财务管理学---第10章 例题答案
财务管理课后习题答案(完美版)
财务管理课后习题答案第一章 答案一、单项选择题1.C2.A3.D4.A5.B 二、多项选择题1.ABC2.BC3.ABCD4.AC5. AC 三、判断题1. ×2. ×3. ×4. √5. ×第二章 答案一、单项选择题1.A2.C3.A4.D5.B6.B7.A8.C9.C 10.B 二、多项选择题1.AC2.ABD3.ACD4.ABCD5.ABD6.ABC7.BCD8.AC9.BD 10.ABCD 三、判断题1. √2. ×3. ×4. √5. × 四、计算题1．PV=8000×（P/A,8%12,240）=953,594（元）银行贷款的年利率为8%时，分期付款方式好，低于一次性付款。
PV=8000×（P/A,6%12,240）=1,116,646（元）银行贷款的年利率为6%时，一次性付款方式好，低于分期付款的现值。
2．（1）由100=10×（F/P,10%,n ）得：（F/P,10%,n ）=10 查复利终值系数表，i=10%，（F/P,10%,n ）=10，n 在24~25年之间； （2）由100=20×（F/P,5%,n ）得：（F/P,5%,n ）=5 查复利终值系数表，i=5%，（F/P,5%,n ）=5，n 在30~35年之间；（3）由100=10×（F/A,10%,n ）得：（F/A,10%,n ）=50 查年金终值系数表，i=10%，（F/A,10%,n ）=50，n 在18~19年之间； 因此，第三种方式能使你最快成为百万富翁。
3.（1）2010年1月1日存入金额1000元为现值，2013年1月1日账户余额为3年后终值： F ＝P ×（F/P ，12%，3）＝1000×1.405＝1405（元）（2）F ＝1000×（1＋12%/4）3×4 ＝1000×1.426 ＝1426（元）（3）2013年1月1日余额是计算到期日的本利和，所以是普通年金终值：F ＝250×（F/A ，12%，4）＝250×4.779 ＝1194.75（元） （4）F ＝1405，i ＝12%，n ＝4 则：F ＝A ×（F/A ，i ，n ） 即1405＝A ×（F/A,12%，4）＝A ×4.779 ,A ＝1405÷4.779=293.99（元） 4. 10=2×（P/A ，i ，8） （P/A ，i ，8）=5查年金现值系数表， i =8，（P/A, i.8）=5， i 在11~12年之间178.0146.0146.5%1%%11⎪⎪⎫⎪⎫⎪⎪⎫⎪⎫x2021 得,借款利率为11.82%5.递延年金现值P ＝300×（P/A ，10%，5）×（P/F ，10%，2）＝300×3.791×0.826＝939.4098（万元）。
中级会计职称《财务管理》 第十章 财务分析与评价
第一节财务分析与评价概述一、基本要求1.掌握因素分析法；2.理解比较分析法和比率分析法；3.理解财务分析的局限性。
二、重点内容回顾（一）比较分析法（二）比率分析法·构成比率（结构比率）·效率比率·相关比率（三）因素分析法·连环替代法（基本方法）·差额分析法三、核心公式定基动态比率＝分析期数额/固定基期数额×100%环比动态比率＝分析期数额/前期数额×100%四、典型题目演练『例题·判断题』财务分析中的效率比率，是某项财务活动中所得与所费之间的比率，反映投入与产出的关系。
（）『正确答案』√『答案解析』财务分析中的效率比率，是某项财务活动中所费与所得之间的比率，反映投入与产出的关系。
『例题·单选题』下列比率指标的不同类别中，流动比率属于（）。
A.构成比率B.动态比率C.相关比率D.效率比率『正确答案』C『答案解析』相关比率是以某个项目和与其有关但又不同的项目加以对比所得的比率，比如流动比率和资产负债率等。
『例题·多选题』下列有关财务分析方法的表述中，正确的有（）。
A.比较分析法中最常用的是横向比较法B.采用比率分析法时，要注意对比项目的相关性、对比口径的一致性以及衡量标准的科学性C.因素分析法中的差额分析法是连环替代法的一种简化形式D.采用因素分析法时，要注意因素替代的随机性『正确答案』BC『答案解析』根据比较对象的不同，比较分析法分为趋势分析法、横向比较法和预算差异分析法。
在财务分析中，最常用的比较分析法是趋势分析法。
所以选项A的表述错误；采用因素分析法时，要注意因素分解的关联性、因素替代的顺序性、顺序替代的连环性和计算结果的假定性。
所以选项D的表述错误。
第二节基本的财务报表分析一、基本要求掌握各种方面能力评价的指标。
二、重点内容回顾三、核心公式（略）四、典型题目演练『例题·单选题』某公司2018年度营业收入净额为1320万元，在资产负债表中，2018年应收票据及应收账款平均余额为160万元；另外，补充资料显示，2018年的坏账准备平均余额为10万元。
财务管理学课后习题答案
《财务管理学》练习及答案第二章财务分析一、单项选择题1．下列各项中，可能不会影响流动比率的业务是( )。
A．用现金购买短期债券 B．用现金购买固定资产C．用存货进行对外长期投资 D．从银行取得长期借款2．在杜邦财务分析体系中，综合性最强的财务比率是（）。
A．净资产收益率 B．总资产周转率 C．总资产净利率 D．营业净利率3．在流动比率为1.5时，赊购原材料l0 000元，将会（）。
A．增大流动比率 B．降低流动比率 C．不影响流动比率 D．增大或降低流动比率4．下列各项中，可能导致企业资产负债率变化的经济业务是( )。
A．以固定资产对外投资(按账面价值作价) B．用现金购买债券C．接受所有者投资转入的固定资产 D．收回应收账款5．已获利息倍数指标中的利息费用主要是指( )。
A．只包括银行借款的利息费用 B．只包括固定资产资本化利息C．只包括财务费用中的利息费用，不包括固定资产资本化利息D．既包括财务费用中的利息费用，又包括计入固定资产的资本化利息6．某公司流动比率下降，速动比率上升，这种变化可能基于（）。
A．倾向于现金销售，赊销减少 B．应收账款的收回速度加快C．存货有所下降 D．存货有所增加7．在公司流动比率小于1时，赊购商品一批，将会( )。
A．流动比率下降 B．降低营运资金 C．流动比率上升 D．增大营运资金8．下列各项经济业务中会使流动比率提高的经济业务是( )。
A．购买股票作为短期投资 B．现销产成品C．从银行提取现金 D．用存货进行对外长期投资9．产权比率与权益乘数的关系为( )。
A．11产权比率＝－权益乘数 B．产权比率＝1＋权益乘数C．1权益乘数＝1－产权比率 D．权益乘数＝1＋产权比率二、多项选择题1．财务分析的方法主要有( )。
A．比较分析法 B．比率分析法 C．趋势分析法 D．因素分析法2．影响速动比率的因素有( )。
A．应收账款 B．存货 C．应收票据 D．短期借款3．下列各项中，可能直接影响企业净资产收益率指标的措施有（）。
财务管理课后答案第十章
Chapter 10Discussion Questions10-1. How is valuation of any financial asset related to future cash flows?The valuation of a financial asset is equal to the present value of future cash flows.10-2. Why might investors demand a lower rate of return for an investment in Exxon Mobil as compared to Armco Steel?Because Exxon Mobil has less risk than Armco Steel, Exxon Mobil has relatively highreturns and a strong market position; Armco Steel has had financial difficulties.10-3. What are the three factors that influence the required rate of return by investors?The three factors that influence the demanded rate of return are:a.The real rate of returnb.The inflation premiumc.The risk premium10-4. If inflationary expectations increase, what is likely to happen to yield to maturity on bonds in the marketplace? What is also likely to happen to the price of bonds?If inflationary expectations increase, the yield to maturity (required rate of return) willincrease. This will mean a lower bond price.10-5. Why is the remaining time to maturity an important factor in evaluating the impact of a change in yield to maturity on bond prices?The longer the time period remaining to maturity, the greater the impact of a differencebetween the rate the bond is paying and the current yield to maturity (required rate ofreturn). For example, a two percent ($20) differential is not very significant for one year,but very significant for 20 years. In the latter case, it will have a much greater effect on thebond price.10-6. What are the three adjustments that have to be made in going from annual to semiannual bond analysis?The three adjustments in going from annual to semiannual bond analysis are:1.Divide the annual interest rate by two.2.Multiply the number of years by two.3.Divide the annual yield to maturity by two.10-7. Why is a change in required yield for preferred stock likely to have a greater impact on price than a change in required yield for bonds?The longer the life of an investment, the greater the impact of a change in the required rateof return. Since preferred stock has a perpetual life, the impact is likely to be at a maximum.10-8.What type of dividend pattern for common stock is similar to the dividend payment for preferred stock?The no-growth pattern for common stock is similar to the dividend on preferred stock.10-9.What two conditions must be met to go from Formula 10-8 to Formula 10-9 in using the dividend valuation model?()910g-K D P e 10-=To go from Formula (10-8) to Formula (10-9):The firm must have a constant growth rate (g).The discount rate (k e ) must exceed the growth rate (g).10-10.What two components make up the required rate of return on common stock?The two components that make up the required return on common stock are:a. The dividend yield D 1/P o .b. The growth rate (g). This actually represents the anticipated growth in dividends,earnings, and stock price over the long term.10-11.What factors might influence a firm's price-earnings ratio?The price-earnings ratio is influenced by the earnings and sales growth of the firm, the risk (or volatility in performance), the debt-equity structure of the firm, the dividend policy, the quality of management, and a number of other factors. Firms that have bright expectations for the future tend to trade at high P/E ratios while the opposite is true of low P/E firms.10-12.How is the supernormal growth pattern likely to vary from the normal, constant growth pattern?A supernormal growth pattern is represented by very rapid growth in the early years of a company or industry that eventually levels off to more normal growth. The supernormal growth pattern is often experienced by firms in emerging industries, such as in the early days of electronics or microcomputers.10-13.What approaches can be taken in valuing a firm's stock when there is no cash dividend payment?In valuing a firm with no cash dividend, one approach is to assume that at some point in the future a cash dividend will be paid. You can then take the present value of future cash dividends.A second approach is to take the present value of future earnings as well as a futureanticipated stock price. The discount rate applied to future earnings is generally higher thanthe discount rate applied to future dividends.Problems(For the first nine bond problems, assume interest payments are on an annual basis.)10-1. Burns Fire and Casualty Company has $1,000 par value bonds outstanding at 11 percent interest. The bonds will mature in 20 years. Compute the current price of the bonds if thepresent yield to maturity is:a. 6 percent.b. 8 percent.c. 12 percent.Solution:Burns Fire and Casualty Companya. 6 percent yield to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 20, i = 6%) Appendix D PV A = $110 x 11.470 = $1,261.70Present Value of Principal Payment at MaturityPV = FV x FV IF (n = 20, i = 6%) Appendix B PV = 1,000 x .312 = $312Present Value of Interest Payment $1,261.70 Present Value of Principal Payment 312.00 Total Present Value or Price of the Bond $1,573.70 10-1. Continuedb. 8 percent yield to maturityPV A = A x PV IFA (n = 20, i = 8%) Appendix D PV A = $110 x 9.818 = $1,079.98PV = FV x PV IF (n = 20, i = 8%) Appendix B PV = $1,000 x .215 = $215$1,079.98215.00$1,294,88 c. 12 percent yield to maturityPV A = A x PV IFA (n = 20, i = 12%) Appendix D PV A = $110 x 7.469 = $821.59PV = FV x PV IF (n = 20, i = 12%) Appendix B PV = $1,000 x .104 = $104$821.59104.00$925.59 10-2. Midland Oil has $1,000 par value bonds outstanding at 8 percent interest. The bonds will mature in 25 years. Compute the current price of the bonds if the present yield to maturityis:a. 7 percent.b. 10 percent.c. 13 percent.Solution:Midland Oila. 7 percent yield to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 25, i = 7%) Appendix D PV A = $80 x 11.654 = $932.32Present Value of Principal Payment at MaturityPV = FV x PV IF (n = 25, i = 7%) Appendix BPV = $1,000 x .184 = $184Total Present ValuePresent Value of Interest Payments $ 932.32 Present Value of Principal Payments 184.00 Total Present Value or Price of the Bond $1,116.32 b. 10 percent yield to maturityPV A = A x PV IFA (n = 25, i = 10%) Appendix D PV A = $80 x 9.077 = $726.16PV = FV x PV IF (n = 25, i = 10%) Appendix B PV = $1,000 x .092 = $92$726.1692.00$818.16 10-2. Continuedc. 13 percent yield to maturityPV A = A x PV IFA (n = 25, i = 13%) Appendix D PV A = $80 x 7.330 = $586.40PV = FV x PV IF (n = 25, i = 13%) Appendix B PV = $1,000 x .047 = $47$586.4047.00$633.4010-3. Exodus Limousine Company has $1,000 par value bonds outstanding at 10 percent interest.The bonds will mature in 50 years. Compute the current price of the bonds if the percentyield to maturity is:a. 5 percent.b. 15 percent.Solution:Exodus Limousine Companya. 5 percent yield to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 50, i = 5%) Appendix D PV A = $100 x 18.256 = $1,825.60Present Value of Principal PaymentPV = FV x PV IF (n = 50, i = 5%) Appendix B PV = $1,000 x .087 = $87Present Value of Interest Payment $1,825.60 Present Value of Principal Payment 87.00 Total Present Value or Price of the Bond $1,912.6010-3. Continuedb. 15 percent yield to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 50, i = 15%) Appendix D PV A = $1,000 x 6.661 = $666.10PV = FV x PV IF (n = 50, i = 15%) Appendix B PV = $1,000 x .001 = $1Present Value of Interest Payment $666.10 Present Value of Principal Payment 1.00 Total Present Value or Price of the Bond $667.10 10-4. Harrison Ford Auto Company has a $1,000 par value bond outstanding that pays 11 percent interest. The current yield to maturity on each bond in the market is 8 percent.Compute the price of these bonds for these maturity dates:a. 30 years.b. 15 years.c. 1 year.Solution:Harrison Ford Auto Companya. 30 years to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 30, i = 8%) Appendix DPV A = $110 x 11.258 = $1,238.38Present Value of Principal PaymentPV = FV x PV IF (n = 30, i = 8%) Appendix B PV = $1,000 x .099 = $9910-4. ContinuedTotal Present ValuePresent Value of Interest Payment $1,238.38 Present Value of Principal Payment 99.00 Total Present Value or Price of the Bond $1,337.38 b. 15 years to maturityPV A = A x PV IFA (n = 15, i = 8%) Appendix D PV A = $110 x 8.559 = $941.49PV = FV x PV IF (n = 15, i = 8%) Appendix B PV = $1,000 x .315 = $315$ 941.49315.00$1,256.49 c. 1 year to maturityPV A = A x PV IFA (n = 1, i = 8%) Appendix D PV A = $110 x .926 = $101.86PV = FV x PV IF (n = 1, i = 8%) Appendix B PV = $1,000 x .926 = $926.00$ 101.86926.00$1,027.86 10-5. Kilgore Natural Gas has a $1,000 par value bond outstanding that pays 9 percent annual interest. The current yield to maturity on such bonds in the market is 12 percent. Computethe price of the bonds for these maturity dates:a. 30 years.b. 15 years.c. 1 year.Solution:Kilgore Natural Gasa. 30 years to maturityPresent Value of Interest PaymentsPV A = A x PV IFA (n = 30, i = 12%) Appendix D PV A = $90 x 8.055 = $724.95PV = FV x PV IF (n = 30, i = 12%) Appendix B PV = $1,000 x .033 = $33Total Present ValuePresent Value of Interest Payments $724.95 Present Value of Principal Payment 33.00 Total Present Value or Price of the Bond $757.95b. 15 years to maturityPV A = A x PV IFA (n = 15, i = 12%) Appendix D PV A = $90 x 6.811 = $612.99PV = FV x PV IF (n = 15, i = 12%) Appendix B PV = $1,000 x .183 = $183 $612.99 183.00 $795.9910-5. Continuedc. 1 year to maturity PV A = A x PV IFA Appendix D PV A = $90 x .893 = $80.37PV = FV x PV IF Appendix B PV = $1,000 x .893 = $893.00 $ 80.37 893.00 $973.37 10-6. For Problem 5 graph the relationship in a manner similar to the bottom half. of Figure 10-2.Also explain why the pattern of price change occurs.Solution:Kilgore Natural Gas (Continued)30 25 15 5 0$1,000 Years10-7.Go to Table 10-1 which is based on bonds paying 10 percent interest for 20 years. Assume interest rates in the market (yield to maturity) decline from 11 percent to 8 percent:a. What is the bond price at 11 percent?b. What is the bond price at 8 percent?c. What would be your percentage return on investment if you bought when rates were 11percent and sold when rates were 8 percent?Solution:a. $920.30b. $1,196.80c. Sales price (8%) $1,196.80 Purchase price (11%) 920.30 Profit $ 276.50%04.3030.920$50.276$Price Purchase Profit ==10-8.Using Table 10-2:a. Assume the interest rate in the market (yield to maturity) goes down to 8 percent forthe 10 percent bonds. Using column 2, indicate what the bond price will be with a 5-year, a 15-year, and a 30-year time period.b. Assume the interest rate in the market (yield to maturity) goes up to 12 percent for the10 percent bonds. Using column 3, indicate what the bond price will be with a 5-year, a 10-year, and a 30-year period.c. Based on the information in part a , if you think interest rates in the market are goingdown, which bond would you choose to own?d. Based on information in part b , if you think interest rates in the market are going up,which bond would you choose to own?Solution: a.MaturityBond price 5 year $1,080.30 15 year 1,170.9030 year1,224.80b. . MaturityBond price 5 year 927.50 15 year 864.11 30 year 838.50c. Based on information in Part a, you would want to own the longest-term bond possible to maximizeyour gain.d. Based on information in Part b, you would want to own the shortest-term bond possible to minimizeyour loss.10-9. Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems.His broker quotes a price of $1,180. Jim is concerned that the bond might be overpricedbased on the facts involved. The $1,000 par value bond pays 14 percent interest, and it has25 years remaining until maturity. The current yield to maturity on similar bonds is 12percent. Compute the new price of the bond and comment on whether you think it isoverpriced in the marketplace.Solution:Jim Busby – Disk Storage SystemsPresent Value of Interest PaymentsPV A = A x PV IFA (n = 25, i = 12%) Appendix D PV A = $140 x 7.843 = $1,098.02Present Value of Principal Payment at MaturityPV = FV x PV IF (n = 25, i = 12%) Appendix B PV = $1,000 x .059 = $59$1,098.0259.00$1,157.02 The bond has a value of $1,157.02. This indicates his broker is quoting too high a price at $1,180.10-10. Tom Cruise Lines, Inc., issued bonds five years ago at $1,000 per bond. These bonds had a 25-year life when issued and the annual interest payment was then 12 percent. This returnwas in line with the required returns by bondholders at that point as described below:Real rate of return .................................................... 3%Inflation premium (5)Risk premium (4)Total return ............................................................ 12%Assume that five years later the inflation premium is only 3 percent and is appropriatelyreflected in the required return (or yield to maturity) of the bonds. The bonds have 20 yearsremaining until maturity.Compute the new price of the bond.Solution:Tom Cruise Lines, Inc.First compute the new required rate of return (yield to maturity).Real rate of return 3%Inflation premium 3Risk premium 4Total return 10%Then use this value to find the price of the bond.Present Value of Interest PaymentsPV A = A x PV IFA (n = 20, i = 10%) Appendix D PV A = $120 x 8.514 = $1,021.68Present Value of Principal Payment at MaturityPV = FV x PV IF (n = 20, i = 10%) Appendix B PV = $1,000 x .149 = $149$1,021.68149.00$1,170.68 10-11. Further analysis of problem 10:a. Find the present value of 2 percent x $1,000 (or $20) for 20 years at 10 percent. The$20 is assumed to be an annual payment.b. Add this value to $1,000.c. Explain why the answers to problem 11b and problem 10 are basically the same.(There is a slight difference due to rounding in the tables.)Solution:Further Analysis of Problem 10a. PV A = A x PV IFA (n = 20, i = 10%) Appendix DPV A = $20 x 8.514 = $170.28b. $1,000.00170.28$1,170.28c. The answer to problem 11b of $1,170.28 and problem 10 of $1,170.68 are basically the same because inboth cases we are valuing the present value of a $20 differential between actual return and required return for 20 years.In problem 11b we take the present value of the $20 differential to arrive at $170.28. We then add this value to the $1,000.00 par value to determine a value of $1,170.28.In problem 10, we accomplish the same goal by valuing all future benefits at a two percent differential between actual return and required return to arrive at $1,170.68.10-12. Wilson Oil Company issued bonds five years ago at $1,000 per bond. These bonds had a 25 year life when issued and the annual interest payment was then 8 percent. This return was inline with the required returns by bondholders at that point in time as described below:Real rate of return .................................................... 2%Inflation premium (3)Risk premium (3)Total return ............................................................ 8%Assume that 10 years later, due to bad publicity, the risk premium is now 6 percent and isappropriately reflected in the required return (or yield to maturity) of the bonds. The bondshave 15 years remaining until maturity. Compute the new price of the bond.Solution:Wilson Oil CompanyFirst compute the new required rate of return (yield to maturity).Real rate of return 2% Inflation premium 3% Risk premium 6% 11% total required returnThen use this value to find the price of the bond.Present Value of Interest Payments PV A = A x PV IFA (n = 15, i = 11%) Appendix D PV A = $80 x 7.191 = $575.28Present Value of Principal Payment at Maturity PV = FV x PV IF (n = 15, i = 11%) Appendix B PV = $1,000 x .209 = $209.00 $575.28 209.00 Bond Price = $784.2810-13. Bonds issued by the Crane Optical Company have a par value of $1,000, which is also theamount of principal to be paid at maturity. The bonds are currently selling for $850. They have 10 years remaining to maturity. The annual interest payment is 9 percent ($90). Compute the approximate yield to maturity, using Formula 10-2.Solution:Crane Optical CompanyApproximate Yield to Maturity is represented by Y'payment)(Principal .4 bond) the of (Price .6maturity to years of Number bondthe of Price payment Principal payment interest Annual Y'+-+=()()%54.11910$105$910$1590$400510$10150$90$000,1$ 4.850$ 6.10850000,1$90$==+=++=+-+=10-14.Bonds issued by the West Motel Chain have a par value of $1,000, are selling for $1,100, and have 20 years remaining to maturity. The annual interest payment is 13.5 percent ($135). Compute the approximate yield to maturity, using Formula 10-2 on page 277.Solution:West Motel ChainApproximate Yield to Maturity is represented by Y'payment)(Principal .4 bond) the of (Price .6maturityto years of Number bondthe of Price payment Principal payment interest Annual Y'+-+=()()%26.12060,1$130$060,1$5135$400660$20100$135$000,1$ 4.100,1$ 6.20100,1000,1$135$==-=+-+=+-+=10-15.Optional —for Problem 14, use the techniques in Appendix 10A to combine a trial and error approach with interpolation to find a more exact answer. You may choose to use a handheld calculator instead.Solution:West Motel Chain (Continued)In using the trial and error approach in this instance, we can reasonably infer the answer is between 12 and 13 percent based on the information in problem 14. Even if we did not have this information, we could infer the yield is somewhat below 13.5 percent because the bonds are trading above the par value of $1,000. Let'sbegin the trial and error process at 12 percent.Present Value of Interest PaymentsPV A = A x PV IFA (n = 20, i = 12%) Appendix D PV A = $135 x 7.469 = $1,008.32Present Value of Principal Payment at MaturityPV = FV x PV IFPV = $1,000 x .104 = $104$1,008.32104.00$1,112.32 The discount rate of 12 percent gives us too high a present value in comparison to the bond price of $1,100. So we next use a higher rate of 13 percent.Present Value of Interest PaymentsPV A = A x PV IFA (n = 20, i = 13%) Appendix D PV A = $135 x 7.025 = $948.3810-15. ContinuedPresent Value of Principal Payment at MaturityPV = FV x PV IF (n = 20, i = 13%) Appendix B PV = $1,000 x .087 = $87$ 948.3887.00$1,035.38 The discount rate of 13 percent provides too low a value. The actual value falls between 12 and 13 percent. Using interpolation:$1,112.32 PV at 12% $1,112.32 PV at 12%–1,035.38 PV at 13% –1,100.00 bond price$ 76.94 $ 12.3212% + $12.32/$76.94 (1%) = 12% + .16 (1%) = 12.16%The answer is 12.16%.(For the next two problems, assume interest payments are on a semiannual basis.)10-16. Robert Brown III is considering a bond investment in Southwest Technology Company. The $1,000 bonds have a quoted annual interest rate of 8 percent and interest is paid semiannually.The yield to maturity on the bonds is 10 percent annual interest. There are 25 years tomaturity. Compute the price of the bonds based on semiannual analysis.Solution:Robert Brown III—Southwest Technology8% interest/2 = 4% semiannual interest rate4% x $1,000 = $40 semiannual interest25 x 2 = 50 number of periods (n)10%/2 = 5% yield to maturity expressed on a semiannual basis (i)Present Value of Interest PaymentsPV A = A x PV IFA (n = 50, i = 5%) Appendix D PV A = $40 x 18.256 = $730.24Present Value of Principal Payment at MaturityPV = FV x PV IF (n = 50, i = 5%) Appendix B PV = $1,000 x .087 = $87$730.2487.00$817.24 10-17. You are called in as a financial analyst to appraise the bonds of the Holtz Corporation. The $1,000 par value bonds have a quoted annual interest rate of 14 percent, which is paidsemiannually. The yield to maturity on the bonds is 12 percent annual interest. There are 15years to maturity.a. Compute the price of the bonds based on semiannual analysis.b. With 12 years to maturity, if yield to maturity goes down substantially to 8 percent,what will be the new price of the bonds?Solution:Holtz Corporationa. Present Value of Interest PaymentsPV A = A x PV IFA (n = 30, i = 6%) Appendix D PV A = $70 x 13.765 = $963.55Present Value of Principal Payment at MaturityPV = FV x PV IF (n = 30, i = 6%) Appendix B PV = $1,000 x .174 = $174$ 963.55174.00$1,137.55 b. PV A = A x PV IFA (n = 20, i = 4%) Appendix DPV A = $70 x 13.590 = $951.30PV = FV x PV IF (n = 20, i = 4%) Appendix B PV = $1,000 x .456 = $456$ 951.30456.00$1,407.30 10-18. The preferred stock of Ultra Corporation pays an annual dividend of $6.30. It has a requiredrate of return of 9 percent. Compute the price of the preferred stock.Solution:Ultra Corp.70$09.30.6$K D P p p p ===10-19.North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $6 per share. With the passage of time, yields have soared from the original 6 percent to 14 percent (yield is the same as required rate of return).a. What was the original issue price?b. What is the current value of this preferred stock?c. If the yield on the Standard & Poor's Preferred Stock Index declines, how will the priceof the preferred stock be affected?Solution: North Pole Cruise Linesa. Original price100$06.00.6$K D P p p p ===b. Current value86.42$14.00.6$=c. The price of preferred stock will increase as yields decline. Since preferred stock is a fixed incomesecurity, its price is inversely related to yields as would be true with bond prices. The present value of an income stream has a higher present value as the discount rate declines, and a lower present value as the discount rate increases. 10-20. Venus Sportswear Corporation has preferred stock outstanding that pays an annual dividendof $12. It has a price of $110. What is the required rate of return (yield) on the preferred stock?Solution:Venus Sportswear Corporation%91.10110$12$P D K p p p ===10-21.Analogue Technology has preferred stock outstanding that pays a $9 annual dividend. It has a price of $76. What is the required rate of return (yield) on the preferred stock?Solution:Analogue Technology%84.1176$9$P D K p p p ===(All of the following problems pertain to the common stock section of the chapter.)10-22.Static Electric Co. currently pays a $2.10 annual cash dividend (D 0). It plans to maintain the dividend at this level for the foreseeable future as no future growth is anticipated. If the required rate of return by common stockholders (K e ) is 12 percent, what is the price of the common stock?Solution:Static Electric Co.50.17$12.10.2$K D P e 00===10-23.BioScience, Inc., will pay a common stock dividend of $3.20 at the end of the year (D 1).The required return on common stock (K e ) is 14 percent. The firm has a constant growth rate (g) of 9 percent. Compute the current price of the stock (P 0).Solution:BioScience Inc.00.64$05.20.3$09.14.20.3$K D P g -e 10==-==10-24.Friedman Steel Company will pay a dividend of $1.50 per share in the next 12 months (D 1). The required rate of return (K e ) is 10 percent and the constant growth rate is 5 percent.a. Compute P 0.(For parts b, c, and d in this problem all variables remain the same except the one specifically changed. Each question is independent of the others.)b. Assume K e , the required rate of return, goes up to 12 percent, what will be the newvalue of P 0?c. Assume the growth rate (g) goes up to 7 percent, what will be the new value of P 0?d. Assume D 1 is $2, what will be the new value of P 0?10-24. ContinuedSolution:Friedman Steel CompanygK D P e 10-=00.40$05.00.2$05.10.00.2$ d.00.50$03.50.1$07.10.50.1$ c.43.21$07.50.1$05.12.50.1$ b.00.30$05.50.1$05.10.50.1$ a.==-==-==-==-10-25. Maxwell Communications paid a dividend of $3 last year. Over the next 12 months, thedividend is expected to grow at 8 percent, which is the constant growth rate for the firm (g). The new dividend after 12 months will represent D 1. The required rate of return (K e ) is 14 percent. Compute the price of the stock (P 0).Solution:Maxwell Communications()()54$06.024.3$08.14.24.3$P 24.3$08.1 00.3$g 1 D D gK D P 001e 1==-===+=-=10-26.Haltom Enterprises has had the following pattern of earnings per share over the last five years: Year Earnings per Share 2000 ............................................. $3.00 2001 ............................................. 3.18 2002 ............................................. 3.37 2003 ............................................. 3.57 2004 ............................................. 3.78The earnings per share have grown at a constant rate (on a rounded basis) and will continue to do so in the future. Dividends represent 30 percent of earnings.a. Project earnings and dividends for the next year (2005). Round all values in thisproblem to two places to the right of the decimal point.b. If the required rate of return (K e ) is 10 percent, what is the anticipated stock price at thebeginning of 2005?10-26. ContinuedSolution:Haltom Enterprisesa. Earnings have been growing at a rate of 6 percent per year.2000 Base Period 2001 $3.18/3.00 6% growth 2002 $3.37/3.18 6% growth 2003 $3.57/3.37 6% growth 2004 $3.78/3.57 6% growthThe projected EPS for 2005 is $3.78 (1.06) = $4.01Dividend for 2005 represent 30% of earnings or $1.20.This is the value for D 1.b. K e (required rate of return) is 10% and the growth rate is 6%.()30$04.20.1$06.10.20.1$g K D 2005 P e 10==-=-=10-27. A firm pays a $4.90 dividend at the end of year one (D 1), has a stock price of $70, and a constant growth rate (g) of 6 percent. Compute the required rate of return.Solution:%13%6%7%600.70$90.4$K g P D K e 01e =+=+=+=10-28.A firm pays a $1.90 dividend at the end of year one (D 1), has a stock price of $40 (P 0), and a constant growth rate (g) of 8 percent.a. Compute the required rate of return (K e ). Also indicate whether each of the followingchanges would make the required rate of return (K e ) go up or down. (For parts b , c , and d below, assume only one variable changes at a time. No actual numbers are necessary.)b. The dividend payment increases.c. The expected growth rate increases.d. The stock price increases.Solution:%75.12%8%75.4%800.40$90.1$K g P D K a.e 01e =+=+=+=b. If the dividend payment increases, the dividend yield (D 1/P 0) will go up, and the required rate of return(K e ) will also go up.10-28. Continuedc. If the expected growth rate (g) increases, the required rate of return (K e ) will go up.d. If the stock price increases, the dividend yield (D 1/P 0) will go down, and the required rate of return (K e )will also go down. 10-29. Cellular Systems paid a $3 dividend last year. The dividend is expected to grow at aconstant rate of 5 percent over the next three years. The required rate of return is 12 percent (this will also serve as the discount rate in this problem). Round all values to three places to the right of the decimal point where appropriate.a. Compute the anticipated value of the dividends for the next three years. That is,compute D 1, D 2, and D 3; for example, D 1 is $3.15 ($3.00 x 1.05). Round all values throughout this problem to three places to the right of the decimal point.b. Discount each of these dividends back to the present at a discount rate of 12 percentand then sum them.c. Compute the price of the stock at the end of the third year (P 3).g-=e 43K D P(D 4 is equal to D 3 times 1.05)d. After your have computed P 3, discount it back to the present at a discount rate of 12percent for three years.e. Add together the answers in part b and part d to get P 0, the current value of the stock.This answer represents the present value of the first three periods of dividends, plus the present value of the price of the stock after three periods (which, in turn, represents the value of all future dividends).f. Use Formula 10-9 to show that it will provide approximately the same answer as part e .gK D P e 10-=For Formula 10-9 use D 1 = $3.15, K e = 12 percent, and g = 5 percent. (The slight difference。
荆新《财务管理学》考点归纳与课后习题详解-第10章 短期筹资管理【圣才出品】
第10章 短期筹资管理10.1 考点难点归纳一、短期筹资政策1．短期筹资的特征与分类短期筹资是指筹集在一年内或者超过一年的一个营业周期内到期的资金，通常是指短期负债筹资。
（1）特征：筹资速度快；筹资弹性好；筹资成本低；筹资风险大。
（2）分类：以应付金额是否确定为标准，分成应付金额确定的短期负债和应付金额不确定的短期负债；以短期负债的形成情况为标准，分成自然性短期负债和临时性短期负债。
2．短期筹资政策的类型（1）配合型筹资政策①特点：临时性短期资产所需资金用临时性短期负债筹集，永久性短期资产和固定资产所需资金用自发性短期负债和长期负债、权益资本筹集。
②基本思想：公司将资产和资金来源在期限和数额上相匹配，以降低公司不能偿还到期债务的风险，同时，采用较多的短期负债融资也可以使资本成本保持较低水平。
③计算公式：临时性短期资产＝临时性短期负债永久性短期资产＋固定资产＝自发性短期负债＋长期负债＋权益资本④评价：是一种理想的融资模式，在实际生活中较难实现。
（2）激进型筹资政策①特点：临时性短期负债不但要满足临时性短期资产的需要，还要满足一部分永久性短期资产的需要，有时甚至全部短期资产都要由临时性短期负债支持。
②计算公式：临时性短期资产＋部分永久性短期资产＝临时性短期负债永久性短期资产－靠临时性短期负债筹得的部分＋固定资产＝自发性短期负债＋长期负债＋权益资本③评价：是一种收益高、风险大的营运资金筹集政策。
（3）稳健型筹资政策①特点：临时性短期负债只满足部分临时性短期资产的需要，其他短期资产和长期资产，用自发性短期负债、长期负债和权益资本筹集满足。
②计算公式：部分临时性短期资产＝临时性短期负债永久性短期资产＋靠临时性短期负债未筹足的临时性短期资产＋固定资产＝自发性短期负债＋长期负债＋权益资本③评价：是一种风险低、收益也低的筹资政策。
（4）一般而言，如果公司对营运资金的使用能够达到游刃有余的程度，则最有利的筹资政策是采用收益和风险相匹配的配合型筹资政策。
财务管理学课后习题参考答案
1.答题要点：（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收益之间的关系；（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.答题要点：（1）激励，把管理层的报酬同其绩效挂钩，促使管理层更加自觉地采取满足股东财富最大化的措施；（2）股东直接干预，持股数量较多的机构投资者成为中小股东的代言人，通过与管理层进行协商，对企业的经营提出建议；（3）被解聘的威胁，如果管理层工作严重失误，可能会遭到股东的解聘；（4）被收购的威胁，如果企业被敌意收购，管理层通常会失去原有的工作岗位，因此管理层具有较强动力使企业股票价格最大化。
3.答题要点：（1）利益相关者的利益与股东利益在本质上是一致的，当企业满足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）股东的财务要求权是“剩余要求权”，是在其他利益相关者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。
（4）对股东财富最大化需要进行一定的约束。
4.答题要点：（1）财务经理负责投资、筹资、分配和营运资金的管理；（2）财务经理的价值创造方式主要有：一是通过投资活动创造超过成本的现金收入，二是通过发行债券、股票及其他方式筹集能够带来现金增量的资金。
5.答题要点：（1）为企业筹资和投资提供场所；（2）企业可通过金融市场实现长短期资金的互相转化；（3）金融市场为企业的理财提供相关信息。
6.答题要点：（1）利率由三部分构成：纯利率、通货膨胀补偿、风险收益；（2）纯利率是指没有风险和没有通货膨胀情况下的均衡点利率，通常以无通货膨胀情况下的无风险证券利率来代表纯利率；（3）通货膨胀情况下，资金的供应者必然要求提高利率水平来补偿购买力的损失，所以短期无风险证券利率＝纯利率＋通货膨胀补偿；（4）风险报酬要考虑违约风险、流动性风险、期限风险，他们都会导致利率的增加。
财务管理课后答案 第十章
第十章财务控制与评价思考练习一、单项选择题1．A 2．D 3．D 4．B 5．A 6．A7．B 8．C 9．C 10.D 11．D 12．B二、多项选择题1.AC2.ACD 3．ABD 4．BCD 5．BCD 6．ACD7．ABC 8.AD 9．BD 10．CD 11．AC 12．ABC三、判断题1-5．√×√√√ 6-10．×××√× 11-15 ××√××四、计算题1．（1）填列表格如下：单位：万元项目总资产息税前利润息税前利润率剩余收益甲投资中心500 40乙投资中心 1000 86追加投资前 1000 150 8% -10追加投资后86/1000×100%=8.6%86-1000×10%=-14追加投资前 1500 205 15% +50追加投资后205/1500×100%=13.67% 205-1500×10%=55（2）决策如下：由于甲投资中心追加投资后将降低剩余收益，故不应追加投资；乙投资中心追加投资后可提高剩余收益，故可追加投资。
2．（1）①该投资中心的投资报酬率=（150000－100000－8000－25000）/100000=17%②公司规定该中心的最低报酬率=8%＋1.5×（10%－8%）=11%③剩余收益=17000－100000×11%=6000（元）（2）追加投资后的指标计算如下：①投资报酬率=[150000－100000－8000－25000]＋9000]/（100000＋60000）=26000/160000=16.25%②剩余收益=26000－160000×11%=8400（元）由于追加投资后的投资报酬率低于变动前的，故根据投资报酬率决策，该项目不可行；追加投资后的剩余收益高于变动前的，故根据剩余收益决策，该项目是可行的。
《财务管理学》第十章习题+答案
第10章短期筹资管理二、判断题 1. 信用额度是指商业银行和企业之间商定的在未来一段时间内银行必须向企业 提供的无担保贷款 （）2. 循环协议借款是一种特殊的信用额度借款、企业和银行要协商确定贷款的最 高限额，在最高限额内，企业可以借款、还款，再借款、再还款，不停地周转使 用。
（） 3. 信用额度借款和循环协议借款的有效期一般为1年。
（）4. 循环协议贷款不具有法律约束力，不构成银行必须给企业提供贷款的法律责 任，而信用额度贷款具有法律约束力，银行要承担额度内的贷款义务。
（）5. 企业采用循环协议借款，除支付利息外，还要支付协议费，而在信用额度借 款的情况下，一般无须支付协议费。
（） 6. 质押借款是指按《中华人民共和国担保法》规定的质押方式，以借款人或第 三人的不动产或权利作为质押物而取得。
（） 7. 票据贴现是银行信用发展的产物,实为一种商业信用。
（） 8. 贴现率是指贴现息与贴现金额的比率。
（） 9. 商业信用是指商品交易中的延期付款或延期交货所形成的借贷关系，是企业之间的一种直接信用关系。
（） 10. 赊购商品和预付货款是商业信用融资的两种典型形式。
（） 11. 商业信用筹资的优点是使用方便、成本低、限制少、缺点是时间短。
（）12. 应付费用所筹集的资金不用支付任何代价，是一项免费的短期资金来源，因 此可以无限制地加以利用。
（）13. 银行短期借款的优点是具有较好的弹性，缺点是资金成本较高，限制较多。
（）14. 山于丧失现金折扣的机会成本很高，所以购买单位应该尽量争取获得此项折 扣。
（） 15. 利用商业信用融资的限制较多，而利用银行信用融资的限制较少。
（） 16. 直接销售的融资券是指发行人直接销售给最终投资者的融资券。
（） 17. 金融企业的融资券一般都采用间接发行形式。
（） 18. U 前我国短期融资券的利率一般要比银行借款利率高，这是因为短期融资券的成本比较高。
（） 19. 我国企业短期融资券的发行必须山符合条件的金融机构承销，企业自身不具 1、 短期筹资2、信用借款 5、 商业信用6、信用额度 9、质押借款 10、短期融资券4、票据贴现 8、应用账款余额口分比 名词解释3、循环协议借款 7、担保借款有销售融资券的资格。
《财务管理学》(第四版)练习参考答案(全部)
中国人民大学会计系列教材·第四版《财务管理学》章后练习参考答案第一章总论二、案例题答：（1）（一）以总产值最大化为目标缺点：1. 只讲产值，不讲效益；2. 只求数量，不求质量；3. 只抓生产，不抓销售；4. 只重投入，不重挖潜。
（二）以利润最大化为目标优点：企业追求利润最大化，就必须讲求经济核算，加强管理，改进技术，提高劳动生产率，降低产品成本。
这些措施都有利于资源的合理配置，有利于经济效益的提高。
缺点：1. 它没有考虑利润实现的时间，没有考虑资金时间价值；2. 它没能有效地考虑风险问题，这可能会使财务人员不顾风险的大小去追求最多的利润；3. 它往往会使企业财务决策带有短期行为的倾向，即只顾实现目前的最大利润，而不顾企业的长远发展。
（三）以股东财富最大化为目标优点：1. 它考虑了风险因素，因为风险的高低，会对股票价格产生重要影响；2. 它在一定程度上能够克服企业在追求利润上的短期行为，因为不仅目前的利润会影响股票价格，预期未来的利润也会对企业股票价格产生重要影响；3. 它比较容易量化，便于考核和奖惩。
缺点：1. 它只适用于上市公司，对非上市公司则很难适用；2. 它只强调股东的利益，而对企业其他关系人的利益重视不够；3. 股票价格受多种因素影响，并非都是公司所能控制的，把不可控因素引入理财目标是不合理的。
（四）以企业价值最大化为目标优点：1. 它考虑了取得报酬的时间，并用时间价值的原理进行了计量；2. 它科学地考虑了风险与报酬的关系；3. 它能克服企业在追求利润上的短期行为，因为不仅目前的利润会影响企业的价值，预期未来的利润对企业价值的影响所起的作用更大。
缺点：很难计量。
进行企业财务管理，就是要正确权衡报酬增加与风险增加的得与失，努力实现二者之间的最佳平衡，使企业价值达到最大化。
因此，企业价值最大化的观点，体现了对经济效益的深层次认识，它是现代企业财务管理目标的最优目标。
（2）青鸟天桥的财务管理目标是追求控股股东利益最大化。
会计职称-中级财务管理-第十章 财务分析与评价(12页)
第十章财务分析与评价【考情分析】1.本章近三年题型、分值分布2.本章主要考点总结考点一：财务分析与评价概述★【例题·单项选择题】（《经典题解》第302页单选题第1题）将某项财务活动中的所费与所得加以对比，用于反映投入与产出关系的比率是（）。
A.构成比率B.效率比率C.定基比率D.相关比率『正确答案』B『答案解析』效率比率是某项财务活动中所费与所得的比率，反映投入与产出的关系。
【例题·单项选择题】（《经典题解》第315页单选题第1题）应用比率分析法时，应当注意的问题不包括（）。
A.对比项目的相关性B.衡量标准的科学性C.对比期间的连续性D.对比口径的一致性『正确答案』C『答案解析』采用比率分析法时，应当注意的问题包括：对比项目的相关性、对比口径的一致性、衡量标准的科学性，不包括对比期间的连续性。
【例题·判断题】（《经典题解》第317页判断题第1题）采用因素分析法时，各因素的排列顺序不同，所得到的分析结果也不同。
（）『正确答案』√『答案解析』采用因素分析法必须注意因素替代的顺序性。
确定替代因素时，必须根据各因素的依存关系，遵循一定的顺序并依次替代，不可随意加以颠倒，否则就会得出不同的计算结果。
考点二：基本的财务报表分析★★★【例题·多项选择题】（《经典题解》第316页多选题第2题）下列关于营运资金的说法中，正确的有（）。
A.营运资金增加则流动比率提高B.营运资金越多的企业，短期偿债能力越强C.营运资金大于零，不能偿债的风险较小D.营运资金小于零，表明企业以流动负债支持部分非流动资产『正确答案』CD『答案解析』营运资金为正，即流动资产大于流动负债，说明企业财务状况稳定，不能偿债的风险较小，选项C的表述正确；营运资金为负，即流动资产小于流动负债，表明企业部分非流动资产以流动负债为资金来源，选项D的表述正确；营运资金＝流动资产－流动负债，流动比率＝流动资产÷流动负债，营运资金越多，只能说明流动资产和流动负债的差额越大，不能说明二者的比值越大，选项A的表述不正确；营运资金作为绝对数指标，不便于不同规模企业之间的比较，选项B的表述不正确。
财务管理 2009年 第10章-长期筹资决策 财管 客观题作业
习题十一、单项选择题1、公司经营杠杆系数用以衡量公司的（）。
A、经营风险B、财务风险C、汇率风险D、应收账款风险2、由于商品经营上的原因给公司的利润或利润率带来的不确定性而形成的风险称为（）。
A、经营风险B、财务风险C、汇率风险D、应收账款风险3、经营风险与经营杠杆中涉及的利润指的是（）。
A、营业利润B、息税前利润C、利润总额D、净利润4、如果单价为10元，单位变动成本为5元，固定成本总额为40000元，经营杠杆系数为2，则此时的销售量是（）件。
A、50B、100C、8000D、800005、如果公司存在固定成本，在单价、单位变动成本、固定成本不变，只有销售量变动的情况下，则（）。
A、息税前利润变动率一定大于销售量变动率B、息税前利润变动率一定小于销售量变动率C、边际贡献变动率一定大于销售量变动率D、边际贡献变动率一定小于销售量变动率6、如果公司存在财务风险，它将影响（）。
A、营业利润B、息税前利润C、利润总额D、净利润7、形成财务风险的原因是因为公司（）。
A、举债经营B、存在变动资本C、存在固定成本D、拥有普通股8、每股收益变动率相当于产销量变动率的倍数是指（）。
A、经营杠杆系数B、财务杠杆系数C、总杠杆系数D、生产杠杆系数9、如果经营杠杆系数为2，总杠杆系数为1．5，息税前利润变动率为20%，则普通股每股收益变动率为（）。
A、40%B、30%C、15%D、26．67%10、以下哪个公式不能用于计算总杠杆系数（）。
A、普通股每股收益变动率/ 销售量变动率B、边际贡献/[息税前利润-利息-（优先股股利/（1-所得税税率））C、经营杠杆系数×财务杠杆系数D、经营杠杆系数/ 财务杠杆系数11、用来衡量销售量变动对每股收益变动的影响程度的指标是指（）。
A、经营杠杆系数B、财务杠杆系数C、总杠杆系数D、筹资杠杆系数12、经营杠杆产生的原因是由于企业存在（）。
A、固定经营成本B、销售成本C、财务费用D、管理费用13、如果将整个资产负债表的右方考虑进去所形成的全部资产的融资结构称为（）。
财务管理学第五版课后答案(4-10章)
第四章一、思考题1．如何认识企业财务战略对企业财务管理的意义？答：企业财务战略是主要涉及财务性质的战略，因此它属于企业财务管理的范畴。
它主要考虑财务领域全局性、长期性和导向性的重大谋划的问题，并以此与传统意义上的财务管理相区别。
企业财务战略通过通盘考虑企业的外部环境和内部条件，对企业财务资源进行长期的优化配置安排，为企业的财务管理工作把握全局、谋划一个长期的方向，来促进整个企业战略的实现和财务管理目标的实现，这对企业的财务管理具有重要的意义。
2．试分析说明企业财务战略的特征和类型。
答：财务战略具有战略的共性和财务特性，其特征有：（1）财务战略属于全局性、长期性和导向性的重大谋划；（2）财务战略涉及企业的外部环境和内部条件环境；（3）财务战略是对企业财务资源的长期优化配置安排；（4）财务战略与企业拥有的财务资源及其配置能力相关；（5）财务战略受到企业文化和价值观的重要影响。
企业财务战略的类型可以从职能财务战略和综合财务战略两个角度来认识。
按财务管理的职能领域分类，财务战略可以分为投资战略、筹资战略、分配战略。
（1）投资战略。
投资战略是涉及企业长期、重大投资方向的战略性筹划。
企业重大的投资行业、投资企业、投资项目等筹划，属于投资战略问题。
（2）筹资战略。
筹资战略是涉及企业重大筹资方向的战略性筹划。
企业重大的首次发行股票、增资发行股票、发行大笔债券、与银行建立长期性合作关系等战略性筹划，属于筹资战略问题。
（3）营运战略。
营运战略是涉及企业营业资本的战略性筹划。
企业重大的营运资本策略、与重要供应厂商和客户建立长期商业信用关系等战略性筹划，属于营运战略问题。
（4）股利战略。
股利战略是涉及企业长期、重大分配方向的战略性筹划。
企业重大的留存收益方案、股利政策的长期安排等战略性筹划，属于股利战略的问题。
根据企业的实际经验，财务战略的综合类型一般可以分为扩张型财务战略、稳增型财务战略、防御型财务战略和收缩型财务战略。
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第10章短期筹资管理
【例1·判断题】根据期限匹配融资战略，固定资产比重较大的上市公司主要应通过长期负债和发行股票筹集资金。
（√）
『答案解析』在期限匹配融资战略中，永久性流动资产和固定资产以长期融资方式（负债或权益）来融通，波动性流动资产用短期来源融通。
【例2·单选题】以下流动资产融资战略中，短期资金占全部资金来源比重最大的是（C）。
A.期限匹配融资战略
B.保守融资战略
C.激进融资战略
D.紧缩融资战略
【例3·多选题】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），长期融资400万元，短期融资50万元，则以下说法正确的有（BD）。
A.该企业采取的是激进融资战略
B.该企业采取的是保守融资战略
C.该企业收益和风险均较高
D.该企业收益和风险均较低
『答案解析』该企业波动性流动资产＝100－30＝70万元，大于短期融资50万元，所以该企业采取的是保守融资战略，这种类型的融资战略收益和风险均较低。
【例4·单选题】某公司按照2/20,N/60的条件从另一公司购入价值1000万的货物，由于资金调度的限制，该公司放弃了获取2%现金折扣的机会，公司为此承担的信用成本率是（D）。
A.2.00%
B.12.00%
C.12.24%
D.18.37%
『答案解析』本题考核放弃现金折扣的信用成本率的计算公式。
放弃现金折扣的信用成本率＝2%/（1－2%）×360/（60－20）＝18.37%。
【例5·单选题】下列各项中，与丧失现金折扣的机会成本呈反向变化的是（D）。
A.现金折扣率
B.折扣期
C.信用标准
D.信用期
【例6·计算分析题】公司采购一批材料，供应商报价为10000元，付款条件为：3/10，2.5/30，1.8/50，N/90.
目前企业用于支付账款的资金在第90天时才能周转回来，在90天内付款，只能通过银行借款解决。
如果银行借款利率12%，确定公司材料采购款的付款时间和价格。
【答案】
1.计算放弃折扣信用成本率
（1）第10天付款放弃折扣的成本率（此时，信用条件相等于3/10，N/90）
（2）第30天付款放弃折扣的成本率
（3）第50天付款放弃折扣成本率
由于放弃折扣的成本率均高于短期借款的利率，因此应借入银行借款偿还货款。
2.确定付款时间和价格
（1）10天付款方案：
得折扣300元，用资9700元，借款时间80天，利息＝9700×（12%/360）×80＝258.67元，净收益＝300－258.67＝41.33元。
（2）30天付款方案
得折扣250元，用资9750元，借款时间60天，利息＝9750×（12%/360）×60＝195元，净收益＝250－195
＝55元。
（3）50天付款方案
得折扣180元，用资9820元，借款时间40天，利息＝9820×（12%/360）×40＝130.93元，净收益＝180－130.93＝49.07元。
结论：第30天付款是最佳方案。
支付货款9750元。
【例7·计算题】某企业与银行商定的周转信贷额度为5000万元，承诺费率为0.5%，企业年度内使用了2800万元。
企业应向银行支付的承诺费为：
『正确答案』信贷承诺费＝（5000－2800）×0.5%＝11（万元）
【例8·单选题】某企业与银行商定的周转信贷额为200万元，承诺费率为0.5%，企业借款150万元，平均使用8个月，那么，借款企业向银行支付承诺费（C）元。
A.10000
B.6000
C.5000
D.8000
『答案解析』借款企业向银行支付的承诺费＝150×0.5%×4/12＋50×0.5%×12/12＝0.5（万元）＝5000（元）。
【例9·计算题】某企业按年利率6%向银行借款800万元，银行要求维持贷款限额10%的补偿性余额。
该项借款的实际利率则为：
『正确答案』实际利率＝6%/（1－10%）＝6.67%
【例10·单选题】（2009年）某企业需要借入资金60万元，由于贷款银行要求将贷款金额的20%作为补偿性余额，故企业需要向银行申请的贷款数额为（A）万元。
A.75
B.72
C.60
D.50
『答案解析』因为借款金额＝申请贷款的数额×（1－补偿性余额比率），所以，本题中需要向银行申请的贷款数额＝60/（1－20%）＝75（万元），选项A是正确答案。
【例11·计算题】某企业从银行取得借款200万元，期限1年，名义利率6%；按照贴现法付息，该贷款的实际利率为多少？
『正确答案』
【总结】贴现法付息情况下实际利率的计算公式：
【例12·单选题】下列关于短期融资券筹资的表述中，不正确的是（A）。
A.发行对象为公众投资者
B.发行条件比短期银行借款苛刻
C.筹资成本比公司债券低
D.一次性筹资数额比短期银行借款大
『答案解析』本题主要考核短期融资债券。
短期融资券发行和交易的对象是银行间债券市场的机构投资者，不向社会公众发行和交易。
所以选项A的说法不正确；发行短期融资券的条件比较严格，必须是具备一定信用等级的实力强的企业，才能发行短期融资券筹资，所以选项B的说法正确；相对于发行公司债券筹资而言，发行短期融资券的筹资成本较低，所以选项C的说法正确；相对于短期银行借款筹资而言，短期融资券一次性的筹资数额比较大，所以选项D的说法正确。
【例13·判断题】与长期负债融资相比，流动负债融资的期限短、成本低，其偿债风险也相对较小。
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