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财务管理分析判断正误10*2名解5*3问答3*5业务4题50Chapter1TheBalanceSheet:P6名解Abalancesheetisafinancialsnapshottakenatapointintime.ofalltheassetsthecompanyownsandalltheclaimsagainstthoseassets.资产负债表相当于一张财务快照,它反映了企业在某一时点上所拥有的全部资产和与之相对应的全部要求权EBIT:P15名解EBITisearningsbeforeinterestandtaxesausefulandwidelyusedmeasureofabusinesssincomebeforeitisdividedamongcreditorsownersandthetaxman.息税前利润是一项十分有用且被广泛应用的利润度量指标,度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润P29判断对错以下是对的
3.Acompanysfinancesanditsbusinessoperationsareintegrallyrelated.Westudyacompanysfinancialstatementsbecausetheyareawindowonthefirmsoperations.公司的财务与经营内在相连,我们之所以要研究公司的财务报表,是因为报表是反映公司经营情况的窗口
4.Earningsarenotcashflow.Thewisemanagerwatchesboth.(盈利不是现金流量,明智的管理者需两者并重)
5.Abalancesheetisasnapshotofacompanysassetsandliabilitiesatapointintime.Anincomestatementrecordssalesrelatedexpensesandearningsoveraperiodoftime.(资产负债表是公司资产和负债(权益)在某一时点上的快照利润表记录一定时期内的销售收入、相关的费用以及利润)
7.Acashflowstatementseliminatestheeffectsofaccrualaccountingtopresentthefirmscashreceiptsanddisbursementsovertheaccountingperiod.(现金流量表剃除了权责发生制的影响,揭示了公司在会计期间的现金收入和现金支出)P33计算题课后第12题
12.Belowaresummarycashflowstatements现金流量表forthreeroughlyequal-sizecompanies($millions)ABCNetcashflowsfromoperations来自经营活动的净现金流$300$300$300Netcashusedininvestingactivities用于投资活动的净现金流9003090Netcashflowfromfinancingactivities来自融资活动的净现金流1200210240Cashbalanceatbeginningofyear年初现金余额150150150a.Calculateeachcompany’scashbalanceattheendoftheyear.Cashbalanceattheendoftheyear:公式cashbalanceattheendoftheyear=cashbalanceatthebeginningoftheyear+netcashflowsfromoperations+netcashusedininvestingactivities+netcashfromfinancingactivitiesA:150-300-900+1200=150$B:150-300-30+210=30$C:150+300-90-240=120$b.ExplainwhatmightcausecompanyC’snetcashfromfinancingactivitiestobenegative.Thecashmightberepaidforthedebts偿还债务orusedtorepurchasethestocks(股票回购).c.LookingatcompaniesAandBwhichcompanywouldyouprefertoownWhyIprefertoowncompanyA.Thereasonsarethefollowing.ComparedwithwhichatthebeginningoftheyearthefigureofcompanyBattheendoftheyearisfallingdown.FurthermorethenetcashusedininvestingactivitiesandfromfinancingactivitiesofcompanyAismuchhigherthanwhichofcompanyBsotheliquidity流动性ofcompanyAishigher.AllofaboveindicatecompanyAispotentialandworthourinvesting.d.IscompanyCscashflowstatement(现金流量表)causeforanyconcernonthepartofCsmanagementorshareholdersWhyorwhynotThereisnoneedtoconcernaboutthepartofCsmanagementorshareholders.TakeaglanceofcompanyCscashflowstatementwecanfigureoutcompanyCsnetcashflowfromoperationsispositiveandtheyusethecashfromoperationstorepaythefinancingactivitiesinthepast.Itsamatureandexperiencedcompany.Chapter2P36简答Returninequity=Profitmargin*Assetturnover*Financialleverage股东权益收益率=销售利润率*资产周转率*财务杠杆ThissaysthatmanagementhasonlythreeleversforcontrollingROE:这个表达式说明管理者只有是哪个杠杆来调控ROE1theearningssqueezedoutofeachdollarofsalesortheprofitmargin;每一美元的销售收入所能赚取的利润,即销售利润率2Thesalesgeneratedfromeachdollarofassetsemployedortheassetturnover;每一美元的资产所能带来的销售收入,即资产周转率3Theamountofequityusedtofinancetheassetsorthefinancialleverage.股东收入每一美元所能运用的资产,即财务杠杆P37简答P37-P382两段话简化一下WhyareROEssimilaracrossfirmswhileprofitmarginsassetturnoversandfinancialleveragesdifferdramatically为什么公司之间的销售利润率、资产周转率和财务杠杆有如此巨大的差异,而ROE却相差无几呢?Theanswerinawordiscompetition.AttainmentofanunusuallyhighROEbyonecompanyactsasamagnettoattractrivalsanxioustoemulatethesuperiorperformance.AsrivalsenterthemarkettheheightenedcompetitiondrivesthesuccessfulcompanysROEbacktowardtheaverage.ConverselyunusuallylowROEsrepelpotentialnewcompetitorsanddriveexistingcompaniesoutofbusinesssothatovertimesurvivorsROEsrisetowardtheaverage.一言以蔽之——竞争要是一个公司获得了非同寻常的高ROE,就会像一块磁铁,吸引竞争者纷至沓来,追组超常业绩,一旦对手们进入该市场,竞争加剧,成功者的ROE便被迫讲到平均水平反之,非同寻常的低ROE则会将潜在的新对手和现存的公司从该市场上驱赶出去,这样,经过一段时间之后,幸存者的ROE就会上升到平均水平Theprofitmargin:P38名解Theprofitmarginmeasuresthefractionofeachdollarofsalesthattricklesdownsthroughtheincomestatementtoprofits.(销售利润率衡量的是每一美元销售额随着利润表的栏目从上往下移动而最终成为利润的那一部分)Creditsalesperday:P42名解Creditsalesperdayisdefinedascreditsalesfortheaccountingperioddividedbythenumberofdaysintheaccountingperiodwhichforannualstatementsisobviously365days.(日赊销额的定义是会计期内的赊销总额除以会计期总天数,对于年度报表而言显然是365天)P76判断对错以下是对的
5.Morefinancialleverageisnotalwaysbetterthanless.Financialleveragecanbemeasuredbyusingbalancesheetratiosorcoverageratios.Coverageratioscomparetheannualburdenofthedebttotheoperatingcashflowavailabletoservicethedebt.Coverageratiosareusuallysuperiorformeasuringlong-termindebtedness.(财务杠杆并非越高越好,可以用资产负债表比率或偿债比率来衡量财务杠杆偿债比率反映了年度债务负担与可用于偿还债务的经营性现金流量的对比,通常更适合度量长期负债水平)
6.Companiesdisplaywidelydifferingprofitmarginsassetturnoversandfinancialleveragedependingontheproductiontechnologiesandstrategiesemployed.Theproductofthesethreeratiosisreturnonequity.Competitionensuresthatthereislessvariationtnreturn-on-equityratiosthaninitsconstituents.(由于生产技术与经营战略不同,不同公司在销售利润率、资产周转率和财务杠杆三个方面相差很大这三个比率的乘积就是权益收益率,竞争的存在使得不同公司在权益收益率上的差异小于它的三个构成要素的差异)
8.Ratioanalysisisthesystematicexaminationofanumberofcompanyratiosinsearchofinsightsintothefirmsoperationsanditsfinancialvitality.(比率分析法是利用很多比率对公司进行系统性的检测,用以剖析公司经营和财务状况)P79课后第3题判断对错TUREORFALSEa.Acompany’sreturnonequitywillalwaysequalorexceeditsreturnonassets.一个公司的权益收益率总是大于或者等于其资产收益率Tb.Acompany’sassets-to-equityratioalwaysequalsoneplusitsliabilities-to-equityratio.一个公司的资产权益比总是等于1加负债权益比Tc.Acompany’scollectionperiodshouldalwaysbelessthanitspayablesperiod.一个公司的应收账款回收期总是小于其应付账款付款期Fd.Acompany’scurrentratiomustalwaysbelargerthanitsacid-testratio.一个公司的流动比率一定大于其速动比率Te.Economicearningsaremorevolatilethanaccountingearnings.经济利润比会计利润更加变动不定Ff.Ignoringtaxesandtransactionscostsunrealizedpapergainsarelessvaluablethanrealizedcashearnings.若不考虑税收和交易成本,未实现的纸上盈利不如已实现的现金盈利有价值FP80课后第7题计算题
7.Answerthequestionsbelowbasedonthefollowinginformation.Taxesare35percentandalldollarsareinmillions.计算下表回答以下问题,所得税是35%,所有美元以十亿位单位CompanyXCompanyZEarningsbeforeinterestandtaxes$400$420Debtat10%interest2001200Equity800300a.Calculateeachcompany’sROEROAandROIC计算每间公司的ROE、ROA和ROICCompanyXCompanyZROE净资产收益率31%65%ROA(资产收益率)25%13%ROIC(资本回报率)26%18%X公司净资产收益率=净利润/权益ROEx=Netincome/equity=400-200*10%*1-35%/800=31%Z公司净资产收益率=净利润/权益ROEz=Netincome/equity=420-1200*10%*1-35%/300=65%X公司资产收益率=净利润/资产ROAx=Netincome/assets=400-200*10%*1-35%/1000=25%Z公司资产收益率=净利润/资产ROAz=Netincome/assets=420-1200*10%*1-35%/1500=13%X公司资本回报率=息税前利润*(1-税率)/(有息负债+权益ROICx=EBIT*1-Taxrate/Interestbearingdebt+Equity=400*1-35%/800+200=26%Z公司资本回报率=息税前利润*(1-税率)/(有息负债+权益)ROICz=EBIT*1-Taxrate/Interestbearingdebt+Equity=420*1-35%/1200+300=18%b.WhyiscompanyZ’sROEsomuchhigherthanX’sDodethismeanZisabettercompanyWhyorwhynot为什么Z公司的ROE高于X公司?是不是意味着Z是间更好的企业?如果是,为什么?BecausecompanyZhasahigherfinancialleveragethancompanyX.ItdoesnotmeanthatcompanyZisthebettercompanybecausecompanyZ’shigherfinancialleveragemakesitaveryuncertainenterpriseanditismuchriskerthancompanyX.财务杠杆=资产/所有者权益X=(200+800)/800=
1.25Z=(1200+300)/300=5因为Z公司比X公司有更高的财务杠杆,但这并不意味着Z公司比X公司好因为Z公司的高财务杠杆使得它有更多的不确定因数,要比X公司承担更大的风险c.WhyiscompanyX’sROAhigherthanZ’sWhatdoesthistellyouaboutthetwocompanies为什么X公司的ROA高于Z公司?这能说明这两家公司的什么资料?ThisisalsoduetoZ’shigherfinancialleverage.ROAdiffersfromROEinthatitmeasuresprofitasapercentageofthemoneyprovededbyownersandcreditorsasopposedtoonlythemoneyprovidedbyowners.AsaresultitdoesnotmeanthatZisaworsecompanythanX这同样是因为Z公司更高的财务杠杆资产收益率(ROA)与净资产收益率(ROE)的不同在于资产收益率的衡量标准是利润与所有者权益及负债的百分比相对于净资产收益率来说它仅是利润与所有者权益的百分比所以这并不意味着Z公司比X公司差d.HowdothetwocompaniesROICscompareWhatdoesthissuggestaboutthetwocompanies如何比较这两家的ROIC对于这两家公司有什么建议?ROICisameasureofhoweffectivelyacompanyusesthemoneyinvestedinitsoperations.Itabstractsfromdifferencesinleveragetoprovideadirectcomparisonoftheearningpowerofthetwocompanies’assets.ROEisimpactedbyfinancialleveragewhileROICisnotdistortedbyfinancialleveragehenceitisamorereliablemeasure.Consequently,Xisthesuperiorperformer.资本回报率(ROIC)是用来衡量一个公司对它所经营项目进行投资时使用金钱的效率它从两个不同的杠杆率中提供了一个两公司资产盈利能力的直接比较相比于ROE,ROIC不受财务杠杆的影响,因而它是一个更能反映公司盈利能力的指标所以X公司表现的更加出众P81课后第11题计算题
11.Giventhefollowinginformationcompletethebalancesheetshownbelow.根据以下信息,完成资产负债表Collectionperiod应收账款回收期50daysDayssalesincash现金的的销售天数15daysCurrentratio流动比率
2.4Inventoryturnover存货周转率6timesLiabilitiestoassets资产负债比80%Payablesperiod应付账款周转天数28daysAllsalesareoncredit.Allcalculationsassumea365-dayyear.Payablesperiodisbasedoncostofgoodssold(所有销售都是赊销所有计算都以365天为一年应付账款周转天数以商品销售成本为基础)Assets资产Current:流动Cash现金$500000Accountsreceivable应收账款1666667Inventory存货1000000Totalcurrentassets全部流动资产3166667Netfixedassets净固定资产1833333Totalassets全部资产$5000000Liabilitiesandshareholders’equity负债和所有者权益Currentliabilities流动负债Accountspayable应付账款$460274Short-termdebt短期借款859170Totalcurrentliabilities全部流动负债1319444Long-termdebt长期借款2680556Shareholders’equity所有者权益1000000Totalliabilitiesandequity全部负债和所有者权益$
5000001.Sales/365=Cash/Dayssalesincash销售收入/365=(现金/销售的现金)=500000/15=
333332.Accountsreceivable=Collectionperiod*Creditsalesperday=Collectionperiod*Slaes/365应收账款=应收账款回收期*每天的销售收入=应收账款回收期*(销售收入/365)=50*33333=
16666673.Costofgoodssold=Inventoryturnover*Endinginventory商品销售成本=存货周转率*期末存货=6*1000000=
60000004.Accountspayable=Payablesperiod*Costofgoodssold/365应付账款=应付账款回收期*(商品销售成本/365)=28*6000000/365=
4602745.Currentliabilities=Currentassets/Currentratio流动负债=流动资产/流动比率=3166667/
2.4=
13194446.Totalliabilities=Assets*Liabilitiestoassets全部负债=资产*资产负债比率=5000000*
0.8=
40000007.Shareholders’equity=Totalassets-Totalliabilities所有者权益=全部资产-全部负债=5000000-4000000=1000000Chapter3Percent-of-salesforecasting:销售百分比预测法P88名解Onewaytotiemanyoftheincomestatementandbalancesheetfigurestofuturesales.一种将利润表和资产负债表中的数字与未来的销售联系起来的方法Cashbudget:名解P105Thecashbudgetisoneofthemostimportantelementsofthebudgetedbalancesheet.Thecashbudgetpresentstheexpectedreceiptsinflowsandpaymentsoutflowsofcashforaperiodoftime.百度的P110判断对错以下是对的
2.Proformastatementsarethebestall-aroundmeansoffinancialforecasting.Theyareaprojectionofthecompanysincomestatementandbalancesheetattheendoftheforecastperiod.模拟财务报表是最好的一种财务预测方法,它是对预测期结束时公司的利润表和资产负债表进行预计
6.Computersarevaluablealliesinfinancialplanning.Theygracefullysolvetheinterdependencyproblembetweeninterestexpenseandexternalfundingneeds.andtheygreatlyfacilitateuseofsensitivityanalysisscenarioanalysisandsimulationtostresstesttheplans.计算机是财务分析的好帮手,完美地解决了利息费用和外部融资需要量互为变量的问题,它们还有助于使用敏感性分析、场景分析和模拟来对计划进行“压力测试”
7.Acashbudgetisalessgeneralwaytoforecastthanproformastatements.Itconsistsofalistofanticipatedcashreceiptsanddisbursementsandtheirneteffectonthefirmscashbalances.Whendonecorrectlyandusingthesameassumptionscashbudgetsandproformastatementsgeneratethesameestimatedneedforoutsidefinancing.现金预算作为预测方法的通用程度低于模拟财务报表现金预算由一系列的预计现金收入、预计现金支出及其对公司现金余额的净影响列表构成如果使用相同的假设,并且编制正确,现金预算与模拟财务报表所估计的外部融资需要量相同P112问答题课后第1题Supposeyouconstructedaproformabalancesheetforacompanyandtheestimateforexternalfinancingrequiredwasnegative.Howwouldyouinterpretthisresult假设你为一家公司编制了一份模拟资产负债表,该公司的外部融资需要量估计为负数,对此你应作何解释?Anegativevalueimpliesthatthecompanyhasexcesscashaboveitsdesiredminimum.Youcandemonstratethisonthebalancesheetbysettingtheexternalfundingrequirementtozeroandaddingtheabsolutevalueoftheexternalfinancingrequiredtocash.负债意味着公司的现金多于最低需要量,要证明这一点,你可以用资产负债表中的现金加上外部融资需要量的绝对值,这是外部融资需要量为
0.P113计算题课后第5题
5、Usingacomputerspreadsheettheinformationpresentedbelowandthemodifiedequationsdeterminedinquestion4aboveextendtheforecastforRESuppliescontainedinTable
3.5through
2007.IsRE’sexternalfinancingrequiredin2007higherorlowerthanin2006Projectedexternalfinancingrequirementsin2007areover$1millionhigherthanin
2006.2007年度RE供应公司的模拟预测利润表销售净额33496销售成本28807毛利4689行政、销售与管理费用3685利息费用327税前利润677所得税305税后利润372股利186留存收益增加186资产负债表流动资产9714固定资产净值270资产合计9984流动负债4823长期负债560权益1994负债与所有者权益合计7377外部融资需要量2607由题目知
(1)07年销售净增长率=30%销售净额=上年的销售净额×(1+30%)=25766×
1.3=33496
(2)销售成本/销售净额=86%销售成本=销售净额×86%=33496×
0.86=28807
(3)毛利=销售净额-销售成本=33496-28807=46894)行政、销售与管理费用/销售净额=11%行政、销售与管理费用=销售净额×11%=33496×
0.11=3685
(5)设外部资金需要量为X由题目知,长期负债=560,长期负债即将到期部分=100利率=10%则利息费用=(长期负债+长期负债即将到期部分+X)×10%=(560+100+X)×10%=66+
0.1X
(6)税前利润=毛利-行政、销售与管理费用-利息费用=4689-3685-(66+
0.1X)=938-
0.1X
(7)所得税=税前利润×45%=(938-
0.1X)×
0.45=422-
0.045X
(8)税后利润=税前利润-所得税=938-
0.1X-(422-
0.045X)=516-
0.055X
(9)股利/税后利润=50%可知股利=税后利润×50%=(516-
0.055X×50%=258-
0.0275X10)留存收益=税后利润-股利=516-
0.055X-(258-
0.0275X)=258-
0.0275X由题目可知流动资产/销售净额=29%,固定资产净值=270,流动负债/销售净额=
14.4%1流动资产=销售净额×29%=33496×29%=97142流动负债=销售净额×
14.4%=33496×
14.4%=48233权益=股利+06年的股东权益=258-
0.0275X+1808=2066-
0.0275X4资产合计=流动资产+固定资产净值=9714+270=99845负债与股东权益合计=流动负债+长期负债+权益=4823+560+2066-
0.0275X=7449-
0.0275X6外部资金需求量=资产合计-负债与股东权益合计X=9984-7449-
0.0275X得出,
0.9275X=2535,X=
2606.68≈26072607-1548=1059≈1000利息费用=66+
0.1X=66+2607×
0.1=327税前利润=938-
0.1X=677所得税=422-
0.045X=305税后利润=税前利润-所得税=677-305=372股利=税后利润×50%=372×50%=186留存收益=税后利润-股利=372-186=186权益=2066-
0.0275X=2066-
0.0275×2607=1994Chapter4P119名词解释1Sustainablegrowthrate:Thisisthemaximumrateatwhichcompanysalescanincreasewithoutdepletingfinancialresources.可持续增长率指在不需要耗尽财务资源的情况下,公司销售所能增长的最大比率P126问答题
2.WhattodowhenactualCrowthExceedsSustainableCrowth当实际增长超过可持续增长时怎么办Thefirststepistodeterminehowlongthesituationwillcontinue.Ifthecompany`sgrowthrateislikelytodeclineinthenearfutureasthefirmreachesmaturitytheproblemisonlyatransitoryonethatcanprobablybesolvedbyfurtherborrowing.Forlonger-termsustainablegrowthproblemssomecombinationofthefollowingstrategieswillbenecessary.第一步要判定这种情况将会持续多久假如公司随着成熟期的接近,增长率在不远的将来极有可能会下降,则这只是一个过渡性问题,通过再多借款可能就可以解决而对于长期的可持续增长问题,以下策略的某些组合将是必不可少的Sellnewequity发售新股Increasefinancialleverage提高财务杠杆Reducethedividendpayout减少股利支付率Pruneawaymarginalactivities非核心业务的剥离Outsourcesomeorallofproduction寻求外购Increaseprices提高价格Mergewithacashcow兼并“现金牛”P141判断对错以下是对的
2.Moregrowthisnotalwaysablessing.Withoutcarefulfinancialplanningcompaniescanliterallygrowbroke.高增长不总是一种福音,没有仔细的财务计划,公司的确有可能破产
3.Acompany`ssustainablegrowthrateisthemaximumrateatwhichitcangrowwithoutdepletingfinancialresources.Sustainablegrowthdoesnotassumeconstantdebt.Itassumesdebtwillincreaseinproportiontothegrowthinequity.一个公司的可持续增长率指公司在不耗尽财务资源下可能达到的最大增长率可持续增长没有假设债务不变他假设债务将于权益的增长同比例增加
5.Ifacompany`sactualgrowthratetemporarilydiffersfromitssustainablegrowthratechangeincompanydebtcanprobablyaccommodatetheimbalance.假设一个公司的实际增长率暂时不同于可持续增长率,改变公司的债务或许可以调节不平衡P142判断正误课后第1题
1.TUREORFALSEa.Acompany`ssustainablegrowthrateisthehighestgrowthrateinsalesitcanattainwithoutissuingnewstock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率(F)b.Thestockmarketisareadysourceofnewcapitalwhenacompanyisincurringheavylosses.(F)c.Sharerepurchasesusuallyincreaseearningspershare.当一家公司蒙受惨重损失时,股票市场即为它随时可动用的新的资本来源(T)d.Companiesoftenbuybacktheirstockbecausemanagersbelievethesharesareundervalued.因为管理者相信股票被低估了,所以公司经常买回它们的股票(T)e.Onlyrapidlygrowingfirmshavegrowthmanagementproblems.只有快速增长的公司才有增长管理的问题(F)f.Increasinggrowthincreasesstockprice.提高增长增加股票价格(F)p143计算题课后第3题
3.PCAInternationalInc.isoneoflargestcolorportrait(肖像)photographychains连锁店inNorthAmerica.ThecompanyphotographsdevelopsandsellsportraitpackagesthroughstudiosoperatedinKmartstores.Followingareselectedfinancialdataforthecompanyfortheperiod1991-
1995.19911992199319941995Profitmargin%
4.
85.
53.
33.
05.3Retentionratio%
78.
465.
753.
747.
871.9Assetturnover
4.
33.
12.
72.
42.4Financialleverage
5.
64.
22.
02.
01.8Growthrateinsales%
6.
98.
06.
22.
90.1a.CalculatePCA’ssustainablegrowthrateineachyear.19911992199319941995g*%
90.
6247.
059.
606.
8816.4691年g*=
4.8%*
78.4%*
4.3*
5.6=
90.62%92年g*=
5.5%*
65.7%*
3.1*
4.2=
47.05%93年g*=
3.3%*
53.9%*
2.7*
2.0=
9.60%94年g*=
3.0%*
47.8%*
2.4*
2.0=
6.88%95年g*=
5.3%*
71.9%*
2.4*
1.8=
16.46%b.Comparingthecompany’ssustainablegrowthratewithitsactualgrowthrateinsaleswhatgrowthproblemsdidPCAfaceoverthisperiod比较可持续增长率与实际销售增长率这段时期PCA所面临的成长问题是什么?PCA’ssustainablegrowthrateineveryyearexceededitsactualgrowthratebyawidemargin.ThecompanywasgeneratingmorecashfromoperationsthanitcouldproductivelyemployItschallengewaswhattodowiththeexcesscash每一年的可持续增长率都远大于实际增长率公司从生产经营中产出的现金比所能实际运用的现金还要多,公司的挑战在于如何处理这些盈余的资金c.Howdidthecompanycopewiththeseproblems公司如何处理这些问题?PCAcopedwithactualgrowthbelowsustainablelevelsintwoways.Italloweditsassetturnovertofallfrom
4.3timesin1991to
2.4timesin1995anditsharplyreduceditsdebtfrom
5.6timesin1991to
1.8timesin
1995.PCA通过两条途径处理实际增长率低于可持续增长率的问题
1、PCA允许它的资产周转率从91年的
4.3倍降到95年的
2.4倍;
2、迅速减少债务使财务杠杆从91年的
5.6倍降到95年的
1.8倍d.InMarch1995PCAannounceda$
7.5millionstockbuybackaboutequalinsizetoearningsthatyear.Fromagrowthmanagementperspectivewasthisawisemove1995年3月,PCA宣告回购750万美元的股票,大约相当于那一年的收益从成长管理前景看,这是一个明智之举吗?StockrepurchasemadesenseforPCA.Theyappeartohavelittleproductiveuseforthemoneytheyearnwithinthefirmsotheyshouldreturnittotheownerseitherasdividendsorintheformofasharerepurchase.对于PCA而言,股票回购是有意义的在公司内似乎没有能有效地用所赚取的钱的地方,所以,公司应该将钱还给它的股东,无论是以股利还是股票回购的方式p145计算题课后第5题UnionFidelityCompanyUFChasthefollowingratiosfortheyears1999through2003:UnionFidelity公司UFC1999--2003年间的财务比率如下20002001200220032004Profitmargin%利润率
38.
537.
937.
338.
538.7Retentionratio%留存收益比率
100.
0100.
0100.
0100.
0100.0Assetturnover资产周转率
0.
20.
20.
30.
30.3Financialleverage财务杠杆
1.
31.
41.
41.
51.8Growthrateinsales%销售增长率
53.
236.
446.
549.
340.6A.CalculateUFC’ssustainablegrowthrateineachyear.计算RHI公司每一年的可持续增长率20002001200220032004可持续增长率
10.
010.
615.
717.
320.9实际增长率
53.
236.
446.
549.
340.6B.DoesUFChaveagrowthproblemUFC公司是否出现增长问题UFCdoeshaveasustainablegrowthproblem.Itssustainablegrowthrateismuchlowerthanitsactualgrowthrate.UFC公司确实存在可持续增长问题它的可持续增长率远低于实际增长率C.HowdidUFCcopewithitssustainablegrowthproblemUFC公司如何应付它的可持续增长问题Theincreaseinassetturnoverandfinancialleverageishelpingincreasethesustainablegrowthrate.Butthespreadbetweenthetworatesisstillsubstantialin
2003.提高资产周转率和财务杠杆有助于提高可持续增长率不过直到2003年,可持续增长率和持续增长率之间的差距仍然存在D.CalculateUFC’ssustainablegrowthratein2003assumingtheassetturnoverincreasesto
0.4andthefinancialleveragedecreasesto
1.6times.假设UFC公司的资产周转率提高到
0.4,而财务杠杆降低为
1.6倍,计算其在2003年的可持续增长率g*=PRAT^=
0.387*
1.0*
0.4*
1.6=
24.8%Chapter6P208名词解释Interesttaxshield:税盾(节税)Manybelievethissubsidyfrequentlyknownastheinteresttaxshieldfromdebtfinancingisthechiefbenefitofdebtfinancing.Itisavailabletoanycompanyusingdebtfinancingprovidedonlythatthecompanyhassufficienttaxableincometoshield.许多人相信,这种源于债务筹资的,常被称为利息避税的津贴乃是债务筹资的主要利益之所在它对任何利用债务筹资的公司都行之有效,唯一的前提是公司有足够多的应税收入可避税P231判断对错以下是对的2Acompany`sfundamentalgoalwhenevaluatingfinancingoptionsshouldbetosupportitsbusinessstrategy.在评价筹资决策选择权时,公司的基本目标应该是为它的经营战略提供支持
5.MMs`irrelevancepropositionarguesthatthevalueshareholdersassigntoagivencashflowstreamisindependentofthewaythestreamisfinanced.Financingdecisionsarethusimportanttotheextentthattheychangetheexpectedcashflowsgeneratedbythefirmandthebestfinancingchoiceistheonethatmaximizesexpectedcashflows.MM的无关论定理认为,股东分配到给定现金流中的价值独立于现金流的筹资方式筹资决策改变了公司产出的预期现金流因而极其重要,最好的筹资决策是能使预期现金流最大化的筹资决策
9.Newequityfinancingisnotalwaysavailableonagreeableterms.Amajorconcerninmostfinancingdecisionsistheeffectoftoday`sfinancingchoiceontomorrow`soptions.Decisionsthatconstrainfuturefinancingoptionsreducefinancialflexibility.在适当的时期新的权益筹资也并不是总是能够成功的大多数筹资决策主要关心的是今天的筹资决策对将来决策选择权的影响限制未来筹资选择权的决策会减少公司的财务弹性P232问答题课后第1题
1.HeadquarteredinGermanySAPAgisaleaderintheenterpriseapplicationsoftwarebusiness.GeneralMotorsistheworld`slargestcarmanufacturer.WhichcompanydoyouthinkwouldbearheaviercostsintheeventoffinancialdifficultiesWhyWhatdoesthisimplyfortheirrespectivecapitalstructures总部设在德国的SAPAg公司是企业应用软件行业的领先者通用汽车公司是世界上最大的汽车生产商你认为哪个公司能够承受更高的财务困境成本?为什么?对于它们各自的资本结构来说这意味着什么?解答SAPAGprimarilyabusinesssoftwarecompanywouldfacemuchhigherdistresscoststhanGeneralMotorsbecauseamuchgreaterproportionofitsassetsisintangible.ForthisreasonSAPAGshouldhavethemoreconservativecapitalstructure.由于主营商业软件的SAP公司的无形资产在总资产中占了较大的比例,所以SAP公司比通用汽车公司面临更高的财务困境成本因此,SAP公司应该要有更为保守的资本结构P232问答题课后第2题
2.Explainhowacompanycanincurcostsoffinancialdistresswithoutevergoingbankrupt.Whatisthenatureofthesecosts请解释公司怎样既让财务困境成本发生,而又不走到破产的地步这些财务困境成本的本质是什么?
①Thetaxbenefitsofdebtfinancingpredominateatlowdebtlevelsbutasdebtincreasesthecostsoffinancialdistressgrowtothepointwheretheyoutweighthetaxadvantages.Theappropriatedebtleveltheninvolvesajudiciousbalancingoftheseoffsettingcostsandbenefits.当使用负债时,需要权分正负效果,找到一个较合适的负债水准因为当负债比重逐渐上升时,税盾的效果会随着增加;但是达到一定水准后,破产成本呈现大幅度增长,将损及税盾效果
②Thestcostscomeinatleastthreeflavors——bankruptcycostsindirectcostsandconflictsofinterest.财务困境成本至少由三个方面——破产成本、间接成本、利益冲突P235计算题课后第11题
11.AsthefinancialvicepresidentforAetherMediayouhavethefollowinginformation:作为AetherMedia的财务副总裁,您有以下信息Expectnetincomeaftertaxnextyearbeforenewfinancing$40millionSinking-fundpaymentsduenextyearonexistingdebt$14millionInterestduenextyearonexistingdebt$15millionCompanytaxrate36%Commomstockpricepershare$20Commomsharesoutstanding18million预计明年进行新的融资前税后净收益4000万美金支付明年到期现有债务的偿债基金1400万美金现有债务明年应支付的利息1500万美金公司税率36%普通股价格,每股20美金普通流通股1800万美金A.CalculateAether’stimes-interest-earnedratiofornextyearassumingthefirmraises$40millionofnewdebtataninterestrateof7percent.假设公司在利率为7%的前提下提出了4000万美金的债务,计算Aether的下一年利息保障倍数比率EBIT=NetIncome+Tax+Interest=40/1-36%+15=$
77.5millionInterestExpense=15+40*7%=$
17.8millionTimes-interest-earned=EBIT/InterestExpense=$
77.5/$
17.8≈
4.35timesB.CalculateAether’stimes-burden-coveredratioforthenextyearassumingannualsinking-fundpaymentsonthenewdebtwillequal$8million.假设每年偿债基金支付的新的债务为800万美金,计算出Aether的下一年偿债比率Burdenofinterestandsinkingfundbeforetax=interestexp.+sinkingfund/1-t=
17.8+14+8/1-36%=$
52.175millionTimesburdencovered=EBIT/
52.175=
77.5/
52.175≈
1.49timesC.Calculatenextyear’searningspershareassumingAetherraisesthe$40millionofnewdebt.假设Aether提出了4000万美金的新债务,计算出明年的每股收益EPS=EBIT-Int.exp1-t/commonshareoutstanding=
77.5-
17.81-36%/18≈$
2.12D.Calculatenextyear’stimes-interest-earnedratiotimes-burden-coveredratioandearningspershareifAethersells2millionnewsharesat$20ashareinsteadofraisingnewdebt.如果Aether出售200万股新股,每股20美金,而不是增加新的债务,计算出明年的利息保障倍数比率、偿债倍数和每股收益Times-interest-earned=EBIT/InterestExpense=$
77.5/$15=
5.17timesTimesburdencovered=EBIT/[int.exp+sinkingfund/1-t]=
77.5/[15+14/1-36%]≈
2.10timesEPS=EBIT-Int.exp1-t/commonshareoutstanding=
77.5-
17.81-36%/18+2=$2Chapter7P240名词解释Figuresofmerit:价值数字Afiguresofmeritisanumbersummarizinganinvestment`seconomicworth.Acommonfigureofmeritistherateofreturn.价值数字是一项综合投资的经济价值的一个数值通用的价值数字是收益率P241名词解释ThepaybackperiodOneknownasthepaybackperiodisdefinedasthetimethecompanymustwaitbeforerecoupingitsoriginalinvestment.其中一个价值数字被称为回收期他被定义为公司在原始投资获得补偿之前必须等待的时间P242简答,三个原因
1.Thetimevalueofmoney:货币的时间价值Thisisthenationofthetimevalueofmoneyanditexistsforatleastthreereason:他的存在至少有三个理由
(1)Oneisthatinflationreducesthepurchasingpoweroffuturedollarsrelativetocurrentones;其一,通货膨胀减少了未来美元相对于当前美元的购买力
(2)anotheristhatinmostinstancestheuncertaintysurroundingthereceiptofadollarincreasesasthedateofreceiptrecedesintothefuture其二,能否收到美元的不确定性随着收款日期的推远而增加
(3)Athirdreasonmoneyhasatimevalueinvolvestheimportantnotionofopportunitycosts.第三个理由包含着机会成本这个重要的概念P269判断对错
3.Moneyhasatimevaluebecauseriskcustomarilyincreaseswiththefuturityofaneventbecauseinflationreducesthepurchasingpoweroffuturecashflowsandbecausewaitingforfuturecashflowsinvolvesalostopportunitytomakeinteriminvestments.货币具有时间价值的缘由是风险通常随着事件发生时间的远去而增大;通货膨胀使未来现金流量的购买力下降;等待未来现金流量含有等待期内失去的投资机会
4.Thepaybackperiodandtheaccountingrateofreturnignorethetimevalueofmoneyandhenceareinferiorfiguresofmerit.Thepaybackperiodhoweverisausefulindicatorofinvestmentrisk.回收期和会计收益率忽视了货币的时间价值,因而是较差的价值数字然而,回收期是有用的投资风险指标P
2771.Answerthefollowingquestionsassumingtheinterestrateis10percent.假定利率是10%,回答下列问题A.Whatisthepresentvalueof$1000tobereceivedin4years4年后收到的1000美元的现值是多少?n=4i=10%FV=1000PV=1000*P/Fin=1000*
0.683查附录A=$683B.Whatisthepresentvalueof$1000in8yearsWhydoesthepresentvaluefallasthenumberofyearsincreases8年后1000美元的现值是多少?为什么现值会随着年数的增加而减少?n=8i=10FV=1000PV=1000*P/Fin=1000*
0.467查附录A=$467Therearethreereasons.Oneisthatinflationreducesthepurchasingpoweroffuturedollarsrelativetocurrentonesanotheristhatismostinstancestheuncertaintysurroundingthereceiptrecedesintothefuture.Athirdreasonisitexistsopportunitycosts.有三个原因导致现值的减少第一,物价的上涨使得未来货币的购买力低于现在的货币,所以随着时间的推移,未来货币的购买力不断下降,现值也不断减少;第二,不确定的环境因素使得借款费用逐年增加,未来货币可以借得的货币量下降,现值不断减少;第三,存在着机会成本C.Howmuchwouldyoupayfortherighttoreceive$5000attheendofyear1$4000attheendofyear2and$8000attheendofyear10为了取得在第一年末获得$5000的权利,你现在必须支付多少?第二年末获得$4000呢?第十年末获得$8000呢?1n=1i=10%FV=5000PV=5000*
0.909=$
4545.452n=2i=10%FV=4000PV=4000*
0.826=$
3305.793n=10i=10%FV=8000PV=8000*
0.386=$
3084.35PV=
4545.45+
3305.79+
3084.35=$
10935.59D.Howmuchwouldyoupayfora10-yearbondwithaparvalueof$1000anda7percentcouponrateAssumeinterestispaidannually.为了购得面值为$
1000、票面利率为7%的10年期债券,你必须给多少钱?假定每年付息一次PMT=7%*1000=70FV=1000i=10%n=10PV=70*
6.145+1000*
0.386=
816.15据课本表格查到的数值E.Howmuchwouldyoupayforashareofpreferredstockpayinga$5-per-shareannualdividendforever购买一股每股支付$5永续年红利的优先股,你必须支付多少钱?股利=$5i=10%PV=5/10%=$50F.Whatwillbethevaluein7yearsof$12000investedtoday今天投资$120007年后将值多少?PV=12000i=10%n=7FV=12000*1+10%7=$
23384.61G.Howlongwillittakefora$2000investmenttodoubleinvalue2000美元的投资要多久才能价值4000美元?从题目中我们知道i=10%PV=2000FV=
4000.所以2000*1+10%^n=4000n=log2/log11=
7.27H.Whatwillbethevaluein20yearsof$500investedattheendofeachyearforthenext20years在20年里的每年年底投资500美元在20年后的价值是多少?从题目中知道n=20i=10%PMT=-500PV=0PV=-500*
8.514+FV*
0.149=0所以FV=
28570.47I.Acouplewishestosave$250000overthenext18yearsfortheirchild`scollegeeducation.Whatuniformannualamountmusttheydepositattheendofeachyeartoaccomplishtheirobjective一对夫妇想在接下去的18年里节省超过25万美元的钱作为他们孩子的大学学费那他们需要在每年年底存多少钱才能完成他们的目标?从题目中知道n=18i=10%PV=0FV=250000PV=PMT*
8.201+250000*
0.18PMT=-
5487.14J.Whatreturndoyouearnifyoupay$22470forastreamof$5000paymentslastingtenyearsWhatdoesitmeanifyoupaylessthan$22470forthestreamMorethan$22470如果现在支付22470美元,以后连续10年每年获得5000美元的收益,那么内含收益率是多少?支付少于22470美元的内含收益率将会是多少多于22470美元的时候呢?从题目中知道n=10i=10%PV=-22470PMT=5000FV=0设年金和值为xNPV=5000x-22470=0x=
4.484IRR=18%如果支付低于22470,x就会低于
4.494,IRR就会高于18%反之IRR就低于18%KHowlongmustastreamof$600paymentslasttojustifyapurchasepriceof$600000Supposethestreamlastedonlyfiveyears.Howlargewouldthesalvagevalueliquidatingpaymentneedtobetojustifytheinvestmentof$600000一个600美金的可疑交易必须要多久去证明它是一个600000美金的正当购买?假装这个可疑交易只持续5年需要多大价值的救助酬金(清算支付)去证实这项600000的投资是正当的?IfthestreamlastedforeverPV=600/.10=$
6000.hencethestreammustbeaperpetuitu.ifthestreammustbeaperpetuity.ifthestreamlastedonlyfiveyearsthesalvagevaluewouldhavetobe$
6000.thisistheamountrequiredtobeinvestedat10percenttogenerate$600peryearinperpetuityfromyear5on.如果这项交易永远持续下去,PV=600/
0.10=$
6000.因此,这项交易必须永久如果这项交易只持续5年,残值$6000,这是要求将10%投资于产生每年600元,从第五年永久的金额L.Aninvestmentof$1300todayreturns$61000in50years.Whatistheinternalrateofreturnonthisinvestment一项即时1300美金的投资带来在50年内61000美金的回报这项投资的内在回报率是多少?从题目中可知:n=50PV=-1300PMT=0FV=61000令复利现值为x,61000x=1300x=
0.021当n=50时IRR=8%M.Acompanyisplanningtosetasidemoneytorepay$150millioninbondsthatwillbecomingduein8years.Howmuchmoneywouldthecompanyneedtosetasideattheendofeachyearforthenext8yearstorepaythebondswhentheycomedueHowwouldyouranswerchangeifthemoneyweredepositedatthebeginningofeachyear一家公司计划拨出款项去偿还在8年内即将到期的150百亿美金的债券这家公司每年年末需要拨出多少资金去偿还这项8年内到期的债券?如果资金从一开始就积累你如何让作答?从题目中可知:n=8i=10%PV=0FV=150PV=PMT*
5.335+150*
0.467=0所以PMT=-
13.13Ifthemoneyisdepositedattheatthebeginningofeachyearbringthe$
13.12milliondepositforwardoneyear.Thevalueis$
11.93millionl如果这些钱是存放在每年年初,带来
13.12million美元的存款一年价值是$
11.93million由题目可知:n=1i=10%FV=
13.12PV=FV*
0.909所以PV=-
11.93。