财务管理实训教程（第4版）参考答案

答案

模块一财务比率综合分析

1.短期偿债能力2017年2018年2019年

营运资本3620750062.005673435063.007648037056.00

流动比率1.351.471.57

速动比率0.971.151.28

现金比率0.951.141.26

现金流量比率0.210.330.30

2.长期偿债能力

资产负债率0.430.450.47

产权比率0.740.820.87

权益乘数1.741.821.87

利息保障倍数200.65174.61201.20

现金流量利息保障倍数210.91291.23294.87

现金流量债务比0.170.260.23

3.营运能力

应收账款周转率152.68143.26

存货周转率10.549.59

流动资产周转率1.671.44

非流动资产周转率1.601.72

总资产周转率0.820.78

4.盈利能力分析

营业净利率0.050.060.07

资产利润率0.050.05

权益净利率0.090.10

5.增长能力分析

资产增长率0.100.09

净资产增长率0.050.07

销售收入增长率0.010.05

净利润增长率0.130.24

模块二、杜邦财务分析

燕京啤酒青岛啤酒

2017年2018年2019年2017年2018年2019年

营业净利率20.60%1.98%2.30%5.26%5.87%6.89%

总资产周转率64.59%63.98%81.71%78.40%

总资产净利率1.28%1.47%4.80%5.40%

资产负债率11.17%22.24%23.93%42.62%45.15%46.63%

权益乘数1.131.291.311.741.821.87

净资产收益率4.33%1.63%8.56%9.99%

模块三、本量利分析

实训五本量利分析——保本点、成本结构与产品定价

本案例属于单品种保本或盈利情况的本量利分析，具体分析如下。

(1)可行性分析(试用本量利分析常印冰淇淋厂是否应开业)：

①成本资料：

单位变动成本：

材料：214元

其中：淀粉100

白砂糖30

奶粉56

食用香精2

包装纸棍25

水费1

生产工人工资(计件)28

变动性制造费用26

其中：水费2

电养15

煤炭费5

氨4

单位变动成本合计268元

固定成本：

固定性制造费用：129000元

其中:生产管理人员工资36000(2x1500xl2)

技术人员工资24000(2000x12)

设备租金45000

车间仓库相金24000(2000x12)

其他固定性费用：12000

卫生费、税金12000(1000x12)

固定成本合计：141000元

②单价：350元(0.35x1000)

③年销售量：

日生产能力1000x12=12000支＜需求量

所以每天尽最大生产能力仍供不应求，

全年最高销量可达12000x300=3600000支，年销售量相当于3600锅(12x300)

保本量=固定成本/(单价一单位变动成本)=141000/(350-268)=1720锅

年销傕量3600＞保本量1720,而且远远大于保本量，所以该冰淇淋厂可以开业。

安全边际率=(3600-1720)/3600=52.2%

实训六本量利分析一一两种成本法下的利润表编制

(1)变动成本法损益表单位：元

-年第二年第三年合计

营业收入20000020C000200000600000

变动成本900009C00090000270000

边际贡献11000011C000110000330000

固定成本：

固定性制造权用200002C0002000060000

固定管理费用和销售费500005C00050000150000

用

小计700007C00070000210000

营业利润400004C00040000120000

完全成本法损益表单位:

第一年第二年第三年合计

营业收入2000002000002onono6G0000

营业成本：

期初存货成本0021333

当期产品成本：11000012800092000330000

可供销售产品成本110000128000113333

期末存货成本0213330

销售成本110000106667113333330000

毛利900009333386667270000

管理费用和销售费用500005000050000150000

营业利润400004333336667120000

（2）由上面的计算结果可以看到：

当产量等于销量，且无期初存货时，两种成本计算方法下计算的利润完全相同；

当产量大于销量，且无期初存货时，按变动成本法计算的利润小于按完全成本法计算的利润；

当产量小于销量，按变动成本法计算的利润大于按完全成本法计算的利润；

模块五证券价值评估

实训一货币时间价值的衡量

实训1』个人储蓄业务

1.查找现行人民币存款基准利率，如表5.5所示。

表5-5金融丸构人民币存款基准利率

AB

1项目年利率（%）

2一、活期存款0.30

3二、定期存款

41.整存整取

53个月1.35

66个月1.55

71年1.75

82年2.25

93年2.75

105年2.75

112.零存整取、整存零取、存本取息

121年1.35

3年

131.55

145年

1.55

按一年以内定期整存整取

153.定活两便

同档次利率打6折

16三、通知存款

天

1710.55

7天

181.10

注：若上述利率有调整，以银行公布的实际利率为标准。

2.略

3.(1)

表5-6整存整取个人储蓄业务计算表

DEFGHIM

1单利计息复利计息

存款期限

本金期限利率

种类

2本利和利息本利和

33个月800000.251.35%8027027080270.0)

46个月800000.51.55%8062062080620.00

51年8000011.75%81400140081400.0)

62年8000022.25%83600360083640.50

73年8000032.75%86600660086783.16

85年8000052.75%910001100091621.87

在Excel中绘制单利与复利计息下不同期限的本利和折线图如图5-1所示。

94000

92000

(90000

姻

88000

汰——单利

)86000

=84000*复利

£

_82000

长80000

长78000

76000

74000

3个月6个月1年2年3年5年

存款期限

图5-1单利与复利计息下不同期限的本利和

（2）采用中国建设银行理财计算器计算3年期单利计息存款结果如图5-2所示，其他期限计算与此相同。

方个人存款计算器（仅供参考）

计算结果（计算给"等于实一果，投资需函S）

存掰虑6600元

本息合计86600元

(3)表5-71年期、到期转存储蓄业务计算表

ABC

1本金8000()

2利率1.75%

3转存期5.00

4本利和87249.33=FV(B2,B3„-B1)

4.表5-8零存整取睹蓄业务计算表——单利计息

ABC

1零存金额500

2存期（年）3

3存期（月）36

4年利率1.55%

5到期利息合计430.13=R1*R4/12*(R3*(B3+1))/2

6本利和18430.13=B1*B3+B5

表5-9零存整取储蓄业务计算表——复利计息

DEF

1（1）复利计息下本利和的计算

2零存金额500

3存期（年）3

4存期（月）36

5年利率1.55%

6月利率0.13%

7本利和18,436.68=FV(E5/12,E4,-E2„1)

8到期利息合计436.68=E7-E2*E4

9（2）到期拟取出本利和20000元时的零存金额

10拟到期的本利和20000

11每月零存金额542.40=PMT(E6,E4„-E10,l)

12（3）到期拟取出本利和20000元时的存款期

13拟到期的本利和20000

14存款月数38.98=NPER(E6.-E2,.EI3,I)

实训L2个人住房贷款业务

1.现行人民币贷款基准利率如表5-10所示。

表5-10_______________金融矶构人■币贷款基准利率__________________________________________

AB

1项目年利率（％）

2一、短期贷款

3一年以内（含一年）4.35

4二、中长期贷款

5一至五年（含五年）4.75

6五年以上4.90

7三、个人住房公积金贷款

8五年以下（含五年）2.75

9五年以上3.25

2.略

3.利用Excel电子表格计算等额本息法和等额本金法两种还款方式下，每月的还款额、应还本金、应还利

息以及贷款余额如下。

DEFGIIIJ

1公积金贷款利率3.25%财务函数应用

2还款期月还款额应还本金应还利息贷款余额PMTPPMTIPMT

301200000.00

416.806.353,556.353,250.001,196,443.65

526,806.353,565.983,240.371,192.877.67

636.806.353.575.643.230.711,189.302.03

746.806.353.585.323,221.031,185.716.71

856.806.353,595.033,211.321,182.121.68

966.806.353,604.773,201.581,178.516.91

1076.806.353.614.533.191.821,174.902.37

II86.806.353.624.323J82.031.171,278.05

1296.806.353,634.143,172.211,167.643.91

13106,806.353,643.983,162.371,163.999.93

14116.806.353.653.853.152.501,160,346.08

15126.806353.663.753J42.601,156.682.34

16136,806.353,673.673,132.681,153.008.67

17146,806.353,683.623,122.731,149.325.05

18156.806.353,693.593,112.761,145.631.46

19166.806353.703.603J02.751,141,927.86

20176,806.353,713.633,092.721,138.214.23

21186,806.353,723.693,082.661,134.490.55

22196.806.353,733.773,072.581,130.756.78

23206.806.353,743.883,062.471,127,012.90

24216.806.353,754.023,052.331,123.258.87

25226,806.353,764.193,042.161,119.494.68

26236.806.353,774.383.031.961,115.720.30

27246.806.353,784.613,021.74IJI1.935.69

28256.806.353,794.863,011.491,108.140.84

29266.806.353,805.133,001.211,104.335.70

30276.806.353,815.442,990.911,100,520.26

31286.806.353.825.772,980.581.096.694.49

32296.806.353,836.132,970.21L092.858.35

33306,806.353,846.522,959.821,089.011.83

34316.806.353.856.942.949.411,085.154.89

35326.806.353.867.392,938.961.081.287.50

36336.806.353,877.862,928.491.077.409.64

37346,806.353,888362,917.981,073.521.27

38356.806.353.898.902.907.451,069.622.38

39366.806.353.909.462.896.891.065.712.92

40376.806.353,920.042,886.311.061.792.88

41386,806.353,930.662,875.691,057.862.22

42396.806.353,941.312,865.041,053.920.91

43406.806353,951.982,854.371.049.968.93

44416,806.353,962.682,843.671.046.006.25

45426,806.353,973.422,832.931,042.032.83

46436.806.353.984.182.822.171.038.048.66

47446.806.353,994.972,811.381,034.053.69

48456.806.354.005.792.800.561,030.047.90

49466.806.354.016.642.789.711,026.031.27

50476.806.354,027.512,778.831,022.003.75

51486,806.354,038.422,767.931,017.965.33

52496.806.354.049.362.756.991,013.915.97

53506.806.354.060.332,746.021.009.855.64

54516.806.354,071.322,735.031.005.784.32

55526.806.354,082.352,724.001,0()1.701.97

56536.806.354.093.412.712.94997,608.56

57546.806.354.104.492.701.86993,504.07

58556.806.354.115.612,690.74989.388.46

59566,806.354,126.762,679.59985,261.71

60576.806.354,137.932.668.42981,123.77

61586.806354.149.142.657.21976,974.64

62596,806.354,160.382,645.97972,814.26

63606,806.354,)71.642,634.71968,642.616,806.354,171.642,634.71

64616.806.354,182.942.623.41964,459.67

65626.806354J94.272,612.08960,265.40

66636,806.354,205.632,600.72956.059.77

67646,806.354,217.022,589.33951,842.75

68656.806.354.228.442.577.91947,614.31

69666.806.354.239.892.566.46943,374.42

70676.806.354,251.382,554.97939,：23.04

71686,806.354,262.892,543.46934,860.15

72696.806.354.274.442.531.91930,585.71

73706.806.354.286.012.520.34926,299.70

74716.806.354,297.622,508.73922,002.08

75726.806.354,309.262,497.09917,692.826,806.354,309.262,497.09

76736.806.354,320.932.485.42913,371.89

77746.806.354332.632,473.72909,039.25

78756.806.354,344.372,461.98904.694.89

79766,806.354,356.132,450.22900,338.75

80776.806.354.367.932.438.42895,970.82

81786.806.354.379.762.426.59891.591.06

82796.806.354391.622,414.73887,199.44

83806,806.354,403.522,402.83882,795.92

84816.806.354,415.442.390.91878,380.47

85826.806.354.427.402.378.95873,953.07

86836.806.354,439.392366.96869.513.68

87846,806.354,451.422,354.93865,062.266,806.354,451.422,354.93

88856.806.354,463.472.342.88860,598.79

89866.806354,475.562,330.79856,123.23

90876,806.354,487.682,318.67851.635.55

91886,806.354,499.842,306.51847,135.71

92896.806.354.512.022.294.33842.623.69

93906.806.354,524.242,282.11838,099.45

94916.806.354.536.502.269.85833,562.95

95926.806.354.548.782.257.57829,014.17

96936.806.354,561.102,245.25824,453.06

97946,806.354,573.462,232.89819,879.61

98956.806.354,585.842.220.51815,293.77

99966.806.354,598.262.208.09810.695.506.806354.598.262.208.09

100976.806.354,610.722,195.63806.084.79

101986.806.354,623.202,183.15801,461.59

102996.806.354.635.722.170.63796,825.86

1031006.806.354.648.282J58.07792,：77.58

1041016.806.354,660.872,145.48787,516.71

1051026,806.354,673.492,132.86782,843.22

1061036.806.354.686.152,120.20778,：57.07

1071046.806354.698.842.107.51773.458.23

1081056,806.354,711.572,094.78768J46.67

1091066,806.354,724.332,082.02764,022.34

1101076.806.354,737.122,069.23759,285.22

III1086.806354,749.952,056.40754.535.276.806.354.749.952.056.40

1121096,806.354,762.822,043.53749,772.45

113IIO6,806.354,775.722,030.63744,996.74

114ill6.806.354.788.652.017.70740,208.09

1151126.806.354.801.621004.73735,406.47

1161136.806.354,814.621,991.73730,591.84

1171146,806.354,827.661,978.69725,764.18

1181156.806.354,840.741.965.61720,923.44

1191166.806.354.853.851.952.50716.069.60

1201176.806.354,866.991,939.36711,202.60

1211186.806.354,880.181,926.17706,322.43

1221196.806.354,893.391.912.96701,429.03

1231206.806.354.906.651.899,70696.522.396.806.354.906.651.899.70

1241216.806.354,919.931,886.41691.602.45

1251226,806.354,933.261,873.09686,669.19

1261236.806.354.946.621.859.73681122.57

1271246.806.354.960.021.846.33676,762.56

1281256.806.354,973.45L832.90671J89.11

1291266,806.354,986.921,819.43666,802.19

1301276.806.355.000.431.805.92661,801.76

1311286.806.355.013.971.792.38656,787.79

1321296.806.355,027.551,778.80651,760.24

1331306,806.355,041.171,765.18646J19.08

1341316.806.355.054.821.751.53641,664.26

1351326.806355.068.511,737.84636.595.75

1361336,806.355,082.241,724.11631,513.51

1371346,806.355,096.001,710.35626,417.51

1381356.806.355.109.80L696.55621307.71

1391366.806.355,123.641.682.71616,：84.07

1401376.806.355.137,521.668.836