公司金融作业一

江苏师范大学商学院课程作业与实验

课程名称：公司金融

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开始日期：年月日

商学院

《公司金融》作业、阅读与上机练习

（主导教材：杨丽荣.公司金融学.北京：科学出版社,第三版）

第一章公司金融的基本范畴

1.企业主要有哪几种形式，其中公司制的优缺点主要有哪些？

2.如何定义公司金融？公司金融的目标和主要研究内容是什么？

3.公司金融的原则有哪些？以向银行贷款为例，试分析如何运用这些原则进行思考和解决问题？

4.简要分析公司中股东、管理者和债权人有什么样的利益冲突，这些冲突应

如何解决？

5.计算：税法环境对公司金融的影响？

众望软件公司总资产规模100万，全部为自有股份，当年息税前收益（即未支付利息和所得税前的收益）为10万，公司所得税税率

25%，年末不分红。

计算：（1）纳税总额；

（2）税后利润和股东收益率（税后利润/总股本）

（3）税后公司价值账面数（资产总值=负债价值+股东价值）

其他条件不变，如果众望软件公司总资产规模100万，其中20万为负债资金，年利息率为8%，年末不分红。

计算：（1）纳税总额；

（2）税后利润和股东收益率（税后利润/总股本）

（3）税后公司价值账面数（资产总值=负债价值+股东价值）

（4）从股东角度计算负债的实际利息率；

（5）比较两种情况差异。

（6）*从国家税收角度，比较两种情况下国家所得税收入的差别，并通过网络搜索，解释“资本弱化”名词。

6*.阅读与分析

Ten Axioms That Form the Foundation of Corporate Finance Axioms 1: The risk-return trade-off---We won’t take on additional risk unless we expected to be compensated with additional return. This risk-return relationship will be a key concept as we value stocks, bonds and proposed new projects throughout this text.

Axioms 2: The time value of money---A dollar received today is worth more than a dollar received in the future. In this text, we will use this concept to bring the future benefits and costs of a projects back to the present. Then, if the benefits outweigh the costs, the project create wealth and should be accepted.

Axioms 3: Cash –not profit- is king. Cash flow are received by the firm and can be reinvested, which correctly reflect the timing of the benefits and costs. Accounting profits, on the other hand are shown when they are earned rather than when the money is actually in hand.

Axioms 4: Incremental cash flows---It’s only what changes that counts. The incremental cash flow is the difference between the cash flows if the project is taken on versus what they will be if the project is not taken on. We will take this incremental concept beyond cash flows and look at all consequences from all decisions on an incremental basis.

Axioms 5: The curse of competition markets---Why it’s hard to find exceptionally profitable projects. The two most common ways of making markets less competition are to differentiate the product in some key way or to achieve a cost advantage over competitors.

Axioms 6: Efficient capital markets---The markets are quick and the prices are right. Efficient markets are markets in which the value of all assets and securities at any instant in time full reflect all available information. What are the implications of efficient markets tell us? First, the price is right. Second, earning manipulations through accounting methods that do not affect cash flows are nor reflected in the prices.

Axioms 7: The agency problem- Managers won’t work for the owners unless it’s in their best interest. The agency problem result from the separation of management