財(cái)務(wù)管理實(shí)訓(xùn)教程（第4版）參考答案

答案模塊一財(cái)務(wù)比率綜合分析1.短期償債能力2017年2018年2019年?duì)I運(yùn)資本3620750062.005673435063.007648037056.00流動(dòng)比率1.351.471.57速動(dòng)比率0.971.151.28現(xiàn)金比率0.951.141.26現(xiàn)金流量比率0.210.330.302.長(zhǎng)期償債能力資產(chǎn)負(fù)債率0.430.450.47產(chǎn)權(quán)比率0.740.820.87權(quán)益乘數(shù)1.741.821.87利息保障倍數(shù)200.65174.61201.20現(xiàn)金流量利息保障倍數(shù)210.91291.23294.87現(xiàn)金流量債務(wù)比0.170.260.233.營(yíng)運(yùn)能力應(yīng)收賬款周轉(zhuǎn)率152.68143.26存貨周轉(zhuǎn)率10.549.59流動(dòng)資產(chǎn)周轉(zhuǎn)率1.671.44非流動(dòng)資產(chǎn)周轉(zhuǎn)率1.601.72總資產(chǎn)周轉(zhuǎn)率0.820.784.盈利能力分析營(yíng)業(yè)凈利率0.050.060.07資產(chǎn)利潤(rùn)率0.050.05權(quán)益凈利率0.090.105.增長(zhǎng)能力分析資產(chǎn)增長(zhǎng)率0.100.09凈資產(chǎn)增長(zhǎng)率0.050.07銷售收入增長(zhǎng)率0.010.05凈利潤(rùn)增長(zhǎng)率0.130.24模塊二、杜邦財(cái)務(wù)分析燕京啤酒青島啤酒2017年2018年2019年2017年2018年2019年?duì)I業(yè)凈利率20.60%1.98%2.30%5.26%5.87%6.89%總資產(chǎn)周轉(zhuǎn)率64.59%63.98%81.71%78.40%總資產(chǎn)凈利率1.28%1.47%4.80%5.40%資產(chǎn)負(fù)債率11.17%22.24%23.93%42.62%45.15%46.63%權(quán)益乘數(shù)1.131.291.311.741.821.87凈資產(chǎn)收益率4.33%1.63%8.56%9.99%模塊三、本量利分析實(shí)訓(xùn)五本量利分析——保本點(diǎn)、成本結(jié)構(gòu)與產(chǎn)品定價(jià)本案例屬于單品種保本或盈利情況的本量利分析，具體分析如下。（1）可行性分析（試用本量利分析常印冰淇淋廠是否應(yīng)開(kāi)業(yè)）：①成本資料：?jiǎn)挝蛔儎?dòng)成本：材料：214元其中：淀粉100白砂糖30奶粉56食用香精2包裝紙棍25水費(fèi)1生產(chǎn)工人工資（計(jì)件）28變動(dòng)性制造費(fèi)用26其中：水費(fèi)2電費(fèi)15煤炭費(fèi)5氨4單位變動(dòng)成本合計(jì)268元固定成本：固定性制造費(fèi)用：129000元其中：生產(chǎn)管理人員工資36000(2150012)技術(shù)人員工資24000(200012)設(shè)備租金45000車間倉(cāng)庫(kù)租金24000(200012)其他固定性費(fèi)用：12000衛(wèi)生費(fèi)、稅金12000（100012）固定成本合計(jì)：141000元②單價(jià)：350元(0351000)③年銷售量：日生產(chǎn)能力100012＝12000支<需求量所以每天盡最大生產(chǎn)能力仍供不應(yīng)求，全年最高銷量可達(dá)12000300=3600000支，年銷售量相當(dāng)于3600鍋（12300）保本量=固定成本/（單價(jià)－單位變動(dòng)成本）=141000/（350－268）=1720鍋年銷售量3600保本量1720，而且遠(yuǎn)遠(yuǎn)大于保本量，所以該冰淇淋廠可以開(kāi)業(yè)。安全邊際率=（36001720）/3600=52.2%實(shí)訓(xùn)六本量利分析——兩種成本法下的利潤(rùn)表編制（1）變動(dòng)成本法損益表單位：元期期間項(xiàng)目第一年第二年第三年合計(jì)營(yíng)業(yè)收入200000200000200000600000變動(dòng)成本900009000090000270000邊際貢獻(xiàn)110000110000110000330000固定成本：固定性制造費(fèi)用20000200002000060000固定管理費(fèi)用和銷售費(fèi)用500005000050000150000小計(jì)700007000070000210000營(yíng)業(yè)利潤(rùn)400004000040000120000完全成本法損益表單位：期期間項(xiàng)目第一年第二年第三年合計(jì)營(yíng)業(yè)收入200000200000200000600000營(yíng)業(yè)成本：期初存貨成本0021333當(dāng)期產(chǎn)品成本：11000012800092000330000可供銷售產(chǎn)品成本110000128000113333期末存貨成本0213330銷售成本110000106667113333330000毛利900009333386667270000管理費(fèi)用和銷售費(fèi)用500005000050000150000營(yíng)業(yè)利潤(rùn)400004333336667120000（2）由上面的計(jì)算結(jié)果可以看到：當(dāng)產(chǎn)量等于銷量，且無(wú)期初存貨時(shí)，兩種成本計(jì)算方法下計(jì)算的利潤(rùn)完全相同；當(dāng)產(chǎn)量大于銷量，且無(wú)期初存貨時(shí)，按變動(dòng)成本法計(jì)算的利潤(rùn)小于按完全成本法計(jì)算的利潤(rùn)；當(dāng)產(chǎn)量小于銷量，按變動(dòng)成本法計(jì)算的利潤(rùn)大于按完全成本法計(jì)算的利潤(rùn)；模塊五證券價(jià)值評(píng)估實(shí)訓(xùn)一貨幣時(shí)間價(jià)值的衡量實(shí)訓(xùn)1.1個(gè)人儲(chǔ)蓄業(yè)務(wù)1.查找現(xiàn)行人民幣存款基準(zhǔn)利率，如表5.5所示。表5-5 金融機(jī)構(gòu)人民幣存款基準(zhǔn)利率AB1項(xiàng)目年利率（%）2一、活期存款0.303二、定期存款41.整存整取53個(gè)月1.3566個(gè)月1.5571年1.7582年2.2593年2.75105年2.75112.零存整取、整存零取、存本取息121年1.35133年1.55145年1.55153.定活兩便按一年以內(nèi)定期整存整取

同檔次利率打6折16三、通知存款171天0.55187天1.10注：若上述利率有調(diào)整，以銀行公布的實(shí)際利率為標(biāo)準(zhǔn)。2.略3.（1）表5-6 整存整取個(gè)人儲(chǔ)蓄業(yè)務(wù)計(jì)算表DEFGHIM1存款期限種類本金期限利率單利計(jì)息復(fù)利計(jì)息2本利和利息本利和33個(gè)月800000.251.35%8027027080270.0046個(gè)月800000.51.55%8062062080620.0051年8000011.75%81400140081400.0062年8000022.25%83600360083640.5073年8000032.75%86600660086783.1685年8000052.75%910001100091621.87在Excel中繪制單利與復(fù)利計(jì)息下不同期限的本利和折線圖如圖5-1所示。圖5-1單利與復(fù)利計(jì)息下不同期限的本利和（2）采用中國(guó)建設(shè)銀行理財(cái)計(jì)算器計(jì)算3年期單利計(jì)息存款結(jié)果如圖5-2所示，其他期限計(jì)算與此相同。（3）表5-7 1年期、到期轉(zhuǎn)存儲(chǔ)蓄業(yè)務(wù)計(jì)算表ABC1本金800002利率1.75%3轉(zhuǎn)存期5.004本利和87249.33=FV(B2,B3,,-B1)4.表5-8 零存整取儲(chǔ)蓄業(yè)務(wù)計(jì)算表——單利計(jì)息ABC1零存金額5002存期（年）33存期（月）364年利率1.55%5到期利息合計(jì)430.13=B1*B4/12*(B3*(B3+1))/26本利和18430.13=B1*B3+B5表5-9 零存整取儲(chǔ)蓄業(yè)務(wù)計(jì)算表——復(fù)利計(jì)息DEF1（1）復(fù)利計(jì)息下本利和的計(jì)算2零存金額5003存期（年）34存期（月）365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到期利息合計(jì)436.68=E7-E2*E49（2）到期擬取出本利和20000元時(shí)的零存金額10擬到期的本利和2000011每月零存金額542.40=PMT(E6,E4,,-E10,1)12（3）到期擬取出本利和20000元時(shí)的存款期13擬到期的本利和2000014存款月數(shù)38.98=NPER(E6,-E2,,E13,1)實(shí)訓(xùn)1.2個(gè)人住房貸款業(yè)務(wù)1.現(xiàn)行人民幣貸款基準(zhǔn)利率如表5-10所示。表5-10 金融機(jī)構(gòu)人民幣貸款基準(zhǔn)利率AB1項(xiàng)目年利率（%）2一、短期貸款3一年以內(nèi)（含一年）4.354二、中長(zhǎng)期貸款5一至五年（含五年）4.756五年以上4.907三、個(gè)人住房公積金貸款8五年以下（含五年）2.759五年以上3.252.略3.利用Excel電子表格計(jì)算等額本息法和等額本金法兩種還款方式下，每月的還款額、應(yīng)還本金、應(yīng)還利息以及貸款余額如下。DEFGHIJ1公積金貸款利率3.25%財(cái)務(wù)函數(shù)應(yīng)用2還款期月還款額應(yīng)還本金應(yīng)還利息貸款余額PMTPPMTIPMT301200000.00416,806.353,556.353,250.001,196,443.65526,806.353,565.983,240.371,192,877.67636,806.353,575.643,230.711,189,302.03746,806.353,585.323,221.031,185,716.71856,806.353,595.033,211.321,182,121.68966,806.353,604.773,201.581,178,516.911076,806.353,614.533,191.821,174,902.371186,806.353,624.323,182.031,171,278.051296,806.353,634.143,172.211,167,643.9113106,806.353,643.983,162.371,163,999.9314116,806.353,653.853,152.501,160,346.0815126,806.353,663.753,142.601,156,682.3416136,806.353,673.673,132.681,153,008.6717146,806.353,683.623,122.731,149,325.0518156,806.353,693.593,112.761,145,631.4619166,806.353,703.603,102.751,141,927.8620176,806.353,713.633,092.721,138,214.2321186,806.353,723.693,082.661,134,490.5522196,806.353,733.773,072.581,130,756.7823206,806.353,743.883,062.471,127,012.9024216,806.353,754.023,052.331,123,258.8725226,806.353,764.193,042.161,119,494.6826236,806.353,774.383,031.961,115,720.3027246,806.353,784.613,021.741,111,935.6928256,806.353,794.863,011.491,108,140.8429266,806.353,805.133,001.211,104,335.7030276,806.353,815.442,990.911,100,520.2631286,806.353,825.772,980.581,096,694.4932296,806.353,836.132,970.211,092,858.3533306,806.353,846.522,959.821,089,011.8334316,806.353,856.942,949.411,085,154.8935326,806.353,867.392,938.961,081,287.5036336,806.353,877.862,928.491,077,409.6437346,806.353,888.362,917.981,073,521.2738356,806.353,898.902,907.451,069,622.3839366,806.353,909.462,896.891,065,712.9240376,806.353,920.042,886.311,061,792.8841386,806.353,930.662,875.691,057,862.2242396,806.353,941.312,865.041,053,920.9143406,806.353,951.982,854.371,049,968.9344416,806.353,962.682,843.671,046,006.2545426,806.353,973.422,832.931,042,032.8346436,806.353,984.182,822.171,038,048.6647446,806.353,994.972,811.381,034,053.6948456,806.354,005.792,800.561,030,047.9049466,806.354,016.642,789.711,026,031.2750476,806.354,027.512,778.831,022,003.7551486,806.354,038.422,767.931,017,965.3352496,806.354,049.362,756.991,013,915.9753506,806.354,060.332,746.021,009,855.6454516,806.354,071.322,735.031,005,784.3255526,806.354,082.352,724.001,001,701.9756536,806.354,093.412,712.94997,608.5657546,806.354,104.492,701.86993,504.0758556,806.354,115.612,690.74989,388.4659566,806.354,126.762,679.59985,261.7160576,806.354,137.932,668.42981,123.7761586,806.354,149.142,657.21976,974.6462596,806.354,160.382,645.97972,814.2663606,806.354,171.642,634.71968,642.616,806.354,171.642,634.7164616,806.354,182.942,623.41964,459.6765626,806.354,194.272,612.08960,265.4066636,806.354,205.632,600.72956,059.7767646,806.354,217.022,589.33951,842.7568656,806.354,228.442,577.91947,614.3169666,806.354,239.892,566.46943,374.4270676,806.354,251.382,554.97939,123.0471686,806.354,262.892,543.46934,860.1572696,806.354,274.442,531.91930,585.7173706,806.354,286.012,520.34926,299.7074716,806.354,297.622,508.73922,002.0875726,806.354,309.262,497.09917,692.826,806.354,309.262,497.0976736,806.354,320.932,485.42913,371.8977746,806.354,332.632,473.72909,039.2578756,806.354,344.372,461.98904,694.8979766,806.354,356.132,450.22900,338.7580776,806.354,367.932,438.42895,970.8281786,806.354,379.762,426.59891,591.0682796,806.354,391.622,414.73887,199.4483806,806.354,403.522,402.83882,795.9284816,806.354,415.442,390.91878,380.4785826,806.354,427.402,378.95873,953.0786836,806.354,439.392,366.96869,513.6887846,806.354,451.422,354.93865,062.266,806.354,451.422,354.9388856,806.354,463.472,342.88860,598.7989866,806.354,475.562,330.79856,123.2390876,806.354,487.682,318.67851,635.5591886,806.354,499.842,306.51847,135.7192896,806.354,512.022,294.33842,623.6993906,806.354,524.242,282.11838,099.4594916,806.354,536.502,269.85833,562.9595926,806.354,548.782,257.57829,014.1796936,806.354,561.102,245.25824,453.0697946,806.354,573.462,232.89819,879.6198956,806.354,585.842,220.51815,293.7799966,806.354,598.262,208.09810,695.506,806.354,598.262,208.09100976,806.354,610.722,195.63806,084.79101986,806.354,623.202,183.15801,461.59102996,806.354,635.722,170.63796,825.861031006,806.354,648.282,158.07792,177.581041016,806.354,660.872,145.48787,516.711051026,806.354,673.492,132.86782,843.221061036,806.354,686.152,120.20778,157.071071046,806.354,698.842,107.51773,458.231081056,806.354,711.572,094.78768,746.671091066,806.354,724.332,082.02764,022.341101076,806.354,737.122,069.23759,285.221111086,806.354,749.952,056.40754,535.276,806.354,749.952,056.401121096,806.354,762.822,043.53749,772.451131106,806.354,775.722,030.63744,996.741141116,806.354,788.652,017.70740,208.091151126,806.354,801.622,004.73735,406.471161136,806.354,814.621,991.73730,591.841171146,806.354,827.661,978.69725,764.181181156,806.354,840.741,965.61720,923.441191166,806.354,853.851,952.50716,069.601201176,806.354,866.991,939.36711,202.601211186,806.354,880.181,926.17706,322.431221196,806.354,893.391,912.96701,429.031231206,806.354,906.651,899.70696,522.396,806.354,906.651,899.701241216,806.354,919.931,886.41691,602.451251226,806.354,933.261,873.09686,669.191261236,806.354,946.621,859.73681,722.571271246,806.354,960.021,846.33676,762.561281256,806.354,973.451,832.90671,789.111291266,806.354,986.921,819.43666,802.191301276,806.355,000.431,805.92661,801.761311286,806.355,013.971,792.38656,787.791321296,806.355,027.551,778.80651,760.241331306,806.355,041.171,765.18646,719.081341316,806.355,054.821,751.53641,664.261351326,806.355,068.511,737.84636,595.751361336,806.355,082.241,724.11631,513.511371346,806.355,096.001,710.35626,417.511381356,806.355,109.801,696.55621,307.711391366,806.355,123.641,682.71616,184.071401376,806.355,137.521,668.83611,046.551411386,806.355,151.431,654.92605,895.121421396,806.355,165.381,640.97600,729.741431406,806.355,179.371,626.98595,550.371441416,806.355,193.401,612.95590,356.971451426,806.355,207.471,598.88585,149.501461436,806.355,221.571,584.78579,927.931471446,806.355,235.711,570.64574,692.221481456,806.355,249.891,556.46569,442.331491466,806.355,264.111,542.24564,178.221501476,806.355,278.371,527.98558,899.851511486,806.355,292.661,513.69553,607.191521496,806.355,307.001,499.35548,300.201531506,806.355,321.371,484.98542,978.831541516,806.355,335.781,470.57537,643.041551526,806.355,350.231,456.12532,292.811561536,806.355,364.721,441.63526,928.091571546,806.355,379.251,427.10521,548.841581556,806.355,393.821,412.53516,155.021591566,806.355,408.431,397.92510,746.591601576,806.355,423.081,383.27505,323.511611586,806.355,437.761,368.58499,885.741621596,806.355,452.491,353.86494,433.251631606,806.355,467.261,339.09488,965.991641616,806.355,482.071,324.28483,483.931651626,806.355,496.911,309.44477,987.011661636,806.355,511.801,294.55472,475.211671646,806.355,526.731,279.62466,948.481681656,806.355,541.701,264.65461,406.791691666,806.355,556.711,249.64455,850.081701676,806.355,571.761,234.59450,278.331711686,806.355,586.851,219.50444,691.481721696,806.355,601.981,204.37439,089.501731706,806.355,617.151,189.20433,472.361741716,806.355,632.361,173.99427,839.991751726,806.355,647.621,158.73422,192.381761736,806.355,662.911,143.44416,529.471771746,806.355,678.251,128.10410,851.221781756,806.355,693.631,112.72405,157.591791766,806.355,709.051,097.30399,448.541801776,806.355,724.511,081.84393,724.041811786,806.355,740.011,066.34387,984.021821796,806.355,755.561,050.79382,228.461831806,806.355,771.151,035.20376,457.321841816,806.355,786.781,019.57370,670.541851826,806.355,802.451,003.90364,868.091861836,806.355,818.16988.18359,049.921871846,806.355,833.92972.43353,216.001881856,806.355,849.72956.63347,366.281891866,806.355,865.57940.78341,500.711901876,806.355,881.45924.90335,619.261911886,806.355,897.38908.97329,721.881921896,806.355,913.35893.00323,808.531931906,806.355,929.37876.98317,879.161941916,806.355,945.43860.92311,933.741951926,806.355,961.53844.82305,972.211961936,806.355,977.67828.67299,994.531971946,806.355,993.86812.49294,000.671981956,806.356,010.10796.25287,990.571991966,806.356,026.37779.97281,964.202001976,806.356,042.70763.65275,921.502011986,806.356,059.06747.29269,862.442021996,806.356,075.47730.88263,786.972032006,806.356,091.93714.42257,695.042042016,806.356,108.43697.92251,586.622052026,806.356,124.97681.38245,461.652062036,806.356,141.56664.79239,320.092072046,806.356,158.19648.16233,161.902082056,806.356,174.87631.48226,987.032092066,806.356,191.59614.76220,795.442102076,806.356,208.36597.99214,587.082112086,806.356,225.18581.17208,361.902122096,806.356,242.04564.31202,119.862132106,806.356,258.94547.41195,860.922142116,806.356,275.89530.46189,585.032152126,806.356,292.89513.46183,292.142162136,806.356,309.93496.42176,982.212172146,806.356,327.02479.33170,655.192182156,806.356,344.16462.19164,311.032192166,806.356,361.34445.01157,949.692202176,806.356,378.57427.78151,571.122212186,806.356,395.84410.51145,175.282222196,806.356,413.17393.18138,762.112232206,806.356,430.54375.81132,331.572242216,806.356,447.95358.40125,883.622252226,806.356,465.41340.93119,418.212262236,806.356,482.92323.42112,935.282272246,806.356,500.48305.87106,434.802282256,806.356,518.09288.2699,916.712292266,806.356,535.74270.6193,380.972302276,806.356,553.44252.9186,827.532312286,806.356,571.19235.1680,256.342322296,806.356,588.99217.3673,667.352332306,806.356,606.83199.5267,060.522342316,806.356,624.73181.6260,435.792352326,806.356,642.67163.6853,793.122362336,806.356,660.66145.6947,132.462372346,806.356,678.70127.6540,453.762382356,806.356,696.79109.5633,756.982392366,806.356,714.9291.4327,042.052402376,806.356,733.1173.2420,308.942412386,806.356,751.3555.0013,557.602422396,806.356,769.6336.726,787.972432406,806.356,787.9718.380.00244合計(jì)1,633,523.791,200,000.00433,523.79利用Excel財(cái)務(wù)函數(shù)PMT、PPMT和IPMT計(jì)算第5最后一個(gè)月的還款額、應(yīng)還本金及應(yīng)還利息分別為：I63=PMT($F$1/12,240,-B16),J63=PPMT($F$1/12,D63,240,-$H$3),K63=IPMT($F$1/12,D63,240,-$H$3)，其他以此類推。表5-12 個(gè)人住房貸款分期付款時(shí)間表（等額本金法）MN0PQ1公積金貸款利率3.25%2還款期月還款額應(yīng)還本金應(yīng)還利息貸款余額301200000418250.0050003250.001195000528236.4650003236.461190000638222.9250003222.921185000748209.3850003209.381180000858195.8350003195.831175000968182.2950003182.2911700001078168.7550003168.7511650001188155.2150003155.2111600001298141.6750003141.67115500013108128.1350003128.13115000014118114.5850003114.58114500015128101.0450003101.04114000016138087.5050003087.50113500017148073.9650003073.96113000018158060.4250003060.42112500019168046.8850003046.88112000020178033.3350003033.33111500021188019.7950003019.79111000022198006.2550003006.25110500023207992.7150002992.71110000024217979.1750002979.17109500025227965.6350002965.63109000026237952.0850002952.08108500027247938.5450002938.54108000028257925.0050002925.00107500029267911.4650002911.46107000030277897.9250002897.92106500031287884.3850002884.38106000032297870.8350002870.83105500033307857.2950002857.29105000034317843.7550002843.75104500035327830.2150002830.21104000036337816.6750002816.67103500037347803.1350002803.13103000038357789.5850002789.58102500039367776.0450002776.04102000040377762.5050002762.50101500041387748.9650002748.96101000042397735.4250002735.42100500043407721.8850002721.88100000044417708.3350002708.3399500045427694.7950002694.7999000046437681.2550002681.2598500047447667.7150002667.7198000048457654.1750002654.1797500049467640.6350002640.6397000050477627.0850002627.0896500051487613.5450002613.5496000052497600.0050002600.0095500053507586.4650002586.4695000054517572.9250002572.9294500055527559.3850002559.3894000056537545.8350002545.8393500057547532.2950002532.2993000058557518.7550002518.7592500059567505.2150002505.2192000060577491.6750002491.6791500061587478.1350002478.1391000062597464.5850002464.5890500063607451.0450002451.0490000064617437.5050002437.5089500065627423.9650002423.9689000066637410.4250002410.4288500067647396.8850002396.8888000068657383.3350002383.3387500069667369.7950002369.7987000070677356.2550002356.2586500071687342.7150002342.7186000072697329.1750002329.1785500073707315.6350002315.6385000074717302.0850002302.0884500075727288.5450002288.5484000076737275.0050002275.0083500077747261.4650002261.4683000078757247.9250002247.9282500079767234.3850002234.3882000080777220.8350002220.8381500081787207.2950002207.2981000082797193.7550002193.7580500083807180.2150002180.2180000084817166.6750002166.6779500085827153.1350002153.1379000086837139.5850002139.5878500087847126.0450002126.0478000088857112.5050002112.5077500089867098.9650002098.9677000090877085.4250002085.4276500091887071.8850002071.8876000092897058.3350002058.3375500093907044.7950002044.7975000094917031.2550002031.2574500095927017.7150002017.7174000096937004.1750002004.1773500097946990.6350001990.6373000098956977.0850001977.0872500099966963.5450001963.54720000100976950.0050001950.00715000101986936.4650001936.46710000102996922.9250001922.927050001031006909.3850001909.387000001041016895.8350001895.836950001051026882.2950001882.296900001061036868.7550001868.756850001071046855.2150001855.216800001081056841.6750001841.676750001091066828.1350001828.136700001101076814.5850001814.586650001111086801.0450001801.046600001121096787.5050001787.506550001131106773.9650001773.966500001141116760.4250001760.426450001151126746.8850001746.886400001161136733.3350001733.336350001171146719.7950001719.796300001181156706.2550001706.256250001191166692.7150001692.716200001201176679.1750001679.176150001211186665.6350001665.636100001221196652.0850001652.086050001231206638.5450001638.546000001241216625.0050001625.005950001251226611.4650001611.465900001261236597.9250001597.925850001271246584.3850001584.385800001281256570.8350001570.835750001291266557.2950001557.295700001301276543.7550001543.755650001311286530.2150001530.215600001321296516.6750001516.675550001331306503.1350001503.135500001341316489.5850001489.585450001351326476.0450001476.045400001361336462.5050001462.505350001371346448.9650001448.965300001381356435.4250001435.425250001391366421.8850001421.885200001401376408.3350001408.335150001411386394.7950001394.795100001421396381.2550001381.255050001431406367.7150001367.715000001441416354.1750001354.174950001451426340.6350001340.634900001461436327.0850001327.084850001471446313.5450001313.544800001481456300.0050001300.004750001491466286.4650001286.464700001501476272.9250001272.924650001511486259.3850001259.384600001521496245.8350001245.834550001531506232.2950001232.294500001541516218.7550001218.754450001551526205.2150001205.214400001561536191.6750001191.674350001571546178.1350001178.134300001581556164.5850001164.584250001591566151.0450001151.044200001601576137.5050001137.504150001611586123.9650001123.964100001621596110.4250001110.424050001631606096.8850001096.884000001641616083.3350001083.333950001651626069.7950001069.793900001661636056.2550001056.253850001671646042.7150001042.713800001681656029.1750001029.173750001691666015.6350001015.633700001701676002.0850001002.083650001711685988.545000988.543600001721695975.005000975.003550001731705961.465000961.463500001741715947.925000947.923450001751725934.385000934.383400001761735920.835000920.833350001771745907.295000907.293300001781755893.755000893.753250001791765880.215000880.213200001801775866.675000866.673150001811785853.135000853.133100001821795839.585000839.583050001831805826.045000826.043000001841815812.505000812.502950001851825798.965000798.962900001861835785.425000785.422850001871845771.885000771.882800001881855758.335000758.332750001891865744.795000744.792700001901875731.255000731.252650001911885717.715000717.712600001921895704.175000704.172550001931905690.635000690.632500001941915677.085000677.082450001951925663.545000663.542400001961935650.005000650.002350001971945636.465000636.462300001981955622.925000622.922250001991965609.385000609.382200002001975595.835000595.832150002011985582.295000582.292100002021995568.755000568.752050002032005555.215000555.212000002042015541.675000541.671950002052025528.135000528.131900002062035514.585000514.581850002072045501.045000501.041800002082055487.505000487.501750002092065473.965000473.961700002102075460.425000460.421650002112085446.885000446.881600002122095433.335000433.331550002132105419.795000419.791500002142115406.255000406.251450002152125392.715000392.711400002162135379.175000379.171350002172145365.635000365.631300002182155352.085000352.081250002192165338.545000338.541200002202175325.005000325.001150002212185311.465000311.461100002222195297.925000297.921050002232205284.385000284.381000002242215270.835000270.83950002252225257.295000257.29900002262235243.755000243.75850002272245230.215000230.21800002282255216.675000216.67750002292265203.135000203.13700002302275189.585000189.58650002312285176.045000176.04600002322295162.505000162.50550002332305148.965000148.96500002342315135.425000135.42450002352325121.885000121.88400002362335108.335000108.33350002372345094.79500094.79300002382355081.25500081.25250002392365067.71500067.71200002402375054.17500054.17150002412385040.63500040.63100002422395027.08500027.0850002432405013.54500013.540244合計(jì)159162512000003916254.利用Excel財(cái)務(wù)函數(shù)PMT、PPMT和IPMT分別計(jì)算表5-11中單元格I63：K63、I75：K75、I87：K87的內(nèi)容，具體見(jiàn)表5-11。5.利用中國(guó)建設(shè)銀行網(wǎng)上個(gè)人貸款計(jì)算器計(jì)算結(jié)果分別如下圖所示。實(shí)訓(xùn)二債券價(jià)值評(píng)估自行查找債券相關(guān)信息，并練習(xí)計(jì)算，答案略。實(shí)訓(xùn)三股票價(jià)值評(píng)估實(shí)訓(xùn)3.1股票預(yù)期收益率的估計(jì)：深圳燃?xì)庥?jì)算結(jié)果如表5-21的所示。表5-21 深圳燃?xì)猓?01139）收益率估價(jià)ABCDEF1報(bào)告期每股收益（元）10股分紅（元）每股股利（元）股利支付率股利增長(zhǎng)率220090.241.000.1041.67%320100.261.300.1350.00%30.00%420110.331.300.1339.39%0.00%520120.271.360.1450.37%4.62%620130.361.430.1439.72%5.15%720140.361.430.1439.72%0.00%820150.311.000.1032.26%-30.07%920160.351.050.1130.00%5.00%1020170.401.500.1537.50%42.86%1120180.361.500.1541.67%0.00%1220190.371.800.1848.65%20.00%16股利增長(zhǎng)率均值7.75%17（1）各年維持10股分紅1.80元的股利政策182020年6月30日收盤(pán)價(jià)6.519預(yù)期收益率2.77%20（2）各年股利預(yù)期按平均股利增長(zhǎng)率穩(wěn)定增長(zhǎng)212020年6月30日收盤(pán)價(jià)6.522預(yù)期收益率10.74%實(shí)訓(xùn)3.2穩(wěn)定增長(zhǎng)股票估價(jià)模型：中國(guó)銀行

計(jì)算結(jié)果如表5-23的所示。表5-23 中國(guó)銀行（601988）股票估價(jià)——穩(wěn)定增長(zhǎng)股ABCDE1報(bào)告期每股收益（元）10股分紅（元）每股股利（元）股利支付率220060.18930.4000.0421.13%320070.24431.0000.140.93%420080.25641.3000.1350.70%520090.33621.4000.1441.64%620100.39301.4600.14637.15%720110.46681.5500.15533.20%820120.52131.7500.17533.57%920130.58611.9600.19633.44%1020140.61371.9000.1930.96%1120150.60951.7500.17528.71%1220160.62521.6800.16826.87%1320170.62841.7600.17628.01%1420180.65371.8400.18428.15%1520190.68581.9100.19127.85%16平均股利支付率33.02%172019年凈資產(chǎn)收益率16.08%18預(yù)期增長(zhǎng)率（因素分析法）10.77%19投資必要收益率計(jì)算過(guò)程20無(wú)風(fēng)險(xiǎn)收益率2.75%21市場(chǎng)組合（上證綜指）收益率1.222中國(guó)銀行β系數(shù)13.50%23投資必要收益率15.65%24中國(guó)銀行股票價(jià)值4.34Excel中繪制每股收益與每股股利之間的變化趨勢(shì)下圖所示。圖中國(guó)銀行每股收益與每股股利變化趨勢(shì)圖實(shí)訓(xùn)3.3兩階段股票估價(jià)模型：普利制藥計(jì)算結(jié)果如表5-24的所示。表5-24 普利制藥（300630）股票價(jià)值評(píng)估——兩階段股票價(jià)值評(píng)估模型ABCDEF1投資必要收益率計(jì)算過(guò)程2高增長(zhǎng)時(shí)期穩(wěn)定增長(zhǎng)時(shí)期3無(wú)風(fēng)險(xiǎn)收益率2.62%2.62%4市場(chǎng)風(fēng)險(xiǎn)溢價(jià)7%7%5普利制藥β系數(shù)1.150.86投資必要收益率10.67%8.22%7（1）高增長(zhǎng)時(shí)期股利現(xiàn)值8年份每股收益（元）股利支付率每股股利（元）股利現(xiàn)值（元）901.09619.42%0.2128710115%1.2619.42%0.240.2211215%1.4519.42%0.280.2312315%1.6719.42%0.320.2413415%1.9219.42%0.370.2514515%2.2019.42%0.430.2615小計(jì)1.2016（2）穩(wěn)定增長(zhǎng)時(shí)期股利現(xiàn)值1768%0.4639.62%0.1845.3318（3）股票內(nèi)在價(jià)值19合計(jì)46.52模塊六風(fēng)險(xiǎn)與收益實(shí)訓(xùn)一實(shí)際收益率與風(fēng)險(xiǎn)的衡量學(xué)生自行選取兩家上市公司的股票數(shù)據(jù)練習(xí)，答案略。實(shí)訓(xùn)二預(yù)期收益率與風(fēng)險(xiǎn)的衡量實(shí)訓(xùn)2.1單項(xiàng)資產(chǎn)預(yù)期收益率與風(fēng)險(xiǎn)的衡量根據(jù)實(shí)訓(xùn)條件與要求計(jì)算結(jié)果如Excel電子表格6-6所示。表6-6 A、B、C三種股票的預(yù)期收益率與風(fēng)險(xiǎn)ABCDEFG1類別收益率概率預(yù)期收益率方差標(biāo)準(zhǔn)差標(biāo)準(zhǔn)離差率2A股票-20%0.15-3.00%1.04%3-5%0.25-1.25%0.32%412%0.303.60%0.10%520%0.204.00%0.37%630%0.103.00%0.56%7合計(jì)1.006.35%2.39%15.46%243.52%8A股票收益率大于5%的概率53.48%9B股票-10%0.05-0.50%0.11%10-5%0.30-1.50%0.30%118%0.403.20%0.04%1212%0.151.80%0.07%1320%0.102.00%0.23%14合計(jì)1.005.00%0.75%8.64%172.86%15B股票收益率大于5%的概率50.00%16C股票-15%0.10-1.50%0.41%17-6%0.20-1.20%0.26%1810%0.353.50%0.08%1912%0.253.00%0.11%2015%0.101.50%0.09%21合計(jì)1.005.30%0.95%9.75%184.01%22C股票收益率大于5%的概率51.23%實(shí)訓(xùn)2.2投資組合預(yù)期收益率與風(fēng)險(xiǎn)的衡量根據(jù)實(shí)訓(xùn)條件與要求計(jì)算結(jié)果如Excel電子表格6-8所示。表6-8 E、F股票投資組合預(yù)期收益率與風(fēng)險(xiǎn)ABCDEFGHIJKL1概率收益率預(yù)期收益率均值-收益率（均值-收益率）2方差協(xié)方差2E股票F股票E股票F股票E股票F股票E股票F股票E股票F股票30.10-8.00%-4.00%-0.80%-0.40%-13.10%-10.60%1.72%1.12%0.17%0.11%0.14%40.25-2.00%-16.00%-0.50%-4.00%-7.10%-22.60%0.50%5.11%0.13%1.28%0.40%50.3015.00%18.00%4.50%5.40%9.90%11.40%0.98%1.30%0.29%0.39%0.34%60.208.00%25.00%1.60%5.00%2.90%18.40%0.08%3.39%0.02%0.68%0.11%70.152.00%4.00%0.30%0.60%-3.10%-2.60%0.10%0.07%0.01%0.01%0.01%8合計(jì)5.10%6.60%0.62%2.47%1.00%9標(biāo)準(zhǔn)差7.89%15.70%10相關(guān)系數(shù)0.8011投資比重40%60%12投資組合預(yù)期收益率6.00%13投資組合方差1.47%14投資組合標(biāo)準(zhǔn)差12.11%實(shí)訓(xùn)2.3投資組合預(yù)期收益率與風(fēng)險(xiǎn)的衡量學(xué)生自行選取兩家上市公司的股票數(shù)據(jù)練習(xí)，答案略。實(shí)訓(xùn)三資本資產(chǎn)定價(jià)模型實(shí)訓(xùn)3.1β系數(shù)的衡量學(xué)生自行選取兩家上市公司的股票數(shù)據(jù)練習(xí)，答案略。實(shí)訓(xùn)3.2資本資產(chǎn)定價(jià)模型的應(yīng)用根據(jù)實(shí)訓(xùn)條件與要求計(jì)算結(jié)果如Excel電子表格6-16所示。表6-16 建投能源、燕京啤酒、深證成指收益率 2018年6月至2020年6月ABCDEFG1月收盤(pán)價(jià)（元）月收益率2日期建投能源燕京啤酒深證成指建投能源燕京啤酒深證成指32018-06-296.268.609379.474942018-07-315.576.739178.7806-11.02%-21.74%-2.14%52018-08-315.857.328465.46965.03%8.77%-7.77%62018-09-285.366.058401.0893-8.38%-17.35%-0.76%72018-10-315.056.597482.8302-5.78%8.93%-10.93%82018-11-304.405.687681.7494-12.87%-13.81%2.66%92018-12-284.815.697239.78919.32%0.18%-5.75%102019-01-315.025.647479.21534.37%-0.88%3.31%112019-02-285.905.959031.926617.53%5.50%20.76%122019-03-296.626.409906.863912.20%7.56%9.69%132019-04-308.026.419674.534621.15%0.16%-2.35%142019-05-317.777.388922.6946-3.12%15.13%-7.77%152019-06-286.646.869178.3135-14.54%-7.05%2.86%162019-07-316.706.649326.61470.90%-3.21%1.62%172019-08-306.096.239365.6764-9.10%-6.17%0.42%182019-09-305.576.349446.2382-8.54%1.77%0.86%192019-10-315.395.819635.3291-3.23%-8.36%2.00%202019-11-294.936.019582.1558-8.53%3.44%-0.55%212019-12-314.836.1210430.7662-2.03%1.83%8.86%222020-01-234.896.5210681.9041.24%6.54%2.41%232020-02-284.646.3110980.7746-5.11%-3.22%2.80%242020-03-314.955.859962.30476.68%-7.29%-9.28%252020-04-304.356.0410721.7796-12.12%3.25%7.62%262020-05-294.775.9610746.07649.66%-1.32%0.23%272020-06-304.826.3811992.34681.05%7.05%11.60%28β系數(shù)0.200.0929年無(wú)風(fēng)險(xiǎn)收益率4.25%30年市場(chǎng)組合收益率9.15%31年預(yù)期收益率5.23%4.67%32投資組合33投資比重60%40%34投資組合的β系數(shù)0.1535投資組合的預(yù)期收益率5.00%模塊九固定資產(chǎn)管理實(shí)訓(xùn)2.1ABC1初始現(xiàn)金流量-282第1年現(xiàn)金流量03第2年現(xiàn)金流量104第3年現(xiàn)金流量105第4年現(xiàn)金流量106第5年現(xiàn)金流量107折現(xiàn)率=3%+1.5×（8%-3%）=10.5%8經(jīng)營(yíng)期現(xiàn)金流量現(xiàn)值28.829凈現(xiàn)值0.8210IRR10.94%實(shí)訓(xùn)2.2ABC1初始現(xiàn)金流量-10002第1年現(xiàn)金流量4003第2年現(xiàn)金流量4004第3年現(xiàn)金流量4005第4年現(xiàn)金流量4006第5年現(xiàn)金流量4007第6年現(xiàn)金流量2658第7年現(xiàn)金流量2659第8年現(xiàn)金流量26510第9年現(xiàn)金流量26511第10年現(xiàn)金流量36512折現(xiàn)率10%13經(jīng)營(yíng)期現(xiàn)金流量現(xiàn)值2178.6214凈現(xiàn)值1178.6215內(nèi)部收益率36.05%實(shí)訓(xùn)2.3ABC1初始現(xiàn)金流量-2302第1年現(xiàn)金流量253第2年現(xiàn)金流量254第3年現(xiàn)金流量255第4年現(xiàn)金流量256第5年現(xiàn)金流量257第6年現(xiàn)金流量31.58第7年現(xiàn)金流量31.59第8年現(xiàn)金流量31.510第9年現(xiàn)金流量31.511第10年現(xiàn)金流量31.512第11年現(xiàn)金流量22.513第12年現(xiàn)金流量22.514第13年現(xiàn)金流量22.515第14年現(xiàn)金流量22.516第15年現(xiàn)金流量32.517折現(xiàn)率10%18經(jīng)營(yíng)期現(xiàn)金流量現(xiàn)值204.1919凈現(xiàn)值-25.8120IRR8.01%21PI0.89實(shí)訓(xùn)2.4ABC1初始現(xiàn)金流量-8502年金92.53折現(xiàn)率12%4期數(shù)N105年金現(xiàn)值522.656凈現(xiàn)值-327.35實(shí)訓(xùn)2.5ABC1項(xiàng)目拖拉機(jī)吹雪機(jī)2初始現(xiàn)金流量-3000-35003第1年現(xiàn)金流量-250-7004第2年現(xiàn)金流量5008005第3年現(xiàn)金流量100012006第4年現(xiàn)金流量150020007第5年現(xiàn)金流量150020008折現(xiàn)率9%9%9經(jīng)營(yíng)期現(xiàn)金流量現(xiàn)值3,001.203,674.4810