公司理财部分课后答案

Chapter 1 Goal OF Firm N0 2 3 4 5 10 2 Not for Profit Firm Goals Suppose you were the financial manager of a not for profit business a not for profit hospital perhaps What kinds of goals do you think would be appropriate 答 所有者权益的市场价值的最大化 3 Goal of the Firm Evaluate the following statement Managers should not focus on the current stock value because doing so will lead to an overemphasis on short term profits at the expense of long term profits 答 错误 因为现在的股票价值已经反应了短期和长期的的风险 时间以及未来现金流量 4 Ethics and Firm Goals Can the goal of maximizing the value of the stock conflict with other goals such as avoiding unethical or illegal behavior In particular do you think subjects like customer and employee safety the environment and the general good of society fit in this framework or are they essentially ignored Think of some specific scenarios to illustrate your answer 答 有两种极端 一种极端 所有的东西都被定价 因此所有目标都有一个最优水平 包括避免不道德或 非法的行为 股票价值最大化 另一种极端 我们可以认为这是非经济现象 最好的处理方式是通过政治 手段 一个经典的思考问题给出了这种争论的答案 公司估计提高某种产品安全性的成本是 30 万美元 然而 该公司认为提高产品的安全性只会节省 20 万美元 请问公司应该怎么做呢 5 International Firm Goal Would the goal of maximizing the value of the stock differ for financial management in a foreign country Why or why not 答 财务管理的目标都是相同的 但实现目标的最好方式可能是不同的 因为不同的国家有不同的社会 政治环境和经济制度 10 Goal of Financial Management Why is the goal of financial management to maximize the current value of the company s stock In other words why isn t the goal to maximize the future value 答 最大化现在公司股票的价格和最大化未来股票价格是一样的 股票的价值取决于公司未来所有的现金 流量 从另一方面来看 支付大量的现金股利给股东 股票的预期价格将会上升 Chapter 2 1 Building a Balance Sheet Sankey Inc has current assets of 4 900 net fixed assets of 25 000 current liabilities of 4 100 and long term debt of 10 300 What is the value of the shareholders equity account for this firm How much is net working capital 答 所有者权益 资产 负债 the shareholders equity account 25000 10300 14700 净运营资本 流动资产 流动负债 net working capital 4900 4100 800 2 Building an Income Statement Shelton Inc has sales of 435 000 costs of 216 000 depreciation expense of 40 000 interest expense of 21 000 and a tax rate of 35 percent What is the net income for the firm Suppose the company paid out 30 000 in cash dividends What is the addition to retained earnings 答 息税前利润 销售额 成本 折旧 税前利润 息税前利润 利息费用 税收 税前利润 x35 净利润 税前利润 税收 净利润 股利 留存收益 即 留存收益 净利润 股利 30000 72700 4 Calculating Taxes The Stefani Co had 198 000 in taxable income Using the rates from Table 2 3 in the chapter calculate the company s income taxes What is the average tax rate What is the marginal tax rate 表 2 3 P23 答 0 15 x 50000 7500 0 25 x 75000 5000 6250 0 34 x 75000 8500 0 39 x 38220 税款总额 7500 6250 8500 38220 60470 平均税率 60470 0 3054 边际税率 0 39 13 Building an Income Statement During the year the Senbet Discount Tire Company had gross sales of 925 000 The firm s cost of goods sold and selling expenses were 490 000 and 220 000 respectively Senbet also had notes payable of 740 000 These notes carried an interest rate of 4 percent Depreciation was 120 000 Senbet s tax rate was 35 percent a What was Senbet s net income b What was Senbet s operating cash flow 答 损损益表益表 销销售售额额435 000 成本成本216 000 折旧折旧40 000 息税前利息税前利润润179 000 利息利息费费用用21 000 税前利税前利润润158 000 税收 税收 35 55 300 净净利利润润102 700 损损益表益表 销销售售额额925 000 成本成本490 000 销销售售费费用用220 000 折旧折旧120 000 息税前利息税前利润润95 000 净利润为 42510 经营现金流量 息税前利润 折旧 税收 17 Marginal versus Average Tax Rates Refer to Table 2 3 Corporation Growth has 82 500 in taxable income and Corporation Income has 8 250 000 in taxable income a What is the tax bill for each firm b Suppose both firms have identified a new project that will increase taxable income by 10 000 How much in additional taxes will each firm pay Why is this amount the same 答 a 成长公司应纳税额 50000 15 25000 25 10000 34 17150 盈利公司应纳税额 50000 15 25000 25 25000 34 39 34 b 10000 34 3400 边际税率都为 34 因为所有新产生的现金流量都按边际税率征税 22 Financial Statements Draw up an income statement and balance sheet for this company for 2014 and 2015 利息利息费费用用29 600 税前利税前利润润65 400 税收 税收 35 22 890 净净利利润润42 510 资产负债和所有者权益 2014201520142015 流动资产 流动负债 现金 49316244 应付票据 953895 应收账款 65277352 应付账款 51795022 存货 1160411926 小计 61325917 小计 2306225522 固定资产长期负债 1615219260 净固定资产 4134642332 所有者权益 4212442677 资产总额 6440867854 负债和所有者 权益总额 67854 损益表 20142015 利息 630724 销售额 940210091 股利 11471261 销售成本 32353672 息税前利润 40504427 折旧 13501351 税前利润 34203703 其他费用 767641 税收 34 1162 81259 02 净利润 2257 22443 98 留存收益 1110 21182 98 Chapter 3 4 Sustainable Growth In the chapter we used Rosengarten Corporation to demonstrate how to calculate EFN The ROE for Rosengarten is about 7 3 percent and the plowback ratio is about 67 percent If you calculate the sustainable growth rate for Rosengarten you will find it is only 5 14 percent In our calculation for EFN we used a growth rate of 25 percent Is this possible Hint Yes How 可持续增长 在本章的我们使用 Rosengarten 公 司演示了如何计算 EFN 外汇融资需求 其 ROE 权益报酬率约为 7 3 再投资率约为 67 如果你计算其 可持续增长率 你会发现它只有 5 14 我们在计算 EFN 时 采用的增长率是 25 这可能吗 提示 是 怎 么做 答 可能 可持续发展公式的两个假设条件是公司都不想卖股权 财务政策是固定的 由于 ROE 销售利润 率 总资产周转率 权益权数 因此可以采取提高外部股权 提高销售利润率 经营效率 提高总资产周 转率 资产使用效率 提高权益乘数 增加负债权益比 融资政策 或者改变股利政策提高留存比率的方法 来实现高于可持续增长率的速度增长 课本 P86 89 6 Common Size Financials One tool of financial analysis is common size financial statements Why do you think common size income statements and balance sheets are used Note that the accounting statement of cash flows is not converted into a common size statement Why do you think this is 同比财务报表 财务分析的一种 工具是常用的财务报表 为什么你认为同比收入报表和资产负债表被使用 请注意 现金流量会计报表没 有转换成同比报表 你认为这是为什么 答 共同比利润表为财务经理提供公司的比率分析 例如 共同比利润表可以显示 产品销售成本对销售 额增加的弹性 共同比资产负债表能展现出公司依靠债券的融资增加 没有共同比现金流量表的理由 不 可能有分母 Common size financial statements provide the financial manager with a ratio analysis of the company The common size income statement can show for example that cost of goods sold as a percentage of sales is increasing The common size balance sheet can show a firm s increasing reliance on debt as a form of financing Common size statements of cash flows are not calculated fora simple reason There is no possible denominator 同比财务报表提供财务经理对公司的比率分析 例如 同比收入报表可以显示销售百分比的销售成本在 增加 同比资产负债表可以显示企业作为一种融资方式越来越依赖债务 现金流量的一般规模报表不是用 简单的理由来计算的 没有可能的分母 8 Comparing ROE and ROA Both ROA and ROE measure profitability Which one is more useful for comparing two companies Why ROA 和 ROE 比较 ROA 和 ROE 衡量盈利的能力 哪一个更能比较两个公 司 为什么 答 ROE ROA 是衡量每一美元所带来净利润的指标 ROE 衡量该年度股东的汇报 ROE 是真正的业绩衡量底线 由 于公司的目标是股东财富最大化 所以在对两家公司进行对比时 ROE 更有用 9 Ratio Analysis Consider the ratio EBITD Assets What does this ratio tell us Why might it be more useful than ROA in comparing two companies 考虑 EBITD Assets 的比率 这个比率告诉我们什么 为什么比较两 家公司时 它比 ROA 更有用呢 答 EBITD 资产比显示了该公司的经营业绩 息前税前折旧前 该比例显示公司的成本控制 虽然税金 是成本 折旧和摊销费用也被认为是成本 但这些不易控制 相反的 折旧和待摊费用会因为会计方法的 选择而改变 该比例只用于跟经营活动相关的成本 比 ROA 更好的度量管理绩效 4 EFN The most recent financial statements for Heine Inc are shown here Assets and costs are proportional to sales Debt and equity are not A dividend of 3 500 was paid and the company wishes to maintain a constant payout ratio Next year s sales are projected to be 45 426 What external financing is needed 课本 P92 4 类似 资产和成本与销售收入成正比 负债和所有者权益却不是 支付了 3500 美元的股利 而该公司希望保持一个稳定的股利支付率 下一年的销售额预计为 45426 美元 外部融 资需求是多少 答 45426 40200 1 13 故增长率为 0 13 股利支付率 现金股利 净利润 3500 8514 0 411 预计股利 0 411x8514x1 13 3955 Income Statement Statement Balance Sheet Sales45426AssetsDebt39000 Costs30849 Equity Taxable income14577Accumulated retained earnings 82 Taxes 34 4956 18Total Total 82 Net Income 9620 82 新增留存收益 净利润 股利 9620 82 3955 5665 82 Accumulated retained earnings 5665 82 82 EFN 82 13184 18 5 Sales and Growth The most recent financial statements for Wise Co are shown here Assets and costs are proportional to sales The company maintains a constant 30 percent dividend payout ratio and a constant debt equity ratio What is the maximum increase in sales that can be sustained assuming no new equity is issued 资产和成本与销售额成正比 该公司保持着 30 的股利支付率和固定的负债权益比 如果没有新 的股票发行 销售量的最大增长是多少 答 股利支付率 现金股利 净利润 0 3 现金股利 14190 x0 3 4257 留存比率 1 股利支付率 1 0 3 0 7 留存收益 留存收益增加额 净利润 0 7 留存收益增加额 14190 x0 7 9933 没有新的股票发行意味着股东权益不变 ROE 净利润 权益总额 14190 83000 0 17096 可持续增长率 ROE x b 1 ROE x b 0 17096x0 7 1 0 17096x0 7 0 13594 Sales 43000 x0 13594 5845 430 9 External Funds Needed Dahlia Colby CFO of Charming Florist Ltd has created the firm s pro forma balance sheet for the next fiscal year Sales are projected to grow by 10 percent to 360 million Current assets fixed assets and short term debt are 20 percent 75 percent and 15 percent of sales respectively Charming Florist pays out 30 percent of its net income in dividends The company currently has 105 million of long term debt and 46 million in common stock par value The profit margin is 9 percent a Construct the current balance sheet for the firm using the projected sales figure b Based on Ms Colby s sales growth forecast how much does Charming Florist need in external funds for the upcoming fiscal year c Construct the firm s pro forma balance sheet for the next fiscal year and confirm the external funds needed that you calculated in part b 13 External Funds Needed The Optical Scam Company has forecast a sales growth rate of 15 percent for next year The current financial statements are shown here a Using the equation from the chapter calculate the external funds needed for next year b Construct the firm s pro forma balance sheet for next year and confirm the external funds needed that you calculated in part a c Calculate the sustainable growth rate for the company d Can the company eliminate the need for external funds by changing its dividend policy What other options are available to the company to meet its growth objectives QP14 Days Sales in Receivables A company has net income of 314 000 a profit margi n of 8 9 percent and an accounts receivable balance of 152 800 Assuming 80 percent of sales are on credit what is the company s days sales in receivables 公司应收账款日销售净额为美元 利润率为 8 9 应收账款余额为美元 假设 80 的 销售额是信用的 那么公司的应收款日销售额是多少 QP15 Ratios and Fixed Assets The Whisenhunt Company has a ratio of long term debt to long term debt and equity of 29 and a current ratio of 1 20 Current liabilities are 1 280 sales are 6 140 profit margin is 8 9 percent and ROE is 17 6 percent What is the amount of the firm s net fixed assets QP16 Calculating the Cash Coverage Ratio Panda Inc s net income for the most recent year was 9 620 The tax rate was 34 percent The firm paid 2 380 in total interest expense and deducted 3 170 in depreciation expense What was the company s cash coverage ratio for the year Chapter 4 1 1 贷款贷款 100100 万 万 1515 年 年利率年 年利率 6 6 等额情况下 月供多少 前三个月的月供中本金和利息分别是多少 等额情况下 月供多少 前三个月的月供中本金和利息分别是多少 答 A P i 1 i n 1 i n 1 P A p i n A 1000 000 0 005 1 0 005 180 1 0 005 180 1 8438 5683 第一个月 本金 A F i 1 i n 1 F A F i n 1000 000 0 005 1 0 005 180 1 3438 5683 利息 8438 5683 3438 5683 5000 第二个月 本金 A 1000 000 3438 5683 0 005 1 0 005 179 1 3455 7611 利息 8438 5683 3455 7611 4982 8071 第三个月 本金 A 1000 000 3438 5683 3455 7611 0 005 1 0 005 178 1 3473 0399 利息 8438 5683 3473 0399 4965 5284 2 2 贷款贷款 100100 万 万 1515 年 年利率年 年利率 6 6 等额还本情况下 前三个月的月供 本金 利息分别是多少 等额还本情况下 前三个月的月供 本金 利息分别是多少 答 每月应还本金 1000 000 180 5555 5556 第一个月利息 1000 000 x0 005 5000 月供 5555 5556 5000 10555 5556 第二个月利息 1000 000 5555 5556 x0 005 4972 2223 月供 5555 5556 4972 2223 10527 7778 第三个月利息 1000 000 2x5555 5556 x0 005 4944 4444 月供 5555 5556 4944 4444 10500 00004 3 3 假如还了假如还了 5 5 年以后 利率变为年以后 利率变为 8 8 前三个月的月供 本金 利息分别是多少 前三个月的月供 本金 利息分别是多少 答 等额还本 还了 5 年 5x122x5555 556 333 333 336 本金还剩 1000 000 333 333 336 666 666 664 每月应还本金 666 666 664 10 x12 5555 5556 第一个月利息 666 666 664x0 007 4444 444 月供 5555 5556 4444 444 10000 0004 第二个月利息 666 666 664 5555 5556 x0 007 4627 778 月供 5555 5556 4627 778 10183 333 第三个月利息 4588 889 月供 10144 444 4 4 还了还了 6 6 年 准备一次性还清 还本多少 年 准备一次性还清 还本多少 等额本息 1 000 000 x 1 15x6 6x12x8438 5683 9 Chapter 5 1 1 试比较下面两项目方案的优劣 试比较下面两项目方案的优劣 i 10 i 10 年份方案 A方案 B 0 1000 1000 1200500 2200500 3300300 4300300 51000300 61500300 累计静态净现金流量 25001200 计算计算 NPVNPV IRRIRR 动静态投资回收期 动静态投资回收期 PIPI 问题 问题 1 1 在贴现率 在贴现率 i i 14 14 分别计算比较方案 分别计算比较方案 A A 与方案与方案 B B 的动态回收期 的动态回收期 2 2 方案 方案 A A 与方案与方案 B B 的的 IRRIRR 分别是 分别是 3 3 在贴现率分别为 在贴现率分别为 i 10 i 10 与与 i 33 i 33 时 方案时 方案 A A 与方案与方案 B B 的的 NPVNPV 分别是 分别是 4 4 在贴现率分别为 在贴现率分别为 i 10 i 10 与与 i 33 i 33 时 方案时 方案 A A 与方案与方案 B B 的的 PIPI 分别是 分别是 5 5 计算方案 计算方案 A A 与方案与方案 B B 的的 IncrementalIncremental IRRIRR 6 6 方案 方案 A A 与方案与方案 B B 的优劣如何必较 的优劣如何必较 答 现金流量表 NPVA 净现值 1000 200 1 0 1 200 1 0 1 2 300 1 0 1 3 300 1 0 1 4 1000 1 0 1 5 1500 1 0 1 6 1245 04 NPVB 653 69 1 现金流量图 折现系数 1 1 i n 2 EXCEL NPV 0 3 NPV EXCEL 4 PI 未来现金流量的现值 初始投资成本 P231 5 EXCEL 6 在贴现率 i 14 时 A 方案动态回收期为 4 56 年 而 B 方案为 2 88 年 仅从动态回 收期看 方案 A 可取 如下表 年份方案 A方案 B方案 A 各年 现值 方案 B 各年 现值 投资回收期 A 投资回收期 B 0 1000 1000 1000 1000 1000 1000 1200500175439 825 561 2200500154385 671 177 3300300202202 46826 4300300178178 291 51000300519156229 61500300683137 方案 A 与方案 B 的 IRR 分别是 32 9376 与 33 4639 仅从 IRR 看 方案 B 可取 在贴现率 i 10 时 方案 A 与方案 B 的 NPV 分别是 1245 04 与 653 69 在贴现率 i 33 时 方案 A 与方案 B 的 NPV 分别是 1 86 与 8 28 在贴现率 i 10 时 方案 A 与方案 B 的 PI 分别是 2 245 与 1 654 在贴现率为 i 33 时 方案 A 与方案 B 的 PI 分别是 0 998 与 1 008 比选方案 A 与方案 B 的方法是计算 Incremental IRR Incremental IRR 32 1655 如果与贴现率 10 相比 方案 A 可取 综上 方案 A 与方案 B 的比选要看 Ranking Criterion 而定夺 2 To Buy or Not to Buy We are considering the purchase of a 200 000 computer based inventory management system It will be depreciated straight line to zero over its four year life It will be worth 30 000 at the end of that time The system will save us 60 000 before taxes in inventory related costs The relevant tax rate is 39 percent Because the new setup is more efficient than our existing one we can carry less total inventory thereby freeing up 45 000 in net working capital What is the NPV at 16 percent What is the IRR on this investment P259 例 10 3 买还是不要买 我们正在考虑购买一套价值 200 000 美元的计算机辅助存货管理系统 在其 4 年的使 用期限内将采用直线法折旧至 0 4 年后 该系统的市场价值为 30 000 美元 这套系统将为我们节省 60 000 美元税前存货成本 相关的税率为 39 因为新的系统水平下比我们现有的系统更加有效 使得我们 能够减少库存总量 从而减少 45 000 美元的净营运资本 在 16 的贴现率水平下净现值多少 这项投资 的 DCF 报酬率 IRR 是多少 答 税后成本节省为 60 000 x 1 0 39 36 600 每年折旧 200 000 4 50 000 折旧税盾 50 000 x0 39 19 500 每年的现金流量 360 600 195 00 56 100 各系统税后残值为 30 000 x 1 0 39 18 300 01234 Operating cash flow 经营现 56 10056 10056 10056 100 金流量 Change in NWC 净营运 资本变动 45 000 45 000 Capital Spending 资 本性支出 200 00018 300 Total cash flow 总现金 流量 155 00056 10056 10056 10029 400 3 Chapter 7 1 How to calculate 189 1295 5942 189189 Revenues Market size x Market share x Price 10 000 x 0 3 x 2 6 000 Variable costs Market size x Market share x Variable cost per 10 000 x 0 3 x 1 2 3 600 Fixed costs 1791 Depreciation 1 500 5 300 Pretax profit 309 Tax 34 309 x 0 34 105 06 Net profit 309 105 06 203 94 OCF NI Depreciation 203 94 300 503 94 12951295 Revenues Market size x Market share x Price 10 000 x 0 3 x 2 6 000 Variable costs Market size x Market share x Variable cost per 10 000 x 0 3 x 1 3 000 Fixed costs 1891 Depreciation 1 500 5 300 Pretax profit 809 Tax 34 809 x 0 34 275 06 Net profit 809 275 06 533 94 OCF NI Depreciation 533 94 300 833 94 59425942 Revenues Market size x Market share x Price 10 000 x 0 5 x 2 10 000 Variable costs Market size x Market share x Variable cost per 10 000 x 0 5 x 1 5 000 Fixed costs 1791 Depreciation 1 500 5 300 Pretax profit 2909 Tax 34 2909 x 0 34 989 06 Net profit 2909 989 06 1919 94 OCF NI Depreciation 1919 94 300 2219 94 2 In the Solar Electronics Corporation s Jet Engine example try to calculate the break even OCF the break even revenue and the break even price When we use accounting profit as the basis for the break even calculation we subtract depreciation Depreciation for the solar jet engines project is 300 million per year If 2 091 solar jet engines are sold per year SEC will generate sufficient revenues to cover the 300 million depreciation expense plus other costs Unfortunately at this level of sales SEC will not cover the economic opportunity costs of the 1 500 million laid out for the investment If we take into account that the 1 500 million could have been invested at 15 percent the true annual cost of the investment is 447 5 million not 300 million Depreciation understates the true costs of recovering the initial investment Thus companies that break even on an accounting basis are really losing money They are losing the opportunity cost of the initial investment OCF 1500 3 352 447 5 因为 1500 万的初始投资要求的报酬率为 15 考虑每年 15 的机会成本 用普通 年金求 在 15 贴现率下 五年期年金系数为 3 352 所以 1500 OCFx3 352 OCF 1500 3 352 447 5 通过已知的 OCF 倒推 Revenues Revenues 5314 48 3 000 1791 300 223 48 Variable costs 3 000 Fixed costs 1791 Depreciation 1 500 5 300 Pretax profit 223 48 147 5 1 0 34 Tax 34 75 98 223 4x0 34 Net profit 147 5 447 5 300 OCF NI Depreciation 447 5 NI 300 一开始的计划销售量是每年 10 000 x 0 3 3 000 break even revenue 计划销售量 per year x PBE 5314 48 3 000 x PBE PBE 5314 48 3 000 1 77 3 In the Stewart Pharmaceuticals example try to calculate the three break even sales volumes a Accounting break even sales volume at which net income 0 b Cash break even sales volume at which operating cash flow 0 c Financial break