方面,进行投资预测的工作人员在进行项目预测时会更加谨慎,从而降低企业的投资风险。

从消极的方面来说,由于赔偿责任的存在,进行预测的工作人员为了规避这种风险,可能故意低估一些风险比较大的项目的决策指标,从而使公司丧失投资效率最高的项目。

另外,某一项目的实际值和预测值的偏差可能是多种原因导致的,其中可能有环境变化方面的原因,可能有投资实施阶段的原因,如果责任划分不清,会使投资项目预测的工作人员感到不公平,降低他们的工作满意度,从而影响他们的工作积极性,主动性和创造性,最终对投资项目造成不利影响。

2.答题要点:按照现金流量的发生时间,投资活动的现金流量可以被分为初始现金流量、营业现金流量和终结现金流量。

初始现金流量一般包括如下的几个部分:(1)投资前费用;(2)设备购置费用;(3)设备安装费用;(4)建筑工程费;(5)营运资金的垫支;(6)原有固定资产的变价收入扣除相关税金后的净收益;(7)不可预见费。

营业现金流量一般以年为单位进行计算。

营业现金流入一般是指营业现金收入,营业现金流出是指营业现金支出和交纳的税金。

终结现金流量主要包括:(1)固定资产的残值收入或变价收入(指扣除了所需要上缴的税金等支出后的净收入);(2)原有垫支在各种流动资产上的资金的收回;(3)停止使用的土地的变价收入等。

投资决策采用折现现金流量指标更合理的的原因是:(1)非折现指标把不同时间点上的现金收入和支出当作毫无差别的资金进行对比,忽略了资金的时间价值因素,这是不科学的。

而折现指标则把不同时间点收入或支出的现金按照统一的折现率折算到同一时间点上,使不同时期的现金具有可比性,这样才能做出正确的投资决策。

财务管理第九版第七章课后题答案

财务管理第九版第七章课后题答案

财务管理第九版第七章课后题答案1、下列项目中,应计入营业外收入的有()。

[单选题] *A.处置交易性金融资产的收益B.固定资产盘盈C.接受捐赠(正确答案)D.无法收到的应收账款2、税金及附加核算的内容不包括()。

[单选题] *A.增值税(正确答案)B.消费税C. 资源税D.资源税3、小规模纳税企业购入原材料取得的增值税专用发票上注明:货款20 000元。

增值税2 600元,在购入材料的过程中另支付包装费500元。

则该企业原材料的入账价值为()元。

[单选题] *A.19 500B.20 500C.22 600D.23 100(正确答案)4、用盈余公积弥补亏损时,应借记“盈余公积”,贷记()。

[单选题] *A.“利润分配——未分配利润”B.“利润分配——提取盈余公积”C.“本年利润”D.“利润分配——盈余公积补亏”(正确答案)5、固定资产报废清理后发生的净损失,应计入()。

[单选题] *A.投资收益B.管理费用C.营业外支出(正确答案)D.其他业务成本6、.(年浙江省第三次联考)下列项目中不需要进行会计核算的是()[单选题] *A签订销售合同(正确答案)B宣告发放现金股利C提现备发工资D结转本年亏损7、企业自创的专利权与非专利技术,其研究开发过程中发生的支出,应当区分研究阶段支出与开发阶段支出分别处理。

无法区分研究阶段支出和开发阶段支出,应当将其所发生的研发支出全部费用化,计入当期损益中的()。

[单选题] *A.管理费用(正确答案)B.财务费用C.营业外支出D.销售费用8、A企业2014年12月购入一项固定资产,原价为600万元,采用年限平均法计提折旧,使用寿命为10年,预计净残值为零,2018年1月该企业对该项固定资产的某一主要部件进行更换,发生支出合计400万元,符合固定资产确认条件,被更换的部件的原价为300万元。

则对该项固定资产进行更换后的原价为( )万元。

[单选题] *A.210B.1 000C.820D.610(正确答案)9、.(年浙江省第三次联考)下列属于事前核算职能的是()[单选题] *A记账B分析C考核D预测(正确答案)10、企业对应付的商业承兑汇票,如果到期不能足额付款,在会计处理上应将其转作()。

财务管理第七章习题与答案

财务管理第七章习题与答案

财务管理第七章习题与答案筹资方式一、单项选择题1.某企业按“2/10,n/50”的条件购进一批商品。

若企业放弃现金折扣,在信用期内付款,则其放弃现金折扣的机会成本为()。

A.16.18% B.20% C.14% D.18.37%2.下列关于企业筹资的基本原则的说法,不正确的是()A.规模适当 B.筹措的资金充足 C.来源合理 D.方式经济3.公司增发的普通股的发行价为20元/股,筹资费用为发行价的5%,最近刚发放的股利为每股2元,已知该股票的资金成本为12%,则该股票的股利年增长率为()。

A.2% B.1.33% C.4% D.5%4.关于留存收益的成本,下列说法不正确的是()A.留存收益是企业资金的一种重要来源B.它实际上是股东对企业进行追加投资,股东对这部分投资也要求有一定的报酬C.由于是自有资金,所以没有成本D.在没有筹资费用的情况下,留存收益的成本计算与普通股是一样的5.某企业用贴现的方式按年利率12%从银行借入款项1000万元,银行要求企业按贷款额的8%保留补偿性余额,该借款的实际年利率为()。

A.15% B.10% C.12% D.12.5%6.在财务管理中,依据财务比率与资金需求量之间的关系预测资金需求量的方法称为()。

A.定性预测法 B.比率预测法 C.基本分析法 D.资金习性预测法7.留存收益的来源渠道()。

A.只有盈余公积 B.只有未分配利润 C.包括盈余公积和未分配利润 D.指的是分配的股利二、多项选择题1.某企业拥有流动资产100万元(其中永久性流动资产为30万元),负债和权益资本共计400万元(其中权益资本150万元,长期负债100万元,自发性流动负债60万元),则以下说法正确的有()。

A.该企业采取的是激进型组合策略B.该企业采取的是平稳型组合策略C.该企业的临时性流动负债为90万元D.该企业目前没有处于经营性低谷2.按有无特定的财产担保,可将债券分为()。

A.信用债券B.有担保债券C.抵押债券D.无担保债券3.甲公司用贴现法以10%的年利率从银行贷款1000万元,期限为1年,则以下说法正确的有()A.甲公司应付利息是90万元B.甲公司实际可用的资金为900万元C.甲公司的实际利率要比10%高D.甲公司的应付利息是100万元4.在短期借款的利息计算和偿还方法中,企业实际负担利率高于名义利率的有()。

财务管理第六版练习题答案人大版-练习题答案(第七章)

财务管理第六版练习题答案人大版-练习题答案(第七章)

第七章练习题答案:1.解:留存收益市场价值=400500800250=⨯(万元) 长期资金=200+600+800+400=2000(万元)(1)长期借款成本=5%×(1-25%)=3.75%比重=2001200010= (2)债券成本=5008%(125%) 5.21%600(14%)⨯⨯-=⨯- 比重=6003200010= (3)普通股成本=50010%(16%)6%12.97%800(15%)⨯⨯++=⨯- 比重=8004200010= (4)留存收益成本=25010%(16%)6%12.63%400⨯⨯++= 比重=4002200010= (5)综合资金成本=3.75%×110+5.21%×310+12.97%×410+12.63%×210=9.65%2. 解:(1)2009年变动经营成本=1800×50%=900(万元)2009年息税前利润EBIT 2009=1800-900-300=600(万元)2009/600450/450 1.67/18001500/1500EBIT EBIT DOL S S ∆===∆(-)(-) 2009200920102009200920091800(150%) 1.51800(150%)300S C DOL S C F -⨯-===--⨯-- (2)2008200920082008450 1.8450200EBIT DFL EBIT I ===-- 2010/22.5% 1.5/15%EPS EPS DFL EBIT EBIT ∆===∆ (3)200920092009 1.67 1.8 3.006DTL DOL DFL =⨯=⨯=201020102010 1.5 1.5 2.25DTL DOL DFL =⨯=⨯=3.解:(1)设每股利润无差别点为EBIT 0,那么220110)1)((EBIT )1)((EBIT N T I N T I --=-- 00(EBIT 40012%)(125%)(EBIT 40012%30014%)(125%)9060-⨯--⨯-⨯-= EBIT 0=174(万元)(2)如果预计息税前利润为150万元,应当选择第一个方案,即发行股票方案。

财务管理学(第七版)课后习题答案全

财务管理学(第七版)课后习题答案全

第1章总论教材习题解析一、思考题1.答:(1)股东财富最大化目标相比利润最大化目标具有三方面的优点:考虑现金流量的时间价值和风险因素、克服追求利润的短期行为、股东财富反映了资本与报酬之间的关系;(2)通过企业投资工具模型分析,可以看出股东财富最大化目标是判断企业财务决策是否正确的标准;(3)股东财富最大化是以保证其他利益相关者利益为前提的。

2.答:(1)代理关系与利益冲突之一:股东与管理层。

股东作为企业的所有者,委托管理层经营管理企业,但是管理层努力工作创造的财富不能由其独享,而是由全体股东分享,因此,管理层希望在增加股东财富的同时,能够获得更多的利益。

但是,所有者则希望以最小的管理成本获得最大的股东财富报酬,由此便产生了管理层个人目标与股东目标的冲突。

(2)代理关系与利益冲突之二:大股东与中小股东。

大股东通常是指持有企业大多数股份的控股股东,他们能够左右股东大会和董事会的决议从而掌握企业的重大经营决策,拥有对企业的控制权。

人数众多但持有股份数量很少的中小股东基本没有机会接触到企业的经营管理,尽管他们按照各自的持股比例对企业的利润具有索取权,但由于与控股股东之间存在严重的信息不对称,使得他们的权利很容易被控股股东以各种形式侵害。

在这种情况下,所有者和经营者之间的委托—代理问题实际上就演变成中小股东和大股东之间的代理冲突。

(3)代理关系与利益冲突之三:股东与债权人。

当企业向债权人借入资金2 《财务管理学(第七版)》学习指导书后,两者就形成了委托—代理关系。

但是,股东在获得债权人的资金后,在实施其财富最大化目标时会在一定程度上损害债权人的利益。

3.答:(1)利益相关者的利益与股东利益在本质上是一致的,在企业实现股东财富最大化的同时,也会增加企业的整体财富,其他相关者的利益会得到更有效的满足。

(2)股东的投资报酬要求权是“剩余要求权”,是在其他利益相关者的利益得到满足之后的剩余权益。

(3)企业是各种利益相关者之间的契约的组合。

财务管理基础 第七章 课后题答案 斯坦利.B.布洛克

财务管理基础 第七章 课后题答案 斯坦利.B.布洛克

ChProblems1. City Farm Insurance has collection centers across the country to speed up collections. Thecompany also makes its disbursements from remote disbursement centers. The collection time has been reduced by two days and disbursement time increased by one day because of these policies. Excess funds are being invested in short-term instruments yielding12 percent per annum.a. If City Farm has $5 million per day in collections and $3 million per day indisbursements, how many dollars has the cash management system freed up?b. How much can City Farm earn in dollars per year on short-term investments madepossible by the freed-up cash?7-1. Solution:City Farm Insurancea. $5,000,000 daily collections× 2.0 days speed up = $10,000,000 additional collections$3,000,000 daily disbursements× 1.0 days slow down = $ 3,000,000 delayed disbursements$13,000,000 freed-up fundsb. $13,000,000 freed-up funds12% interest rate$1,560,000 interest on freed-up cash2. Nicholas Birdcage Company of Hollywood ships cages throughout the country. Nicholashas determined that through the establishment of local collection centers around thecountry, he can speed up the collection of payments by one and one-half days. Furthermore, the cash management department of his bank has indicated to him that he can defer hispayments on his accounts by one-half day without affecting suppliers. The bank has aremote disbursement center in Florida.a. If the company has $4 million per day in collections and $2 million per day indisbursements, how many dollars will the cash management system free up?b. If the company can earn 9 percent per annum on freed-up funds, how much will theincome be?c. If the annual cost of the new system is $700,000, should it be implemented?7-2. Solution:Nicholas Birdcage Company of Hollywooda. $4,000,000 daily collections× 1.5 days speed up = $6,000,000 additional collections$2,000,000 daily disbursements× .5 days slow down = $1,000,000 delayed disbursements$7,000,000 freed-up fundsb. $7,000,000 freed-up funds9% interest rate$630,000 interest on freed-up cashc. No. The annual income of $630,000 is $70,000 less than theannual cost of $700,000 for the new system.3. Megahurtz International Car Rentals has rent-a-car outlets throughout the world. It alsokeeps funds for transactions purposes in many foreign countries. Assume in 2003, it held 100,000 reals in Brazil worth 35,000 dollars. It drew 12 percent interest, but the Brazilian real declined 20 percent against the dollar.a. What is the value of its holdings, based on U.S. dollars, at year-end (Hint: multiply$35,000 times 1.12 and then multiply the resulting value by 80 percent.)b. What is the value of its holdings, based on U.S. dollars, at year-end if it drew9 percent interest and the real went up by 10 percent against the dollar?7-3. Solution:Megahurtz International Car Rentala. $35,000 × 1.12 = $39,200$39,200 × 80% = $31,360 dollar value of real holdingsb. $35,000 × 1.09 = $38,150$38,150 × 110% = $41,965 dollar value of real holdings4. Thompson Wood Products has credit sales of $2,160,000 and accounts receivableof $288,000. Compute the value of the average collection period.7-4. Solution:Thompson Wood ProductsAccounts Receivable Average collection period Average daily credit sales$288,000$2,160,000/360$288,00048days $6,000====5. Lone Star Petroleum Co. has annual credit sales of $2,880,000 and accounts receivableof $272,000. Compute the value of the average collection period.7-5. Solution:Lone Star Petroleum Co.Accounts Receivable Average collection period Average daily credit sales$272,000$2,288,000/360$272,0008,00034days ====6. Knight Roundtable Co. has annual credit sales of $1,080,000 and an average collectionperiod of 32 days in 2008. Assume a 360-day year. What is the company ’s averageaccounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period.7-6. Solution:Knight Roundtable Co.$1,080,000annual credit sales $3,000credit sales a day 360days per year=$3,000 average 32 average $96,000 average accounts daily credit sales collection period receivable balance=⨯7.Darla ’s Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days in 2008. Assume a 360-day year.What is the company ’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. 7-7. Solution:Darla ’s Cosmetic Company$1,440,000 annual credit sales/360 = $4,000 per day credit sales $4,000 credit sales × 45 average collection period = $180,000average accounts receivable balance8. In Problem 7, if accounts receivable change to $200,000 in the year 2009, while credit salesare $1,800,000, should we assume the firm has a more or a less lenient credit policy? 7-8. Solution:Darla ’s Cosmetics (Continued)To determine if there is a more lenient credit policy, compute the average collection period.Accounts ReceivableAverage collection period Average daily credit sales$200,000$1,800,000/360$200,00040 days $5,000====Since the firm has a shorter average collection period, it appears that the firm does not have a more lenient credit policy.9. Hubbell Electronic Wiring Company has an average collection period of 35 days. Theaccounts receivable balance is $105,000. What is the value of its credit sales?7-9. Solution:Hubbell Electronic Wiring CompanyAccounts receivable Average collection period Average daily credit sales$105,00035 days credit sales 360$105,000Credit sales/36035 daysCredit sales/360$3,000 credit sales per dayCredit sales $3,==⎛⎫ ⎪⎝⎭===000360$1,080,000⨯=10. Marv ’s Women ’s Wear has the following schedule for aging of accounts receivable.Age of Receivables, April 30, 2004(1)(2) (3) (4)Month of SalesAge of Account Amounts Percent of Amount Due April .................................0–30 $ 88,000 ____ March ...............................31–60 44,000 ____ February ...........................61–90 33,000 ____ January .............................91–120 55,000 ____ Total receivables ...........$220,000 100%a . Fill in column (4) for each month.b . If the firm had $960,000 in credit sales over the four-month period, compute the average collection period. Average daily sales should be based on a 120-day period.c . If the firm likes to see its bills collected in 30 days, should it be satisfied with the average collection period?d . Disregarding your answer to part c and considering the aging schedule for accounts receivable, should the company be satisfied? e . What additional information does the aging schedule bring to the company that theaverage collection period may not show?7-10. Solution:Marv’s Women’s WearAge of Receivables, April 30, 2004a.(1)(2)(3)(4)Month of SalesAge ofAccount AmountsPercent ofAmount DueApril 0-30 $ 88,000 40% March 31-60 44,000 20% February 61-90 33,000 15% January 91-120 55,000 25% Total receivables $220,000 100%b.Accounts receivable Average Collection PeriodAverage daily credit sales$220,000$960,000/120$220,000$8,00027.5 days====c. Yes, the average collection of 27.5 days is less than 30 days.d. No. The aging schedule provides additional insight that 60percent of the accounts receivable are over 30 days old.e. It goes beyond showing how many days of credit salesaccounts receivables represent, to indicate the distribution of accounts receivable between various time frames.11. Nowlin Pipe & Steel has projected sales of 72,000 pipes this year, an ordering cost of$6 per order, and carrying costs of $2.40 per pipe.a . What is the economic ordering quantity?b . How many orders will be placed during the year?c . What will the average inventory be?7-11. Solution:Nowlin Pipe and Steel Companya. EOQ 600 units =====b. 72,000 units/600 units = 120 ordersc. EOQ/2 = 600/2 = 300 units (average inventory)12. Howe Corporation is trying to improve its inventory control system and has installed anonline computer at its retail stores. Howe anticipates sales of 126,000 units per year, an ordering cost of $4 per order, and carrying costs of $1.008 per unit.a . What is the economic ordering quantity?b . How many orders will be placed during the year?c . What will the average inventory be?d . What is the total cost of inventory expected to be?7-12. Solution:Howe Corp.a. EOQ 1,000 units ===b. 126,000 units/1,000 units = 126 orders7-12. (Continued)c. EOQ/2 = 1,000/2 = 500 units (average inventory)d. 126 orders × $4 ordering cost= $ 504 500 units × $1.008 carrying cost per unit = 504 Total costs = $1,00813. (See Problem 12 for basic data.) In the second year, Howe Corporation finds it can reduceordering costs to $1 per order but that carrying costs will stay the same at $1.008 per unit. a . Recompute a, b, c , and d in Problem 12 for the second year.b . Now compare years one and two and explain what happened.7-13. Solution:Howe Corp. (Continued)a. EOQ 500 units =====126,000 units/500 units = 252 ordersEOQ/2 = 500/2 = 250 units (average inventory)252 orders × $1 ordering cost= $252 250 units × $1.008 carrying cost per unit = 252 Total costs = $504b. The number of units ordered declines 50%, while the numberof orders doubles. The average inventory and total costs both decline by one-half. Notice that the total cost did not decline in equal percentage to the decline in ordering costs. This isbecause the change in EOQ and other variables (½) isproportional to the square root of the change in orderingcosts (¼).14. Higgins Athletic Wear has expected sales of 22,500 units a year, carrying costs of $1.50per unit, and an ordering cost of $3 per order.a. What is the economic order quantity?b. What will be the average inventory? The total carrying cost?c. Assume an additional 30 units of inventory will be required as safety stock. What willthe new average inventory be? What will the new total carrying cost be?7-14. Solution:Higgins Athletic Weara. EOQ==300 units===b. EOQ/2 = 300/2 = 150 units (average inventory)150 units × $1.50 carrying cost/unit = $225 total carrying costc.EOQAverage inventory Safety Stock230030150301802=+=+=+= 180 inventory × $1.50 carrying cost per year = $270 total carrying cost15. Dimaggio Sports Equipment, Inc., is considering a switch to level production. Costefficiencies would occur under level production, and aftertax costs would decline by$35,000, but inventory would increase by $400,000. Dimaggio would have to finance the extra inventory at a cost of 10.5 percent.a. Should the company go ahead and switch to level production?b. How low would interest rates need to fall before level production would be feasible? 7-15. Solution:Dimaggio Sports Equipment, Inc.a. Inventory increases by $400,000× interest expense 10.5%Increased costs $ 42,000Less: Savings 35,000Loss ($ 7,000)Don’t switch to level production. Increased ROI is less thanthe interest cost of more inventory.b. If interest rates fall to 8.75% or less, the switch would befeasible.$35,000 Savings8.75%$400,000 increased inventory16. Johnson Electronics is considering extending trade credit to some customers previouslyconsidered poor risks. Sales will increase by $100,000 if credit is extended to these new customers. Of the new accounts receivable generated, 10 percent will prove to beuncollectible. Additional collection costs will be 3 percent of sales, and production and selling costs will be 79 percent of sales. The firm is in the 40 percent tax bracket.a. Compute the incremental income after taxes.b. What will Johnson’s incremental return on sales be if these new credit customers areaccepted?c. If the receivable turnover ratio is 6 to 1, and no other asset buildup is needed to servethe new customers, what will Johnson’s incremental return on new averageinvestment be?7-16. Solution:Johnson Electronicsa. Additional sales .................................................... $100,000Accounts uncollectible (10% of new sales) ......... – 10,000Annual incremental revenue ................................ $ 90,000Collection costs (3% of new sales) ...................... – 3,000Production and selling costs (79% of new sales) .– 79,000Annual income before taxes ................................. $ 8,000Taxes (40%) ......................................................... – 3,200Incremental income after taxes ............................ $ 4,800b.Incremental income Incremental return on salesIncremental sales$4,800/$100,000 4.8%===c. Receivable turnover = Sales/Receivable turnover = 6xReceivables = Sales/Receivable turnover= $100,000/6= $16,666.67Incremental return on new average investment =$4,800/$16,666.67 = 28.80%17. Collins Office Supplies is considering a more liberal credit policy to increase sales, butexpects that 9 percent of the new accounts will be uncollectible. Collection costs are5 percent of new sales, production and selling costs are 78 percent, and accounts receivableturnover is five times. Assume income taxes of 30 percent and an increase in sales of$80,000. No other asset buildup will be required to service the new accounts.a. What is the level of accounts receivable to support this sales expansion?b. What would be Collins’s incremental aftertax return on investment?c. Should Collins liberalize credit if a 15 percent aftertax return on investment isrequired?Assume Collins also needs to increase its level of inventory to support new sales and that inventory turnover is four times.d. What would be the total incremental investment in accounts receivable and inventoryto support a $80,000 increase in sales?e. Given the income determined in part b and the investment determined in part d,should Collins extend more liberal credit terms?7-17. Solution:Collins Office Suppliesa.$80,000 Investment in accounts receivable$16,0005==b. Added sales .......................................................... $ 80,000Accounts uncollectible (9% of new sales) ........... – 7,200 Annual incremental revenue ................................ $ 72,800 Collection costs (5% of new sales) ...................... – 4,000 Production and selling costs (78% of new sales) – 62,400 Annual income before taxes ................................. $ 6,400 Taxes (30%) ......................................................... – 1,920 Incremental income after taxes ............................ $ 4,480Return on incremental investment = $4,480/$16,000 = 28% c. Yes! 28% exceeds the required return of 15%.7-17. (Continued)d.$80,000 Investment in inventory =$20,0004Total incremental investmentInventory $20,000Accounts receivable 16,000Incremental investment $36,000 $4,480/$36,000 = 12.44% return on investmente. No! 12.44% is less than the required return of 15%.18. Curtis Toy Manufacturing Company is evaluating the extension of credit to a new group ofcustomers. Although these customers will provide $240,000 in additional credit sales,12 percent are likely to be uncollectible. The company will also incur $21,000 in additionalcollection expense. Production and marketing costs represent 72 percent of sales. Thecompany is in a 30 percent tax bracket and has a receivables turnover of six times. No other asset buildup will be required to service the new customers. The firm has a 10 percentdesired return on investment.a. Should Curtis extend credit to these customers?b. Should credit be extended if 14 percent of the new sales prove uncollectible?c. Should credit be extended if the receivables turnover drops to 1.5 and 12 percent ofthe accounts are uncollectible (as was the case in part a).Curtis Toy Manufacturing Companya. Added sales ............................................................. $240,000Accounts uncollectible (12% of new sales) ............ 28,800 Annual incremental revenue ................................... 211,200 Collection costs ....................................................... 21,000 Production and selling costs (72% of new sales) .... 172,800 Annual income before taxes .................................... 17,400 Taxes (30%) ............................................................ 5,220 Incremental income after taxes ............................... $ 12,180 $240,000Receivable turnover 6.0x 6.040,000 in new receivables ==$12,180Return on incremental investment 30.45%$40,000== b. Added sales ..........................................................$240,000 Accounts uncollectible (14% of new sales) .........– 33,600 Annual incremental revenue ................................$206,400 Collection costs ....................................................– 21,000 Production and selling costs (72% of new sales) .–172,800 Annual income before taxes .................................$ 12,600 Taxes (30%) .........................................................– 3,780 Incremental income after taxes ............................ $ 8,820$8,820Return on incremental investment 22.05%$40,000== Yes, extend credit.c. If receivable turnover drops to 1.5x, the investment inaccounts receivable would equal $240,000/1.5 = $160,000.The return on incremental investment, assuming a 12%uncollectible rate, is 7.61%.$12,180==Return on incremental investment7.61%$160,000The credit should not be extended. 7.61% is less than thedesired 10%.19. Reconsider problem 18. Assume the average collection period is 120 days. All other factorsare the same (including 12 percent uncollectibles). Should credit be extended?7-19. Solution:Curtis Toy Manufacturing Company (Continued) First compute the new accounts receivable balance.Accounts receivable = average collection period × average dailysales240,000120 days120$667$80,040⨯=⨯=360 daysorAccounts receivable = sales/accounts receivable turnover360 days==Accounts receivable turnover3x120 days=$240,000/3$80,000Then compute return on incremental investment.$12,18015.23%=$80,000Yes, extend credit. 15.23% is greater than 10%.20. Apollo Data Systems is considering a promotional campaign that will increase annualcredit sales by $600,000. The company will require investments in accounts receivable, inventory, and plant and equipment. The turnover for each is as follows:Accounts receivable (5x)Inventory (8x)Plant and equipment (2x)All $600,000 of the sales will be collectible. However, collection costs will be 3 percent of sales, and production and selling costs will be 77 percent of sales. The cost to carryinventory will be 6 percent of inventory. Depreciation expense on plant and equipment will be 7 percent of plant and equipment. The tax rate is 30 percent.a. Compute the investments in accounts receivable, inventory, and plant and equipmentbased on the turnover ratios. Add the three together.b. Compute the accounts receivable collection costs and production and selling costsand add the two figures together.c. Compute the costs of carrying inventory.d. Compute the depreciation expense on new plant and equipment.e. Add together all the costs in parts b, c, and d.f. Subtract the answer from part e from the sales figure of $600,000 to arrive at incomebefore taxes. Subtract taxes at a rate of 30 percent to arrive at income after taxes.g. Divide the aftertax return figure in part f by the total investment figure in part a. If thefirm has a required return on investment of 12 percent, should it undertake thepromotional campaign described throughout this problem.7-20. Solution:Apollo Data Systemsa. Accounts receivable = sales/accounts receivable turnover=$120,000$600,000/5Inventory = sales/inventory turnover=$75,000$600,000/8Plant and equipment = sales/(plant and equipment turnover)=$600,000/2$300,000Total investment$495,0007-20. (Continued)b. Collection cost = 3% × $600,000 $ 18,000Production and selling costs = 77% × $600,000 = 462,000Total costs related to accounts receivable $480,000c. Cost of carrying inventory6% × inventory6% × $75,000 $4,500d. Depreciation expense7% × Plant and Equipment7% × $300,000 $21,000e. Total costs related to accounts receivable $480,000Cost of carrying inventory 4,500Depreciation expense 21,000Total costs $505,500f. Sales $600,000– total costs 505,500Income before taxes 94,500Taxes (30%) 28,350Income after taxes $ 66,150g. Income after taxes$66,15013.36%Total investment495,000==Yes, it should undertake the campaignThe aftertax return of 13.36% exceeds the required rate of return of 12%21. In Problem 20, if inventory turnover had only been 4 times:a. What would be the new value for inventory investment?b. What would be the return on investment? You need to recompute the total investmentand the total costs of the campaign to work toward computing income after taxes.Should the campaign be undertaken?7-21. Solution:Apollo Data Systems (Continued)a. Inventory = sales/inventory turnover$150,000 = $600,000/4b. New Total InvestmentAccounts receivable $120,000Inventory 150,000Plant and equipment 300,000$570,000Total Cost of the CampaignCost of carrying inventory6% × $150,000 = $9,000 ($4,500 more than previously)New Income After TaxesSales $600,000– total costs 510,000 ($505,500 + 4,500)Income before taxes 90,000Taxes (30%) 27,000Income after taxes $ 63,000Income after taxes$63,000==11.05%Total investment570,000No, the campaign should not be undertakenThe aftertax return of 11.05% is less than the required rate ofreturn of 12%(Problems 22–25 are a series and should be taken in order.)22. Maddox Resources has credit sales of $180,000 yearly with credit terms of net 30 days,which is also the average collection period. Maddox does not offer a discount for early payment, so its customers take the full 30 days to pay.What is the average receivables balance? What is the receivables turnover?7-22. Solution:Maddox ResourcesSales/360 days = average daily sales$180,000/360 = $500Accounts receivable balance = $500 × 30 days = $15,000Receivable turnover =Sales$180,00012x Receivables$15,000==or360 days/30 = 12x23. If Maddox were to offer a 2 percent discount for payment in 10 days and every customertook advantage of the new terms, what would the new average receivables balance be?Use the full sales of $180,000 for your calculation of receivables.7-23. Solution:Maddox Resources (Continued)$500 × 10 days = $5,000 new receivable balance24. If Maddox reduces its bank loans, which cost 12 percent, by the cash generated from itsreduced receivables, what will be the net gain or loss to the firm?7-24. Solution:Maddox Resources (Continued)Old receivables – new receivables with discount = Funds freed by discount$15,000 – $5,000 ................................... = $10,000Savings on loan = 12% × $10,000 .......... = $ 1,200Discount on sales = 2% × $180,000 ........ = (3,600)Net change in income from discount ...... $(2,400) No! Don’t offer the discount since the income from reduced bankloans does not offset the loss on the discount.25. Assume that the new trade terms of 2/10, net 30 will increase sales by 20 percent becausethe discount makes the Maddox price competitive. If Maddox earns 16 percent on salesbefore discounts, should it offer the discount? (Consider the same variables as you did for problems 22 through 24.)7-25. Solution:Maddox Resources (Continued)New sales = $180,000 × 1.20 = $216,000 Sales per day = $216,000/360 = $600 Average receivables balance = $600 × 10 = $6,000 Savings in interest cost ($15,000 – $6,000) × 12% = 1,080 Increase profit on new sales = 16% × $36,000* = $5,760 Reduced profit because of discount = 2% × $216,000 = (4,320) Net change in income ............................................ $2,520 Yes, offer the discount because total profit increases.*New Sales $36,000 = $216,000 – $180,000COMPREHENSIVE PROBLEMBailey Distributing Company sells small appliances to hardware stores in the southern California area. Michael Bailey, the president of the company, is thinking about changing the credit policies offered by the firm to attract customers away from competitors. The current policy calls for a1/10, net 30, and the new policy would call for a 3/10, net 50. Currently 40 percent of Bailey customers are taking the discount, and it is anticipated that this number would go up to50 percent with the new discount policy. It is further anticipated that annual sales would increase from a level of $200,000 to $250,000 as a result of the change in the cash discount policy.The increased sales would also affect the inventory level. The average inventory carried by Bailey is based on a determination of an EOQ. Assume unit sales of small appliances will increase from 20,000 to 25,000 units. The ordering cost for each order is $100 and the carrying cost per unit is $1 (these values will not change with the discount). The average inventory is based on EOQ/2. Each unit in inventory has an average cost of $6.50.Cost of goods sold is equal to 65 percent of net sales; general and administrative expenses are 10 percent of net sales; and interest payments of 12 percent will be necessary only for the increase in the accounts receivable and inventory balances. Taxes will equal 25 percent of before-tax income.a. Compute the accounts receivable balance before and after the change in the cashdiscount policy. Use the net sales (Total sales – Cash discounts) to determine theaverage daily sales and the accounts receivable balances.b. Determine EOQ before and after the change in the cash discount policy. Translate thisinto average inventory (in units and dollars) before and after the change in the cashdiscount policy.c. Complete the income statement.Before Policy Change After Policy ChangeNet sales (Sales – Cash discounts)Cost of goods soldGross profitGeneral and administrativeexpenseOperating profitInterest on increase in accountsreceivable and inventory (12%)Income before taxesTaxesIncome after taxesd. Should the new cash discount policy be utilized? Briefly comment.Bailey Distributing Companya. Accounts receivable = average collection × averageperiod daily sales Before Policy ChangeAverage collection period .40 × 10 days = 4 .60 × 30 days = 18 22 days Average daily sales()()()$200,000.01.40$200,000Credit sales Discount 360360$200,000$800360$199,200360Average daily sales $553.33--=-===22 days × $553.33 = $12,173.26 accounts receivable before policy changeAfter Policy Change Average collection period .50 × 10 days = 5 .50 × 50 days = 25 30 days。

财务管理学第7章课后重点题答案

财务管理学第7章课后重点题答案

第七章1某软件公司目前有两个项目A、B可供选择,其各年现金流量情况如下表所示。

(1)若公司要求的项目资金必须在3 1500 30003华荣公司准备投资一个新的项目以扩充生产能力,预计该项目可以持续5年,固定资产投资750万元。

固定资产采用直线法计提折旧,折旧年限为5年,估计净残值为50万元。

预计每年的付现固定成本为300万元,每件产品单价为250元,年销量30000件,均为现金交易。

预计期初需要垫支营运资本250万元。

假设资本成本率为10%,所得税税率为25%,要求:1、计算项目营业净现金流量2、计算项目净现值3、计算项目的内涵报酬率初始投资=-(750+250)万元1、计算(1)项目营业净现金流量固定资产年折旧额=(750-50)/5=140万元营业净现金流量=(营业收入-付现成本)*(1-所得税率)+折旧额*所得税率=(250*3-300)*(1-25%)+140*25%=372.5万元第0年:-1000万元第1-4年:372.5万元第5年:372.5+250+50=672.5万元2、计算(2)项目净现值NPV=372.5*(P/A,10%,4)+672.5*(P/F,10%,5)-1000 =372.5*3.1699+672.5*0.6209-1000=598.35(3)计算项目的内涵报酬率按28%估行的贴现率进行测试,372.5*(P/A,28%,4)+672.5*(P/F,28%,5)-1000=30.47万元按32%估行的贴现率进行测试,372.5*(P/A,32%,4)+672.5*(P/F,32%,5)-1000=-51.56万元内涵报酬率IRR=28%+((30.47-0)/(30.47+51.56))*(32%-28%)=29.49%3 某公司要在两个项目中选择一个进行投资:A项目需要160000元的初始投资,每年产生80000元的现金净流量,项目的使用寿命为3年,3年后必须更新且无残值;B项目需要210000元的初始投资,每年产生64000元的现金净流量,项目的使用寿命为6年,6年后必须更新且无残值。

2021中级财务管理第七章营运资金管理习题答案与解析

2021中级财务管理第七章营运资金管理习题答案与解析

一、单项选择题1.一般而言,营运资金指的是()。

(2018 年)A.流动资产减去存货的余额B.流动资产减去流动负债的余额C.流动资产减去速动资产后的余额D.流动资产减去货币资金后的余额2.由于供应商不提供商业信用,公司需要准备足够多的现金以满足材料采购的需求,这种现金持有动机属于()。

(2020 年)A.交易性需求B.投机性需求C.预防性需求D.储蓄性需求3.某公司发现某股票的价格因突发事件而大幅度下降,预判有很大的反弹空间,但苦于没有现金购买。

这说明该公司持有的现金未能满足()。

(2019 年)A.投机性需求 B.预防性需求C.决策性需求D.交易性需求4.某公司资产总额为9 000 万元,其中永久性流动资产为2 400 万元,波动性流动资产为 1 600 万元,该公司长期资金来源金额为8 100 万元,不考虑其他情形,可以判断该公司的融资策略属于()。

(2017 年)A.匹配融资策略B.保守融资策略C.激进融资策略D.风险匹配融资策略5.某公司用长期资金来源满足非流动资产和部分永久性流动资产的需要,而用短期资金来源满足剩余部分永久性流动资产和全部波动性资产的需要,则该公司采用的流动资产融资策略是()。

(2015 年)A.激进融资策略B.保守融资策略C.折中融资策略D.匹配融资策略6.在利用成本模型进行最佳现金持有量决策时,下列成本因素中未被考虑在内的是()。

(2019 年)A.机会成本B.交易成本C.短缺成本D.管理成本7.某公司当年的资本成本率为10%,现金平均持有量为30 万元,现金管理费用为2 万元,现金与有价证券之间的转换成本为1.5 万元,则该公司当年持有现金的机会成本是()万元。

(2018 年)A.5B.3.5C.6. 5D.38.某公司采用随机模型计算得出目标现金余额为200 万元,最低限额为120 万元,则根据该模型计算的现金上限为()万元。

(2019 年)A.280B.360C.240D.3209.某公司存货周转期为160 天,应收账款周转期为90 天,应付账款周转期为100 天,则该公司现金周转期为()天。

财务管理课习题答案第7章

财务管理课习题答案第7章

思考题1.答题要点:如果通过事后审计将赔偿责任引入投资项目的预测阶段,从积极的方面来说,由于赔偿责任的约束,一方面进行投资预测的工作人员会不断地改进预测方法,总结经验教训,更加认真踏实地做好本职工作,从而提高投资项目预测的准确度,从而持续提高投资管理的效率。

另一方面,进行投资预测的工作人员在进行项目预测时会更加谨慎,从而降低企业的投资风险。

从消极的方面来说,由于赔偿责任的存在,进行预测的工作人员为了规避这种风险,可能故意低估一些风险比较大的项目的决策指标,从而使公司丧失投资效率最高的项目。

另外,某一项目的实际值和预测值的偏差可能是多种原因导致的,其中可能有环境变化方面的原因,可能有投资实施阶段的原因,如果责任划分不清,会使投资项目预测的工作人员感到不公平,降低他们的工作满意度,从而影响他们的工作积极性,主动性和创造性,最终对投资项目造成不利影响。

2.答题要点:按照现金流量的发生时间,投资活动的现金流量可以被分为初始现金流量、营业现金流量和终结现金流量。

初始现金流量一般包括如下的几个部分:(1)投资前费用;(2)设备购置费用;(3)设备安装费用;(4)建筑工程费;(5)营运资金的垫支;(6)原有固定资产的变价收入扣除相关税金后的净收益;(7)不可预见费。

营业现金流量一般以年为单位进行计算。

营业现金流入一般是指营业现金收入,营业现金流出是指营业现金支出和交纳的税金。

终结现金流量主要包括:(1)固定资产的残值收入或变价收入(指扣除了所需要上缴的税金等支出后的净收入);(2)原有垫支在各种流动资产上的资金的收回;(3)停止使用的土地的变价收入等。

投资决策采用折现现金流量指标更合理的的原因是:(1)非折现指标把不同时间点上的现金收入和支出当作毫无差别的资金进行对比,忽略了资金的时间价值因素,这是不科学的。

而折现指标则把不同时间点收入或支出的现金按照统一的折现率折算到同一时间点上,使不同时期的现金具有可比性,这样才能做出正确的投资决策。

财务管理课后习题答案第7章

财务管理课后习题答案第7章

思考题1.答题要点:如果通过事后审计将赔偿责任引入投资项目的预测阶段,从积极的方面来说,由于赔偿责任的约束,一方面进行投资预测的工作人员会不断地改进预测方法,总结经验教训,更加认真踏实地做好本职工作,从而提高投资项目预测的准确度,从而持续提高投资管理的效率。

另一方面,进行投资预测的工作人员在进行项目预测时会更加谨慎,从而降低企业的投资风险。

从消极的方面来说,由于赔偿责任的存在,进行预测的工作人员为了规避这种风险,可能故意低估一些风险比较大的项目的决策指标,从而使公司丧失投资效率最高的项目。

另外,某一项目的实际值和预测值的偏差可能是多种原因导致的,其中可能有环境变化方面的原因,可能有投资实施阶段的原因,如果责任划分不清,会使投资项目预测的工作人员感到不公平,降低他们的工作满意度,从而影响他们的工作积极性,主动性和创造性,最终对投资项目造成不利影响。

2.答题要点:按照现金流量的发生时间,投资活动的现金流量可以被分为初始现金流量、营业现金流量和终结现金流量。

初始现金流量一般包括如下的几个部分:(1)投资前费用;(2)设备购置费用;(3)设备安装费用;(4)建筑工程费;(5)营运资金的垫支;(6)原有固定资产的变价收入扣除相关税金后的净收益;(7)不可预见费。

营业现金流量一般以年为单位进行计算。

营业现金流入一般是指营业现金收入,营业现金流出是指营业现金支出和交纳的税金。

终结现金流量主要包括:(1)固定资产的残值收入或变价收入(指扣除了所需要上缴的税金等支出后的净收入);(2)原有垫支在各种流动资产上的资金的收回;(3)停止使用的土地的变价收入等。

投资决策采用折现现金流量指标更合理的的原因是:(1)非折现指标把不同时间点上的现金收入和支出当作毫无差别的资金进行对比,忽略了资金的时间价值因素,这是不科学的。

而折现指标则把不同时间点收入或支出的现金按照统一的折现率折算到同一时间点上,使不同时期的现金具有可比性,这样才能做出正确的投资决策。

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第七章
1某软件公司目前有两个项目A、B可供选择,其各年现金流量情况如下表所示。

(1)若公司要求的项目资金必须在
年份项目A 项目B
1
2
3
-7500
4000
3500
1500
-5000
2500
1200
3000
3华荣公司准备投资一个新的项目以扩充生产能力,预计该项目可以持续5年,固定资产投资750万元。

固定资产采用直线法计提折旧,折旧年限为5年,估计净残值为50万元。

预计每年的付现固定成本为300万元,每件产品单价为250元,年销量30000件,均为现金交易。

预计期初需要垫支营运资本250万元。

假设资本成本率为10%,所得税税率为25%,要求:?1、计算项目营业净现金流量?2、计算项目净现值?3、计算项目的内涵报酬率?
初始投资=-(750+250)万元?
1、计算(1)项目营业净现金流量?
固定资产年折旧额=(750-50)/5=140万元?
营业净现金流量=(营业收入-付现成本)*(1-所得税率)+折旧额*所得税率??=(250*3-300)*(1-25%)+140*25%=万元?
第0年:-1000万元?第1-4年:万元第5年:+250+50=万元?2、计算(2)项目净现值?
NPV=*(P/A,10%,4)+*(P/F,10%,5)-1000?=*+*=(3)计算项目的内涵报酬率?按28%估行的贴现率进行测试,*(P/A,28%,4)+*(P/F,28%,5)-1000=万元?按32%估行的贴现率进行测试,*(P/A,32%,4)+*(P/F,32%,5)-1000=万元?内涵报酬率IRR=28%+(/+)*(32%-28%)=%?
3 某公司要在两个项目中选择一个进行投资:A项目需要160000元的初始投资,每年产生80000元的现金净流量,项目的使用寿命为3年,3年后必须更新且无残值;B项目需要210000元的初始投资,每年产生64000元的现金净流量,项目的使用寿命为6年,6年后必须更新且无残值。

公司的资本成本为16%。

请问,该公司应该选择哪个项目?
解:NPVa=-16+8(P/A,16%,3)=万 NPVb=-21+(P/A,16%,6)=万
年净值法ANPVa=NPVa/(P/A,16%,3)=万 ANPVb=NPVb/(P/A,10%,6)=万
ANPVa>ANPVb 选择A项目(最小公倍数法NPVa=+(P/F,16%,3),求出的值和另一个比较)
4.大华公司准备购入一设备以扩充生产能力。

现有甲、乙两个方案可供选择,甲方案需投资10000元,使用寿命为5年,采用直线
法计提折旧,5年后设备无残值。

5年中每年销售收入为6 000元,每年的付现成本为2 000元。

乙方案需投资12 000元,采用直线折旧法计提折旧,使用寿命也为5年,5年后有残值收入2 000元。

5年中每年的销售收入为8 000元,付现成本第1年为3 000元,以后随着设备陈旧,逐年将增加修理费400元,另需垫支营运资金3 000元,假设所得税税率为40%,试计算两个方案的现金流量。

由于甲方案的每年NCF相等,因而,可采用如下方法计算内含报酬率:
查年金现值系数表甲方案的内含报酬率应该在18%和19%之间,现用插值法计算如下:
甲方案的内含报酬率=18%+%=%
乙方案的每年NCF不相等,因而,必须逐次进行测算,测算过程见表:
10000
3200
3.125
NCF
=
=
=
初始投资额
年金现值系数
每年。

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