公司理财部分课后答案.docx

Chapter 1Goal OF FirmN0.2, 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 companys stock? In other words, why isnt 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 21. 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=8002. 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：损益表销售额435 000成本216 000折旧40 000息税前利润179 000利息费用21 000税前利润158 000税收（35%）55 300净利润102 700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=102700-30000=727004. Calculating Taxes The Stefani Co. had $198,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the companys 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 (100000-75000) = 8500 0.39 x (198000-100000) = 38220 税款总额=7500+6250+8500+38220=60470 平均税率=60470/198000=0.3054 边际税率=0.3913. Building an Income Statement During the year, the Senbet Discount Tire Company had gross sales of $925,000. The firms 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. Senbets tax rate was 35 percent. a. What was Senbets net income? b. What was Senbets operating cash flow?答：损益表销售额925 000成本490 000销售费用220 000折旧120 000息税前利润95 000利息费用29 600税前利润65 400税收（35%）22 890净利润42 510 净利润为42510 经营现金流量=息税前利润+折旧-税收 =19211017. 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=5000015%+2500025%+1000034%=17150 盈利公司应纳税额=5000015%+2500025%+2500034%+23500039%+816500034%=2890000 b.1000034%=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.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26440867854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1110.21182.98Chapter 34. 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 years 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=3955Income Statement Statement Balance SheetSales45426AssetsDebt39000Costs30849 EquityTaxable income14577Accumulated retained earnings 111665.82Taxes (34%)4956.18Total163850 Total150665.82 Net Income 9620.82新增留存收益=净利润-股利=9620.82-3955=5665.82Accumulated retained earnings=106000+5665.82=111665.82EFN=163850-150665.82=13184.185. 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 debtequity 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=14190x0.3=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=14190x0.7=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 =0.13594Sales=43000x0.13594=5845.4309. External Funds Needed Dahlia Colby, CFO of Charming Florist Ltd., has created the firms 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. Colbys sales growth forecast, how much does Charming Florist need in external funds for the upcoming fiscal year?c. Construct the firms 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 firms 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 companys days sales in receivables?( 公司应收账款日销售净额为314000美元，利润率为8.9%，应收账款余额为152800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 firms 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 companys cash coverage ratio for the year?Chapter 41、 贷款100万，15年，年利率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？答：A=P i(1+i)n/(1+i)n-1=P(A/p,i,n)A=1000 0000.005（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=4965.52842、 贷款100万，15年，年利率6%，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 000x0.005=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=10500.000043、 假如还了5年以后，利率变为8%，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/(10x12)=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、 还了6年，准备一次性还清，还本多少？等额本息 （1 000 000x(1+15x6%)）-(6x12x8438.5683)=1292423.9Chapter 51. 试比较下面两项目方案的优劣？i=10%年份方案A方案B0-1000-100012005002200500330030043003005100030061500300累计静态净现金流量25001200计算NPV、IRR、动静态投资回收期、PI问题：（1）在贴现率i =14%，分别计算比较方案A与方案B的动态回收期。（2）方案A与方案B的IRR分别是？（3）在贴现率分别为i=10%与i=33%时，方案A与方案B的NPV分别是？（4）在贴现率分别为i=10%与i=33%时，方案A与方案B的PI分别是？（5）计算方案A与方案B的Incremental IRR？（6）方案A与方案B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=1245.04NPVB=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B0-1000-1000-1000-1000-1000-10001200500175439-825-5612200500154385-671-1773300300202202-468264300300178178-2915100030051915622961500300683137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 000x(1-0.39)=36 600 每年折旧=200 000/4=50 000 折旧税盾=50 000x0.39=19 500每年的现金流量=360 600+195 00=56 100 各系统税后残值为30 000x（1-0.39）=18 30001234Operating cash flow（经营现金流量)56 10056 10056 10056 100Change in NWC（净营运资本变动）45 000-45 000Capital Spending（资本性支出）-200 00018 300Total cash flow（总现金流量）-155 00056 10056 10056 10029 4003.？Chapter 71. How to calculate $189、$1295、$5942 . 189 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 = 503.941295 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 = 833.945942 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 = 2219.942. In the Solar Electronics Corporations 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