(完整版)公司理财部分课后答案

1、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:

2、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, s

3、uch 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

4、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 o

5、r 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

6、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 accountfor this firm? How much is net wor

7、king capital?=25000-10300=14700答： 所有者权益 =资产-负债 the shareholders ' equity account净运营资本 噬动资产-流动负债net working capital=4900-4100=800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答:2. Building an Income Statement Shelton, Inc., has sales of $435,000, costs o

8、f $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?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+

9、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 inthe chapter, calculate the company' s income taxes. What is the average tax rate? What is the marginal taxrate?(表 2.3 P23 )答： 0.15 x 50000 = 75000.25 x (75000

10、-5000) = 62500.34 x (100000-75000) = 85000.39 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 firm ' s cost of goods sold and selling expen

11、ses 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:损益表销售额925

12、 000成本490 000销售费用220 000折旧120 000净利润为42510息税前利润95 000经营现金流量=息税前利润+折旧-税收利息费用29 600=192110税前利润65 400税收（35%22 890净利润42 51017. 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

13、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=5000OX 15%+25000 25%+10000 34%=17150盈利公司应纳税额=5000OX 15%+25000 25%+25000 34%+235000 39%+81

14、65000 34%=2890000b.10000X34%=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 2015.20142015 1Sales$ 生402510,091DepriciationIJSO1351Cose ofsold3,13S3t672Other eitpentes767641Interest630724Cash&244Accounts receiw

15、able652773&2Shprt-temn note payable9S3B?5Long-term debt”11 32&0N et fixed assets4134642邛2Accounts payable5,1775.022Inventory1 L6O41 1,916DivkJ印出1,1471261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4134

16、642332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股禾U11471261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

17、 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? （Hi

18、nt: 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X总资产周转率X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

19、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 accountingstatement of cash flows is not converted into a common-size statement. Why do

20、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 compa

21、ny . 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

22、 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

23、量盈利的能力。哪一个更能比较两个 公司？为什么？）答： ROE;ROA1衡量每一美元所带来净利润的指标；ROEW量该年度股东的汇报，ROE1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

24、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ROAM好的度量管理绩效。4. EFN The most recent financial statements for Heine, Inc., are shown here:Balance SheetIncome StatementSalesS40200AssetsCosts2 7 30 口Taxable

25、income3 12,900TotalTaxesNet income$ BSI4$I用5.000Debt $ 39,000Equity 106.000$I459UO Total $I45QDOAssets and costs are proportional to sales. Debt and equity are not. A dividend of $3,500 was paid, and thecompany wishes to maintain a constant payout ratio. Next year' s sales are projected to be $4

26、5,426. Whatexternal 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=0.4115. Sales and Growth预计股利=0.411x8514x1.13=3955Income StatementStatement Balance SheetSales45426AssetsDe

27、bt39000Costs30849EquityTaxableincome14577Accumulatedretainedearnings111665.82Taxes (34%)4956.18Total163850Total150665.82Net Income9620.82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=13184.18The most recent financial statements for Wise

28、Co. are shown here:Income StatementBalance StieetSalesCosts$43.0002150QCurrent assetsFtxed assets$ 27.0001 18.000Long-term debtEquity$ 62,000mcome$21500Total$及5000ToulTaxes (34%)7川0Nf'T inrorneAssets and costs are proportional to sales. The company maintains a constant 30 percent dividend payout

29、 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%勺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 现金月哪J =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/净禾J润=0.7留存收益增加额=14190x0.7=

30、9933没有新的股票发行意味着股东权益不变，ROE奇禾J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 firm' s pro formabalance sheet for the next fiscal year. Sale

31、s 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 $105million of long-term debt and

32、$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 des Charming Florist need inexternal funds for the upcoming fiscal year?c. Construct

33、 the firm' s pro forma balance sheet for the next fiscal year and confirm the external fundsneeded that you calculated in part (b).13. External Funds Needed The Optical Scam Company has forecast a sales growth rateof 15 percent for next year. The current financial statements are shown here:a. Us

34、ing the equation from the chapter, calculate the external funds needed for next year.b. Construct the firm s pro fboarmlaance 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 eliminat

35、e the need for external funds by changing its dividend policy?What otheroptions 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

36、 percent of sales are on credit, what is the company ' s days ' sales in receivables?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 curr

37、ent 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 firmet fisxend 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 perce

38、nt. 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 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 ) 18

39、0-1=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 =8438.5683-3

40、473.0399=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

41、=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=10183.3

42、33第三个月利息 4588.889月供 10144.4444、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

43、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)NPV (净现值)=-1000+200/(1+0.1)+ 200/(1+0.1)2+300/(1+0.1) 3+300/(1+0.1)+1000/(1+0.1) 5+1500/(1+0.1) 6=1245.04NPV=653.69(1)现金流量图折现系数=1/ (1+i) n EXCEL/NPV=0(3) NPV/EXCEL(4) PI=未来现金

44、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

45、从IRR看，方案B可取。) 在贴现率i-10%时，方案 A与方案B的NPV另J是：1245.04 与653.69;在贴现率i=33%时，方案 A与方案B的NPV另J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畸目比，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 .T

46、o 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 cost

47、s. 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

48、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%勺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

49、 ( 1-0.39 ) =18 30001234Operating cash flow （经营现金 流量）56 10056 10056 10056 100ChangeinNWC （净营运 资本变动）45 000-45 000CapitalSpending (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 .VariablePessimisticExpected or BestOptimisticM

50、arket size (per year)5.00010,00020.000Market share20%30%50%Price$ 1.9 million$2 milliori$2.2 milllorVariable cost (per plane)$ 1.2 nnilliori$ 1 million$一8 millionFixed cost (per year)$1.891 million$1,791 million$1,741 millionInvestment$1.900 million$1 ,500 nmllion$1.000 millionPessimisticExpected or

51、 BestOptimisticMarket百芝电-$ 1,802Wp Tllaf The Other M he firin Artimplyni ihM * r<rtl Oft 由考 prcjcct can o1?wr irxomrinfjnm. thereby nfrdwcing 拄 overjll taxes “ firm, 189Revenues ( Market size x Market share x Price)-Variable costs( Market size x Market share x Variable cost per)-Fixed costs-Depre

52、ciationPretax profitTax(34%)$1,517$8,154Market shiir 已 6%*1.5175,942Price853Ir5l72,844Variable costIB91517±844Fixed costL295LSI7L62SInvestment1.2081.517LW310 000 x 0.3 x 2 = 6 00010 000 x 0.3 x 1.2 = 3 60017911 500 / 5 = 300309309 x 0.34 = 105.06Under sensitivity analysis, one input 段 vancd whi

53、le all other inputs are assumed to meet their expectation. For example, an NPV of 51.002 occurs when the pessimistic forecast of 5,000 is used for market size while all other variables are set ar their expired forecasts from Table 7.2.Net profit309 105.06 = 203.94OCF( NI + Depreciation)203.94 + 300

54、= 503.941295Revenues ( 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 costs1891- Depreciation1 500 / 5 = 300Pretax profit809Tax(34%)809 x 0.34 = 275.06Net profit809 275.06 = 533.94OCF( NI + D

55、epreciation)533.94 + 300 = 833.945942Revenues ( 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 costs1791- Depreciation1 500 / 5 = 300Pretax profit2909Tax(34%)Net profitOCF( NI + Depreciation)2909 x 0.34 = 989.06 2909 989.06 = 1919.94 1919.94 + 300 = 2219.942. In the Solar Electronics Corporation's Jet Engine example, try to calculate the break-even