公司理财部分课后答案

《公司理财部分课后答案》由会员分享，可在线阅读，更多相关《公司理财部分课后答案（14页珍藏版）》请在装配图网上搜索。

1、Chapter 1GoalOFFirmN0.2,3,4,5,10.2. Not-for-ProfitFirmGoalsSupposeyouwerethefinancialmanagerofanot-for-profitbusiness(anot-for-profithospital,perhaps).Whatkindsofgoalsdoyouthinkwouldbeappropriate?答：所有者权益的市场价值的最大化。3. GoaloftheFirmEvaluatethefollowingstatement:Managersshouldnotfocusonthecurrentstockva

2、luebecausedoingsowillleadtoanoveremphasisonshort-termprofitsattheexpenseoflong-termprofits.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. EthicsandFirmGoalsCanthegoalofmaximizingthevalueofthestockconflictwithothergoals,suchasavoidingunethicalorillegalbehavior?Inparticular,doyouthinksubjectslikecustomera

3、ndemployeesafety,theenvironment,andthegeneralgoodofsocietyfitinthisframework,oraretheyessentiallyignored?Thinkofsomespecificscenariostoillustrateyouranswer.答：有两种极端。一种极端，所有的东西都被定价。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

4、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. InternationalFirmGoalWouldthegoalofmaximizingthevalueofthestockdifferforfinancialmanagementinaforeigncountry?Whyorwhynot?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. GoalofFinancialManagementWhyisthegoaloffinancialmanagementtomaximizethecurrentvalueo

5、fthecompanysstock?Inotherwords,whyisntthegoaltomaximizethefuturevalue?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. BuildingaBalanceSheetSankey,Inc.,hascurrentassetsof$4,900,netfixedassetsof$25,000,currentliabilitiesof$4,100,andlong-termdebtof$10,300.W

6、hatisthevalueoftheshareholdersequityaccountforthisfirm?Howmuchisnetworkingcapital?=25000-10300=14700答：所有者权益=资产-负债theshareholdersequityaccount净运营资本噬动资产-流动负债networkingcapital=4900-4100=800损益表销售额435000成本216000折旧40000息税前利润179000利息费用21000税前利润158000税收（35%55300净利润102700答:2. BuildinganIncomeStatementShelton

7、,Inc.,hassalesof$435,000,costsof$216,000,depreciationexpenseof$40,000,interestexpenseof$21,000,andataxrateof35percent.Whatisthenetincomeforthefirm?Supposethecompanypaidout$30,000incashdividends.Whatistheadditiontoretainedearnings?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+留存收益，即留存收益=

8、净利润-股利=102700-30000=727004. CalculatingTaxesTheStefaniCo.had$198,000intaxableincome.UsingtheratesfromTable2.3inthechapter,calculatethecompanysincometaxes.Whatistheaveragetaxrate?Whatisthemarginaltaxrate?(表2.3P23)答：0.15x50000=75000.25x(75000-5000)=62500.34x(100000-75000)=85000.39x(198000-100000)=3822

9、0税款总额=7500+6250+8500+38220=60470平均税率=60470/198000=0.3054边际税率=0.3913. BuildinganIncomeStatementDuringtheyear,theSenbetDiscountTireCompanyhadgrosssalesof$925,000.Thefirmscostofgoodssoldandsellingexpenseswere$490,000and$220,000,respectively.Senbetalsohadnotespayableof$740,000.Thesenotescarriedaninteres

10、trateof4percent.Depreciationwas$120,000.Senbetstaxratewas35percent.a. WhatwasSenbetsnetincome?b. WhatwasSenbetsoperatingcashflow?答:损益表销售额925000成本490000销售费用220000折旧120000净利润为42510息税前利润95000经营现金流量=息税前利润+折旧-税收利息费用29600=192110税前利润65400税收（35%22890净利润4251017. MarginalversusAverageTaxRates(RefertoTable2.3.

11、)CorporationGrowthhas$82,500intaxableincome,andCorporationIncomehas$8,250,000intaxableincome.a. Whatisthetaxbillforeachfirm?b. Supposebothfirmshaveidentifiedanewprojectthatwillincreasetaxableincomeby$10,000.Howmuchinadditionaltaxeswilleachfirmpay?Whyisthisamountthesame?答：a.成长公司应纳税额=5000OX15%+2500025

12、%+1000034%=17150盈利公司应纳税额=5000OX15%+2500025%+2500034%+23500039%+816500034%=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.FinancialStatementsDrawupanincomestatementandbalancesheetforthiscompanyfor2014and2015.201420151Sales$生402510,091DepriciationIJSO1351Coseofsold3,13S3t672Othereitpentes7676

13、41Interest630724Cash&244Accountsreceiwable652773&2Shprt-temnnotepayable9S3B?5Long-termdebt”1132&0Netfixedassets4134642邛2Accountspayable5,1775.022Inventory1L6O411,916DivkJ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

14、债1615219260净固定资产4134642332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1110.21182.98Chapter34.SustainableGrowthInthechapter,weusedRosengartenCorporationtodem

15、onstratehowtocalculateEFN.TheROEforRosengartenisabout7.3percent,andtheplowbackratioisabout67percent.IfyoucalculatethesustainablegrowthrateforRosengarten,youwillfinditisonly5.14percent.InourcalculationforEFN,weusedagrowthrateof25percent.Isthispossible?（Hint: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

16、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现高于可持续增长率的速度增长。（课本P86-89）6.Common-SizeFinancialsOnetooloff

17、inancialanalysisiscommon-sizefinancialstatements.Whydoyouthinkcommon-sizeincomestatementsandbalancesheetsareused?Notethattheaccountingstatementofcashflowsisnotconvertedintoacommon-sizestatement.Whydoyouthinkthisis?（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

18、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-sizefinancialstatementsprovidethefinancialmanagerwitharatioanalysisofthecompany.Thecommon-sizeincomestatementcanshow,forexample,thatcostofgoodssoldasapercentageofsalesisincreasing.Thecommon-sizebalance

19、sheetcanshowafirmsincreasingrelianceondebtasaformoffinancing.Common-sizestatementsofcashflowsarenotcalculatedforasimplereason:Thereisnopossibledenominator.（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. ComparingROEandROABothROAandROE

20、measureprofitability.Whichoneismoreusefulforcomparingtwocompanies?Why?（ROA和ROE比较ROA和ROE衡量盈利的能力。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. RatioAnalysisConsidertheratioEBITD/Assets.Whatdoesthisratiotellus?WhymightitbemoreusefulthanROA

21、incomparingtwocompanies?（考虑EBITD/Assets的比率。这个比率告诉我们什么？为什么比较两家公司时，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.EFNThemostrecentfinancialstatementsforHeine,Inc.,areshownhere:Balance SheetIncomeStatement

22、SalesS40200AssetsCosts2730口Taxableincome312,900TotalTaxesNetincome$BSI4$I用5.000Debt$39,000Equity106.000$I459UOTotal$I45QDOAssetsandcostsareproportionaltosales.Debtandequityarenot.Adividendof$3,500waspaid,andthecompanywishestomaintainaconstantpayoutratio.Nextyearssalesareprojectedtobe$45,426.Whatexte

23、rnalfinancingisneeded?(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=0.411预计股利=0.411x8514x1.13=3955IncomeStatementStatementBalanceSheetSales45426AssetsDebt39000Costs30849EquityTaxableincome14577Acc

24、umulatedretainedearnings111665.82Taxes(34%)4956.18Total163850Total150665.82NetIncome9620.82新增留存收益=净利润-股利=9620.82-3955=5665.82Accumulatedretainedearnings=106000+5665.82=111665.82EFN=163850-150665.82=13184.185. Sales and GrowthThemostrecentfinancialstatementsforWiseCo.areshownhere:IncomeStatementBalan

25、ceStieetSalesCosts$43.0002150QCurrentassetsFtxedassets$27.000118.000Long-termdebtEquity$62,000mcome$21500Total$及5000ToulTaxes(34%)7川0NfTinrorneAssetsandcostsareproportionaltosales.Thecompanymaintainsaconstant30percentdividendpayoutratioandaconstantdebtequityratio.Whatisthemaximumincreaseinsalesthatc

26、anbesustainedassumingnonewequityisissued?(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=留存收益增加额/净禾J润=0.7留存收益增加额=14190x0.7=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=(ROExb)/(1-ROExb)=0.17096x0.7/1-0.1

27、7096x0.7=0.13594Sales=43000x0.13594=5845.4309. ExternalFundsNeededDahliaColby,CFOofCharmingFloristLtd.,hascreatedthefirmsproformabalancesheetforthenextfiscalyear.Salesareprojectedtogrowby10percentto$360million.Currentassets,fixedassets,andshort-termdebtare20percent,75percent,and15percentofsales,resp

28、ectively.CharmingFloristpaysout30percentofitsnetincomeindividends.Thecompanycurrentlyhas$105millionoflong-termdebtand$46millionincommonstockparvalue.Theprofitmarginis9percent.a. Constructthecurrentbalancesheetforthefirmusingtheprojectedsalesfigure.b. BasedonMs.Colbyssalesgrowthforecast,howmuchdesCha

29、rmingFloristneedinexternalfundsfortheupcomingfiscalyear?c. Constructthefirmsproformabalancesheetforthenextfiscalyearandconfirmtheexternalfundsneededthatyoucalculatedinpart(b).13. ExternalFundsNeededTheOpticalScamCompanyhasforecastasalesgrowthrateof15percentfornextyear.Thecurrentfinancialstatementsar

30、eshownhere:a. Usingtheequationfromthechapter,calculatetheexternalfundsneededfornextyear.b. Constructthefirmsprofboarmlaancesheetfornextyearandconfirmtheexternalfundsneededthatyoucalculatedinpart(a).c. Calculatethesustainablegrowthrateforthecompany.d. Canthecompanyeliminatetheneedforexternalfundsbych

31、angingitsdividendpolicy?Whatotheroptionsareavailabletothecompanytomeetitsgrowthobjectives?QP14.DaysSalesinReceivablesAcompanyhasnetincomeof$314,000aprofitmarginof8.9percent,andanaccountsreceivablebalanceof$152,800.Assuming80percentofsalesareoncredit,whatisthecompanysdayssalesinreceivables?应收账款日销售净额为

32、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.RatiosandFixedAssetsTheWhisenhuntCompanyhasaratiooflong-termdebttolong-termdebtandequityof.29andacurrentratioof1.20.Currentliabilitiesare$1,280,salesare$6,140,profitmarginis8.9percent,andROEis17.6percent.Whatistheamountofthefirmetf

33、isxendassets?QP16.CalculatingtheCashCoverageRatioPandaInc.snetincomeforthemostrecentyearwas$9,620.Thetaxratewas34percent.Thefirmpaid$2,380intotalinterestexpenseanddeducted$3,170indepreciationexpense.Whatwasthecompanyscashcoverageratiofortheyear?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

34、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第一个月本金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第二个月本金A=(1000000-3438.5683)0.005/(1+0.005)179-1=3455.7611利息=8438.5683-3455.7611=4982.8071第三个月本金A=(1000000-3438.5683-34

35、55.7611)0.005/(1+0.005)178-1=3473.0399利息=8438.5683-3473.0399=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1000000/180=5555.5556第一个月利息1000000x0.005=5000月供5555.5556+5000=10555.5556第二个月利息(1000000-5555.5556)x0.005=4972.2223月供5555.5556+4972.2223=10527.7778第三个月利息(1000000-2x5555.5556)x0.

36、005=4944.4444月供5555.5556+4944.4444=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=333333.336本金还剩1000000-333333.336=666666.664每月应还本金666666.664/(10x12)=5555.5556第一个月利息666666.664x0.007=4444.444月供5555.5556+4444.444=10000.0004第二个月利息(666666.664-5555.5556)x0.007=4627.778月供5555.5556

37、+4627.778=10183.333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(1000000x(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NPVIRR、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)

38、在贴现率分别为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IncrementalIRR?(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)nEXCEL/NPV=0(3) NPV/EXCEL(4) PI=未来现金流量的现值/初

39、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%。(仅从IRR看，方案B可

40、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IncrementalIRR.IncrementalIRR=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RankingCriterion而定夺。2.ToBuyorNottoBuyWeareconsideringthep

41、urchaseofa$200,000computer-basedinventorymanagementsystem.Itwillbedepreciatedstraight-linetozerooveritsfour-yearlife.Itwillbeworth$30,000attheendofthattime.Thesystemwillsaveus$60,000beforetaxesininventoryrelatedcosts.Therelevanttaxrateis39percent.Becausethenewsetupismoreefficientthanourexistingone,w

42、ecancarrylesstotalinventory,therebyfreeingup$45,000innetworkingcapital.WhatistheNPVat16percent?WhatistheIRRonthisinvestment?(P259例10-3买还是不要买我们正在考虑购买一套价值200000美元的计算机辅助存货管理系统。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30000美元。这套系统将为我们节省60000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45000美元的净营运资本

43、。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60000x(1-0.39)=36600每年折旧=200000/4=50000折旧税盾=50000x0.39=19500每年的现金流量=360600+19500=56100各系统税后残值为30000x(1-0.39)=1830001234Operatingcashflow（经营现金流量）56100561005610056100ChangeinNWC（净营运资本变动）45000-45000CapitalSpending(资本性支出)-20000018300Totalcashflow(总现金流量)-15

44、5000561005610056100294003.Chapter71.Howtocalculate$189、$1295、$5942.VariablePessimisticExpectedorBestOptimisticMarketsize(peryear)5.00010,00020.000Marketshare20%30%50%Price$1.9million$2milliori$2.2milllorVariablecost(perplane)$1.2nnilliori$1million$一8millionFixedcost(peryear)$1.891million$1,791millio

45、n$1,741millionInvestment$1.900million$1,500nmllion$1.000millionPessimisticExpectedorBestOptimisticMarket百芝电-$1,802Wp Tllaf The Other M he firin Artimplyni ihM * rrtl Oft 由考 prcjcct can o1?wr irxomrinfjnm. thereby nfrdwcing 拄 overjll taxes “ firm,189Revenues ( Market size x Market share x Price)-Vari

46、able costs( Market size x Market share x Variable cost per)-Fixed costs-DepreciationPretax profitTax(34%)$1,517$8,154Marketshiir已6%*1.5175,942Price853Ir5l72,844VariablecostIB91517844FixedcostL295LSI7L62SInvestment1.2081.517LW310 000 x 0.3 x 2 = 6 00010 000 x 0.3 x 1.2 = 3 60017911 500 / 5 = 30030930

47、9 x 0.34 = 105.06Undersensitivityanalysis,oneinput段vancdwhileallotherinputsareassumedtomeettheirexpectation.Forexample,anNPVof51.002occurswhenthepessimisticforecastof5,000isusedformarketsizewhileallothervariablesaresetartheirexpiredforecastsfromTable7.2.Net profit309 105.06 = 203.94OCF( NI + Depreci

48、ation)203.94 + 300 = 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

49、= 533.94OCF( NI + Depreciation)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

50、( NI + Depreciation)2909x0.34=989.062909989.06=1919.941919.94+300=2219.942. IntheSolarElectronicsCorporationsJetEngineexample,trytocalculatethebreak-evenOCF,thebreak-evenrevenueandthebreak-evenprice.(Whenweuseaccountingprofitasthebasisforthebreak-evencalculation,wesubtractdepreciation.Depreciationfo

51、rthesolarjetenginesprojectis$300millionperyear.If2,091solarjetenginesaresoldperyear,SECwillgeneratesufficientrevenuestocoverthe$300milliondepreciationexpenseplusothercosts.Unfortunately,atthislevelofsalesSECwillnotcovertheeconomicopportunitycostsofthe$1,500millionlaidoutfortheinvestment.Ifwetakeinto

52、accountthatthe$1,500millioncouldhavebeeninvestedat15percent,thetrueannualcostoftheinvestmentis$447.5million,not$300million.Depreciationunderstatesthetruecostsofrecoveringtheinitialinvestment.Thus,companiesthatbreakevenonanaccountingbasisarereallylosingmoney.Theyarelosingtheopportunitycostoftheinitia

53、linvestment.)OCF=1500/3.352=447.5(因为1500万的初始投资要求的报酬率为15%，考虑每年15%的机会成本。用普通年金求，在15%贴现率下，五年期年金系数为3.352，所以1500=OCFx3.352，OCF=1500/3.352=447.5)通过已知的OCF倒推Revenues。RevenuesVariable costsFixed costsDepreciationPretax profitTax(34%)Net profitOCF( NI + Depreciation)5314.48=3000+1791+300+223.48300017911500/5=3

54、00223.48=147.5/(1-0.34)75.98=223.4x0.34147.5=447.5-300447.5=NI+300一开始的计划销售量是每年10000x0.3=3000break-evenrevenue=计划销售量(peryear)xPBE5314.48=3000xPBEPBE=5314.48/3000=1.773. IntheStewartPharmaceuticalsexample,trytocalculatethethreebreak-evensalesvolumes:a. Accountingbreak-even:salesvolumeatwhichnetincome=

55、0;b. Cashbreak-even:salesvolumeatwhichoperatingcashflow=0;c. Financialbreakeven:salesvolumeatwhichnetpresentvalue=0.a.v=4.29=3000/700Q=FC+D/P-v=1800+400/10-4.29=385.3b.Q*=Cf(1-t)-Dt/(P-v)(1-t)=1800(1-0.34)-400x0.34/(10-4.29)(1-0.34)=279.1c.EAC=(P-CV)Q-CF(1-t)+Dt=1588?Q*=EAC+Cf(1-t)-Dt/(P-v)(1-t)=700

56、.5Chapter141) WhatwouldhappenifweusetheWACCforallprojectsregardlessofrisk?AssumetheWACC=15%ProjectRequiredReturnIRRA20%17%B15%18%C10%12%Question1:WhatwouldhappenifweusetheWACCforallprojectsregardlessofrisk?OrWhichprojectswouldbeacceptediftheyusedtheWACCforthediscountrate?Question2:Whichprojectsshoul

57、dbeacceptedifyouusetherequiredreturnbasedontheriskoftheproject?Question3:ComparetheabovetwoanswersandseewhathappenedwhenweusedtheWACC?Question4:Whatwillhappentotheoverallriskofthefirmifthecompanydoesthisonaconsistentbasis?Question5:Whatwillhappentothefirmcostosfcapitalasthefirmbecomesriskier?答：(1)用W

58、ACC=15%为取舍点，我们会拒绝C项目，因为其IRR低于15%接受AB项目，因为其IRR高于15%。2) 2)C(3)假如用WACCB评价所有的投资项目，这意味着任何报酬率低于15%勺都会被拒绝。对于所有投资项目都应用WACC?导致公司错误地接受风险较大的项目和错误地拒绝相对安全的项目。(P369图SMIL(4)随着时间积累，应用WACC来评价所有的项目将会使公司越来越倾向于接受获利性不够的投资，而且整体风险会慢慢加大。(5)风险更高倾向于得到更高的报酬，公司的资本成本会变高。2、ComprehensiveProblem?Acorporationhas10,000bondsoutstandi

59、ngwitha6%annualcouponrate,8yearstomaturity,a$1,000facevalue,anda$1,100marketprice.?Thecompanys100,000sharesofpreferredstockpaya$3annualdividend,andsellfor$30pershare.?Thecompanys500,000sharesofcommonstocksellfor$25pershareandhaveabetaof1.5.Theriskfreerateis4%,andthemarketreturnis12%.?Assuminga40%taxrate,whatisthecompanysWACC?答：RE=4%+1.5(1-4%)=0.16风险溢价=市场回报率-无风险利率RD=4.48%(EXCELIRR-1100,7个60,1060)R=股利/优先股股价=3/30=0.1E=500000x25=12500000D=10000x1100=11000000(=10000x1100/1000)P=100000x30=3000000V=E+D+P=26500000WACC=(E/V)RE+(P/V)Rp+(D/V)RD(1-T)=0.098