公司理財(cái)部分課后答案

1、Chapter 1GoalOFFirmN0.2,3,4,5,10.2. Not-for-ProfitFirmGoalsSupposeyouwerethefinancialmanagerofanot-for-profitbusiness(anot-for-profithospital,perhaps).Whatkindsofgoalsdoyouthinkwouldbeappropriate?答：所有者權(quán)益的市場(chǎng)價(jià)值的最大化。3. GoaloftheFirmEvaluatethefollowingstatement:Managersshouldnotfocusonthecurrentstockva

2、luebecausedoingsowillleadtoanoveremphasisonshort-termprofitsattheexpenseoflong-termprofits.答：錯(cuò)誤；因?yàn)楝F(xiàn)在的股票價(jià)值已經(jīng)反應(yīng)了短期和長(zhǎng)期的的風(fēng)險(xiǎn)、時(shí)間以及未來現(xiàn)金流量。4. EthicsandFirmGoalsCanthegoalofmaximizingthevalueofthestockconflictwithothergoals,suchasavoidingunethicalorillegalbehavior?Inparticular,doyouthinksubjectslikecustomera

3、ndemployeesafety,theenvironment,andthegeneralgoodofsocietyfitinthisframework,oraretheyessentiallyignored?Thinkofsomespecificscenariostoillustrateyouranswer.答：有兩種極端。一種極端，所有的東西都被定價(jià)。因此所有目標(biāo)都有一個(gè)最優(yōu)水平，包括避免不道德或非法的行為，股票價(jià)值最大化。另一種極端，我們可以認(rèn)為這是非經(jīng)濟(jì)現(xiàn)象，最好的處理方式是通過政治手段。一個(gè)經(jīng)典的思考問題給出了這種爭(zhēng)論的答案：公司估計(jì)提高某種產(chǎn)品安全性的成本是30萬美元。然而，該公司

4、認(rèn)為提高產(chǎn)品的安全性只會(huì)節(jié)省20萬美元。請(qǐng)問公司應(yīng)該怎么做呢？”5. InternationalFirmGoalWouldthegoalofmaximizingthevalueofthestockdifferforfinancialmanagementinaforeigncountry?Whyorwhynot?答：財(cái)務(wù)管理的目標(biāo)都是相同的，但實(shí)現(xiàn)目標(biāo)的最好方式可能是不同的(因?yàn)椴煌膰?guó)家有不同的社會(huì)、政治環(huán)境和經(jīng)濟(jì)制度)10. GoalofFinancialManagementWhyisthegoaloffinancialmanagementtomaximizethecurrentvalueo

5、fthecompany'sstock?Inotherwords,whyisn'tthegoaltomaximizethefuturevalue?答：最大化現(xiàn)在公司股票的價(jià)格和最大化未來股票價(jià)格是一樣的。股票的價(jià)值取決于公司未來所有的現(xiàn)金流量。從另一方面來看，支付大量的現(xiàn)金股利給股東，股票的預(yù)期價(jià)格將會(huì)上升。Chapter 21. BuildingaBalanceSheetSankey,Inc.,hascurrentassetsof$4,900,netfixedassetsof$25,000,currentliabilitiesof$4,100,andlong-termdebto

6、f$10,300.Whatisthevalueoftheshareholders'equityaccountforthisfirm?Howmuchisnetworkingcapital?=25000-10300=14700答：所有者權(quán)益=資產(chǎn)-負(fù)債theshareholders'equityaccount凈運(yùn)營(yíng)資本噬動(dòng)資產(chǎn)-流動(dòng)負(fù)債networkingcapital=4900-4100=800損益表銷售額435000成本216000折舊40000息稅前利潤(rùn)179000利息費(fèi)用21000稅前利潤(rùn)158000稅收（35%>55300凈利潤(rùn)102700答:2. Building

7、anIncomeStatementShelton,Inc.,hassalesof$435,000,costsof$216,000,depreciationexpenseof$40,000,interestexpenseof$21,000,andataxrateof35percent.Whatisthenetincomeforthefirm?Supposethecompanypaidout$30,000incashdividends.Whatistheadditiontoretainedearnings?息稅前利潤(rùn)=銷售額-成本-折舊稅前利潤(rùn)=息稅前利潤(rùn)-利息費(fèi)用稅收=稅前利潤(rùn)x35%凈利潤(rùn)=稅

8、前利潤(rùn)-稅收凈利潤(rùn)=股利+留存收益，即留存收益=凈利潤(rùn)-股利=102700-30000=727004. CalculatingTaxesTheStefaniCo.had$198,000intaxableincome.UsingtheratesfromTable2.3inthechapter,calculatethecompany'sincometaxes.Whatistheaveragetaxrate?Whatisthemarginaltaxrate?(表2.3P23)答：0.15x50000=75000.25x(75000-5000)=62500.34x(100000-75000)=

9、85000.39x(198000-100000)=38220稅款總額=7500+6250+8500+38220=60470平均稅率=60470/198000=0.3054邊際稅率=0.3913. BuildinganIncomeStatementDuringtheyear,theSenbetDiscountTireCompanyhadgrosssalesof$925,000.Thefirm'scostofgoodssoldandsellingexpenseswere$490,000and$220,000,respectively.Senbetalsohadnotespayableof$

10、740,000.Thesenotescarriedaninterestrateof4percent.Depreciationwas$120,000.Senbet'staxratewas35percent.a. WhatwasSenbet'snetincome?b. WhatwasSenbet'soperatingcashflow?答:損益表銷售額925000成本490000銷售費(fèi)用220000折舊120000凈利潤(rùn)為42510息稅前利潤(rùn)95000經(jīng)營(yíng)現(xiàn)金流量=息稅前利潤(rùn)+折舊-稅收利息費(fèi)用29600=192110稅前利潤(rùn)65400稅收（35%22890凈利潤(rùn)425101

11、7. MarginalversusAverageTaxRates(RefertoTable2.3.)CorporationGrowthhas$82,500intaxableincome,andCorporationIncomehas$8,250,000intaxableincome.a. Whatisthetaxbillforeachfirm?b. Supposebothfirmshaveidentifiedanewprojectthatwillincreasetaxableincomeby$10,000.Howmuchinadditionaltaxeswilleachfirmpay?Whyi

12、sthisamountthesame?答：a.成長(zhǎng)公司應(yīng)納稅額=5000OX15%+2500025%+1000034%=17150盈利公司應(yīng)納稅額=50000X15%+2500025%+2500034%+23500039%+816500034%=2890000b.10000X34%=3400邊際稅率都為34%因?yàn)樗行庐a(chǎn)生的現(xiàn)金流量都按邊際稅率征稅。22.FinancialStatementsDrawupanincomestatementandbalancesheetforthiscompanyfor2014and2015.201420151Sales$生402510,091Depriciat

13、ionIJSO1351Coseofsold3,13S3t672Othereitpentes767641Interest630724Cash&244Accountsreceiwable652773&2Shprt-temnpayable9S3B?5Long-termdebt”1132&0Netfixedassets4134642邛2Accountspayable5,1775.022Inventory1L6O411,916DivkJ印出1,1471261資產(chǎn)負(fù)債和所有者權(quán)益2014201520142015流動(dòng)資產(chǎn)流動(dòng)負(fù)債現(xiàn)金49316244應(yīng)付票據(jù)953895應(yīng)收賬款6527

14、7352應(yīng)付賬款51795022存貨1160411926小計(jì)61325917小計(jì)2306225522固定資產(chǎn)長(zhǎng)期負(fù)債1615219260凈固定資產(chǎn)4134642332所有者權(quán)益4212442677資產(chǎn)總額6440867854負(fù)債和所有者權(quán)益總額26440867854損益表20142015利息630724銷售額940210091股禾U11471261銷售成本32353672息稅前利潤(rùn)40504427折舊13501351稅前利潤(rùn)34203703其他費(fèi)用767641稅收（34%1162.81259.02凈利潤(rùn)2257.22443.98留存收益1110.21182.98Chapter34.Sustai

15、nableGrowthInthechapter,weusedRosengartenCorporationtodemonstratehowtocalculateEFN.TheROEforRosengartenisabout7.3percent,andtheplowbackratioisabout67percent.IfyoucalculatethesustainablegrowthrateforRosengarten,youwillfinditisonly5.14percent.InourcalculationforEFN,weusedagrowthrateof25percent.Isthisp

16、ossible?（Hint:Yes.How?）（可持續(xù)增長(zhǎng)在本章的我們使用Rosengarten公司演示了如何計(jì)算EFN外匯融資需求。其ROE權(quán)益報(bào)酬率約為7.3%再投資率約為67%如果你計(jì)算其可持續(xù)增長(zhǎng)率，你會(huì)發(fā)現(xiàn)它只有5.14%我們?cè)谟?jì)算EFN時(shí)，采用的增長(zhǎng)率是25%。這可能嗎？提示：是。怎么做？）答：可能；可持續(xù)發(fā)展公式的兩個(gè)假設(shè)條件是公司都不想賣股權(quán)，財(cái)務(wù)政策是固定的。由于ROE銷售利潤(rùn)率X總資產(chǎn)周轉(zhuǎn)率X權(quán)益權(quán)數(shù)，因此可以采取提高外部股權(quán)、提高銷售利潤(rùn)率（經(jīng)營(yíng)效率）、提高總資產(chǎn)周轉(zhuǎn)率（資產(chǎn)使用效率）、提高權(quán)益乘數(shù)（增加負(fù)債權(quán)益比，融資政策）或者改變股利政策提高留存比率的方法來實(shí)現(xiàn)高于可

17、持續(xù)增長(zhǎng)率的速度增長(zhǎng)。（課本P86-89）6.Common-SizeFinancialsOnetooloffinancialanalysisiscommon-sizefinancialstatements.Whydoyouthinkcommon-sizeincomestatementsandbalancesheetsareused?Notethattheaccountingstatementofcashflowsisnotconvertedintoacommon-sizestatement.Whydoyouthinkthisis?（同比財(cái)務(wù)報(bào)表：財(cái)務(wù)分析的一種工具是常用的財(cái)務(wù)報(bào)表。為什么你認(rèn)為

18、同比收入報(bào)表和資產(chǎn)負(fù)債表被使用？請(qǐng)注意，現(xiàn)金流量會(huì)計(jì)報(bào)表沒有轉(zhuǎn)換成同比報(bào)表。你認(rèn)為這是為什么？）答：共同比利潤(rùn)表為財(cái)務(wù)經(jīng)理提供公司的比率分析。例如，共同比利潤(rùn)表可以顯示，產(chǎn)品銷售成本對(duì)銷售額增加的彈性。共同比資產(chǎn)負(fù)債表能展現(xiàn)出公司依靠債券的融資增加。沒有共同比現(xiàn)金流量表的理由：不可能有分母。Common-sizefinancialstatementsprovidethefinancialmanagerwitharatioanalysisofthecompany.Thecommon-sizeincomestatementcanshow,forexample,thatcostofgoodssold

19、asapercentageofsalesisincreasing.Thecommon-sizebalancesheetcanshowafirm'sincreasingrelianceondebtasaformoffinancing.Common-sizestatementsofcashflowsarenotcalculatedforasimplereason:Thereisnopossibledenominator.（同比財(cái)務(wù)報(bào)表提供財(cái)務(wù)經(jīng)理對(duì)公司的比率分析。例如，同比收入報(bào)表可以顯示銷售百分比的銷售成本在增加。同比資產(chǎn)負(fù)債表可以顯示企業(yè)作為一種融資方式越來越依賴債務(wù)?，F(xiàn)金流量的一般規(guī)

20、模報(bào)表不是用簡(jiǎn)單的理由來計(jì)算的：沒有可能的分母。）8. ComparingROEandROABothROAandROEmeasureprofitability.Whichoneismoreusefulforcomparingtwocompanies?Why?（ROA和ROE比較ROA和ROE衡量盈利的能力。哪一個(gè)更能比較兩個(gè)公司？為什么？）答：ROE;ROA1衡量每一美元所帶來凈利潤(rùn)的指標(biāo)；ROEW量該年度股東的匯報(bào)，ROE1真正的業(yè)績(jī)衡量底線。由于公司的目標(biāo)是股東財(cái)富最大化，所以在對(duì)兩家公司進(jìn)行對(duì)比時(shí)ROE更有用。9. RatioAnalysisConsidertheratioEBITD/A

21、ssets.Whatdoesthisratiotellus?WhymightitbemoreusefulthanROAincomparingtwocompanies?（考慮EBITD/Assets的比率。這個(gè)比率告訴我們什么？為什么比較兩家公司時(shí)，它比ROA更有用呢？）答：EBITD/資產(chǎn)比顯示了該公司的經(jīng)營(yíng)業(yè)績(jī)（息前稅前折舊前）。該比例顯示公司的成本控制。雖然稅金是成本，折舊和攤銷費(fèi)用也被認(rèn)為是成本，但這些不易控制。相反的，折舊和待攤費(fèi)用會(huì)因?yàn)闀?huì)計(jì)方法的選擇而改變。該比例只用于跟經(jīng)營(yíng)活動(dòng)相關(guān)的成本，比ROAM好的度量管理績(jī)效。4.EFNThemostrecentfinancialstatem

22、entsforHeine,Inc.,areshownhere:BalanceSheetIncomeStatementSalesS40200AssetsCosts2730口Taxableincome312,900TotalTaxesNetincome$BSI4$I用5.000Debt$39,000Equity106.000$I459UOTotal$I45QDOAssetsandcostsareproportionaltosales.Debtandequityarenot.Adividendof$3,500waspaid,andthecompanywishestomaintainaconstant

23、payoutratio.Nextyear'ssalesareprojectedtobe$45,426.Whatexternalfinancingisneeded?(課本P92.4類似資產(chǎn)和成本與銷售收入成正比。負(fù)債和所有者權(quán)益卻不是。支付了3500美元的股利，而該公司希望保持一個(gè)穩(wěn)定的股利支付率。下一年的銷售額預(yù)計(jì)為45426美元。外部融資需求是多少？)答：45426/40200=1.13,故增長(zhǎng)率為0.13股利支付率=現(xiàn)金股利/凈利潤(rùn)=3500/8514=0.411預(yù)計(jì)股利=0.411x8514x1.13=3955IncomeStatementStatementBalanceShee

24、tSales45426AssetsDebt39000Costs30849EquityTaxableincome14577Accumulatedretainedearnings111665.82Taxes(34%)4956.18Total163850Total150665.82NetIncome9620.82新增留存收益=凈利潤(rùn)-股利=9620.82-3955=5665.82Accumulatedretainedearnings=106000+5665.82=111665.825.SalesandGrowthEFN=163850-150665.82=13184.18Themostrecentfi

25、nancialstatementsforWiseCo.areshownhere:IncomeStatementBalanceStieetSalesCosts$43.000CurrentassetsFtxedassets$27.000118.000Long-termdebtEquity$62,000mcome$21500Total$及5000ToulTaxes(34%)7川0Nf'TinrorneAssetsandcostsareproportionaltosales.Thecompanymaintainsaconstant30percentdividendpayoutratioanda

26、constantdebtequityratio.Whatisthemaximumincreaseinsalesthatcanbesustainedassumingnonewequityisissued?(資產(chǎn)和成本與銷售額成正比。該公司保持著30%勺股利支付率和固定的負(fù)債權(quán)益比。如果沒有新的股票發(fā)行，銷售量的最大增長(zhǎng)是多少？)答：股利支付率=現(xiàn)金股利/凈利潤(rùn)=0.3現(xiàn)金月利=14190x0.3=4257留存比率=1-股利支付率=1-0.3=0.7留存收益=留存收益增加額/凈禾J潤(rùn)=0.7留存收益增加額=14190x0.7=9933沒有新的股票發(fā)行意味著股東權(quán)益不變，ROE奇禾J潤(rùn)/權(quán)益總額=1

27、4190/83000=0.17096可持續(xù)增長(zhǎng)率=(ROExb)/(1-ROExb)=0.17096x0.7/1-0.17096x0.7=0.13594Sales=43000x0.13594=5845.4309. ExternalFundsNeededDahliaColby,CFOofCharmingFloristLtd.,hascreatedthefirm'sproformabalancesheetforthenextfiscalyear.Salesareprojectedtogrowby10percentto$360million.Currentassets,fixedassets

28、,andshort-termdebtare20percent,75percent,and15percentofsales,respectively.CharmingFloristpaysout30percentofitsnetincomeindividends.Thecompanycurrentlyhas$105millionoflong-termdebtand$46millionincommonstockparvalue.Theprofitmarginis9percent.a. Constructthecurrentbalancesheetforthefirmusingtheprojecte

29、dsalesfigure.b. BasedonMs.Colby'ssalesgrowthforecast,howmuchdesCharmingFloristneedinexternalfundsfortheupcomingfiscalyear?c. Constructthefirm'sproformabalancesheetforthenextfiscalyearandconfirmtheexternalfundsneededthatyoucalculatedinpart(b).13. ExternalFundsNeededTheOpticalScamCompanyhasfor

30、ecastasalesgrowthrateof15percentfornextyear.Thecurrentfinancialstatementsareshownhere:a. Usingtheequationfromthechapter,calculatetheexternalfundsneededfornextyear.b. Constructthefirm'sprofoamacesheetfornextyearandconfirmtheexternalfundsneededthatyoucalculatedinpart(a).c. Calculatethesustainableg

31、rowthrateforthecompany.d. Canthecompanyeliminatetheneedforexternalfundsbychangingitsdividendpolicy?Whatotheroptionsareavailabletothecompanytomeetitsgrowthobjectives?QP14.Days'SalesinReceivablesAcompanyhasnetincomeof$314,000aprofitmarginof8.9percent,andanaccountsreceivablebalanceof$152,800.Assumi

32、ng80percentofsalesareoncredit,whatisthecompany'sdays'salesinreceivables?應(yīng)收賬款日銷售凈額為314000美元，利潤(rùn)率為8.9%應(yīng)收賬款余額為152800美元。假設(shè)80%勺銷售額是信用的，那么公司的應(yīng)收款日銷售額是多少？)QP15.RatiosandFixedAssetsTheWhisenhuntCompanyhasaratiooflong-termdebttolong-termdebtandequityof.29andacurrentratioof1.20.Currentliabilitiesare$1,2

33、80,salesare$6,140,profitmarginis8.9percent,andROEis17.6percent.Whatistheamountofthefirmetfisxendassets?QP16.CalculatingtheCashCoverageRatioPandaInc.'snetincomeforthemostrecentyearwas$9,620.Thetaxratewas34percent.Thefirmpaid$2,380intotalinterestexpenseanddeducted$3,170indepreciationexpense.Whatwa

34、sthecompanyscashcoverageratiofortheyear?Chapter 41、貸款100萬，15年，年利率6%等額情況下，月供多少？前三個(gè)月的月供中本金和利息分別是多少?答：A=Pi(1+i)n/(1+i)n-1=P(A/p,i,n)A=10000000.005(1+0.005)180/(1+0.005)180-1=8438.5683第一個(gè)月本金A=Fi/(1+i)n-1=F(A/F,i,n)=10000000.005/(1+0.005)180-1=3438.5683利息=8438.5683-3438.5683=5000第二個(gè)月本金A=(1000000-3438.568

35、3)0.005/(1+0.005)179-1=3455.7611利息=8438.5683-3455.7611=4982.8071第三個(gè)月本金A=(1000000-3438.5683-3455.7611)0.005/(1+0.005)178-1=3473.0399利息=8438.5683-3473.0399=4965.52842、貸款100萬，15年，年利率6%等額還本情況下，前三個(gè)月的月供、本金、利息分別是多少？答：每月應(yīng)還本金1000000/180=5555.5556第一個(gè)月利息1000000x0.005=5000月供5555.5556+5000=10555.5556第二個(gè)月利息(10000

36、00-5555.5556)x0.005=4972.2223月供5555.5556+4972.2223=10527.7778第三個(gè)月利息(1000000-2x5555.5556)x0.005=4944.4444月供5555.5556+4944.4444=10500.000043、假如還了5年以后，利率變?yōu)?%前三個(gè)月的月供、本金、利息分別是多少?答：等額還本還了5年5x122x5555.556=333333.336本金還剩1000000-333333.336=666666.664每月應(yīng)還本金666666.664/(10x12)=5555.5556第一個(gè)月利息666666.664x0.007=44

37、44.444月供5555.5556+4444.444=10000.0004第二個(gè)月利息(666666.664-5555.5556)x0.007=4627.778月供5555.5556+4627.778=10183.333第三個(gè)月利息4588.889月供10144.4444、還了6年，準(zhǔn)備一次性還清，還本多少？等額本息(1000000x(1+15x6%)-(6x12x8438.5683)=1292423.9Chapter 5Chapter 6 方案的優(yōu)劣？i=10%年份方案A方案B0-1000-100012005002200500330030043003005100030061500300累計(jì)靜

38、態(tài)凈現(xiàn)金流量25001200計(jì)算NPVIRR、動(dòng)靜態(tài)投資回收期、PI問題：(1)在貼現(xiàn)率i=14%,分別計(jì)算比較方案A與方案B的動(dòng)態(tài)回收期。(2)方案A與方案B的IRR分別是？(3)在貼現(xiàn)率分別為i=10%與i=33%時(shí)，方案A與方案B的NPV分別是？(4)在貼現(xiàn)率分別為i=10%與i=33%時(shí)，方案A與方案B的PI分別是？(5)計(jì)算方案A與方案B的IncrementalIRR?(6)方案A與方案B的優(yōu)劣如何必較？答：(現(xiàn)金流量表)NPV(凈現(xiàn)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+150

39、0/(1+0.1)6=1245.04NPV=653.69(1)現(xiàn)金流量圖折現(xiàn)系數(shù)=1/(1+i)n(2) EXCEL/NPV=0(3) NPV/EXCEL(4) PI=未來現(xiàn)金流量的現(xiàn)值/初始投資成本(P231)(5)EXCEL(6)在貼現(xiàn)率i=14%時(shí),A方案動(dòng)態(tài)回收期為4.56年，而B方案為2.88年。(僅從動(dòng)態(tài)回收期看，方案A可取。)如下表：年份方案A方案B方案A各年現(xiàn)值方案B各年現(xiàn)值投資回收期A投資回收期B0-1000-1000-1000-1000-1000-10001200500175439-825-5612200500154385-671-1773300300202202-4682

40、64300300178178-2915100030051915622961500300683137方案A與方案B的IRR分別是：32.9376%與33.4639%。(僅從IRR看，方案B可取。)在貼現(xiàn)率i-10%時(shí)，方案A與方案B的NPV另J是：1245.04與653.69;在貼現(xiàn)率i=33%時(shí)，方案A與方案B的NPV另J是：-1.86與±8.28.在貼現(xiàn)率i=10%時(shí)，方案A與方案B的PI分別是2.245與1.654;在貼現(xiàn)率為i=33%時(shí)，方案A與方案B的PI分別是0.998與1.008.比選方案A與方案B的方法是計(jì)算IncrementalIRR.IncrementalIRR=3

41、2.1655%。(如果與貼現(xiàn)率10畸目比，方案A可取。)綜上，方案A與方案B的比選要看RankingCriterion而定奪。2.ToBuyorNottoBuyWeareconsideringthepurchaseofa$200,000computer-basedinventorymanagementsystem.Itwillbedepreciatedstraight-linetozerooveritsfour-yearlife.Itwillbeworth$30,000attheendofthattime.Thesystemwillsaveus$60,000beforetaxesininven

42、toryrelatedcosts.Therelevanttaxrateis39percent.Becausethenewsetupismoreefficientthanourexistingone,wecancarrylesstotalinventory,therebyfreeingup$45,000innetworkingcapital.WhatistheNPVat16percent?WhatistheIRRonthisinvestment?(P259例10-3買還是不要買我們正在考慮購買一套價(jià)值200000美元的計(jì)算機(jī)輔助存貨管理系統(tǒng)。在其4年的使用期限內(nèi)將采用直線法折舊至0.4年后，該系

43、統(tǒng)的市場(chǎng)價(jià)值為30000美元。這套系統(tǒng)將為我們節(jié)省60000美元稅前存貨成本。相關(guān)的稅率為39%因?yàn)樾碌南到y(tǒng)水平下比我們現(xiàn)有的系統(tǒng)更加有效，使得我們能夠減少庫存總量，從而減少45000美元的凈營(yíng)運(yùn)資本。在16%勺貼現(xiàn)率水平下凈現(xiàn)值多少？這項(xiàng)投資的DCF報(bào)酬率(IRR)是多少？)答：稅后成本節(jié)省為60000x(1-0.39)=36600每年折舊=200000/4=50000折舊稅盾=50000x0.39=19500每年的現(xiàn)金流量=360600+19500=56100各系統(tǒng)稅后殘值為30000x(1-0.39)=1830001234Operatingcashflow（經(jīng)營(yíng)現(xiàn)金流量）56100561

44、005610056100ChangeinNWC（凈營(yíng)運(yùn)資本變動(dòng)）45000-45000CapitalSpending(資本性支出)-20000018300Totalcashflow(總現(xiàn)金流量)-155000561005610056100294003.Chapter71.Howtocalculate$189、$1295、$5942.VariablePessimisticExpectedorBestOptimisticMarketsize(peryear)5.00010,00020.000Marketshare20%30%50%Price$1.9million$2milliori$2.2mill

45、lorVariablecost(perplane)$1.2nnilliori$1million$一8millionFixedcost(peryear)$1.891million$1,791million$1,741millionInvestment$1.900million$1,500nmllion$1.000millionPessimisticExpectedorBestOptimisticMarket百芝電-$1,802WpTllafTheOtherMhefirinArtimplyniihM*r<rtlOft由考prcjcctcano1?wrirxomrinfjnm.therebyn

46、frdwcing拄overjlltaxes“firm,189Revenues(MarketsizexMarketsharexPrice)-Variablecosts(MarketsizexMarketsharexVariablecostper)-Fixedcosts-DepreciationPretaxprofitTax(34%)$1,517$8,154Marketshiir已6%*1.5175,942Price853Ir5l72,844VariablecostIB91517±844FixedcostL295LSI7L62SInvestment1.2081.517LW310000x0

47、.3x2=600010000x0.3x1.2=360017911500/5=300309309x0.34=105.06Undersensitivityanalysis,oneinput段vancdwhileallotherinputsareassumedtomeettheirexpectation.Forexample,anNPVof51.002occurswhenthepessimisticforecastof5,000isusedformarketsizewhileallothervariablesaresetartheirexpiredforecastsfromTable7.2.Netp

48、rofit309105.06=203.94OCF(NI+Depreciation)203.94+300=503.941295Revenues(MarketsizexMarketsharexPrice)10000x0.3x2=6000-Variablecosts(MarketsizexMarketsharexVariablecostper)10000x0.3x1=3000-Fixedcosts1891-Depreciation1500/5=300Pretaxprofit809Tax(34%)809x0.34=275.06Netprofit809275.06=533.94OCF(NI+Deprec

49、iation)533.94+300=833.945942Revenues(MarketsizexMarketsharexPrice)10000x0.5x2=10000-Variablecosts(MarketsizexMarketsharexVariablecostper)10000x0.5x1=5000-Fixedcosts1791-Depreciation1500/5=300Pretaxprofit2909Tax(34%)NetprofitOCF(NI+Depreciation)2909x0.34=989.062909989.06=1919.941919.94+300=2219.942.

50、IntheSolarElectronicsCorporation'sJetEngineexample,trytocalculatethebreak-evenOCF,thebreak-evenrevenueandthebreak-evenprice.(Whenweuseaccountingprofitasthebasisforthebreak-evencalculation,wesubtractdepreciation.Depreciationforthesolarjetenginesprojectis$300millionperyear.If2,091solarjetenginesar

51、esoldperyear,SECwillgeneratesufficientrevenuestocoverthe$300milliondepreciationexpenseplusothercosts.Unfortunately,atthislevelofsalesSECwillnotcovertheeconomicopportunitycostsofthe$1,500millionlaidoutfortheinvestment.Ifwetakeintoaccountthatthe$1,500millioncouldhavebeeninvestedat15percent,thetrueannu

52、alcostoftheinvestmentis$447.5million,not$300million.Depreciationunderstatesthetruecostsofrecoveringtheinitialinvestment.Thus,companiesthatbreakevenonanaccountingbasisarereallylosingmoney.Theyarelosingtheopportunitycostoftheinitialinvestment.)OCF=1500/3.352=447.5(因?yàn)?500萬的初始投資要求的報(bào)酬率為15%考慮每年15%勺機(jī)會(huì)成本。用普

53、通年金求，在15哪占現(xiàn)率下，五年期年金系數(shù)為3.352,所以1500=OCFx3.352,OCF=1500/3.352=447.5)通過已知的OCF倒推RevenuesoRevenuesVariablecostsFixedcostsDepreciationPretaxprofitTax(34%)NetprofitOCF(NI+Depreciation)5314.48=3000+1791+300+223.48300017911500/5=300223.48=147.5/(1-0.34)75.98=223.4x0.34147.5=447.5-300447.5=NI+300一開始的計(jì)劃銷售量是每年10000x0.3=3000break-evenrevenue=計(jì)戈1J銷售量(peryear)xPbe5314.48=3000xPbePbe=5314.48/3000=1.773. IntheStewartPharmaceuticalsexample,trytocalculatethethreebreak-evensalesvolumes:a. Accountingbreak-even: