电大财务管理形考作业答案

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1、专业好文档财务管理作业11、SP1in100015310001.1581158元2、PS1in800013480000.8887104元3、SAS/A，i ，n3000S/A，4，330003.1229366元4、SAS/A，i ，n AS/S/A，i ，n8000/S/A，3，480004.1841912元5、S3000140250014120001427764元6、P130015115001521800143200014413000.95215000.90718000.86420000.8235799.30元7、SAS/A，i ，n AS/S/A，i ，n8000S/A，3，480004.

2、1841912元此题形考册上无8、若购买须支付16000元现金 若租用现在须付多少元（租金折为现值） PAP/A，i ，n2000P/A，6，1020007.36014720元 则租比买合算 PAP/A，i ，n12000P/A，6，912000（6.8021）15604元9、SP1in 2.520000200001i51i52.520 2.488 i 2.525 3.052（i20）/（2520）（2.52.488）/（3.0522.488） i20.1110、SP1in 21i514 1.925 i 215 2.011（i14）/（1514）（21.925）/（2.0111.925） i1

3、4.87 3114.87N114.8783.0315；114.8772.6398 3.0315N 37 2.6390（N-8）/（8-7）（3-3.0315）/（3.0315-2.6390） N7.92年11、（1）KjRFBJ（KM-RF）14RF1.8（12-RF） RF9.5（2）Kj9.51.8（8-9.5）6.8财务管理作业21、债券发行价格债券面额P/S，i，n债券面额票面利率P/A，i ，n1000P/S，12，5100010P/A，12，510000.5671003.605927.50元；1000P/S，10，5100010P/A，10，510000.6211003.79110

4、00元；1000P/S，8，5100010P/A，8，510000.6811003.9931080.30元。2、100011（1-33）/1125（1-5）6.91.8/27.5（1-5）713.91509/175（1-12）8.773、EBIT税前利润债务利息302050万元EBITS-VC-F ， VC1.6100-20-5090万元经营杠杆系数 DOL（S-VC）/EBIT(160-90)/50 1.4 财务杠杆系数 DFLEBIT /(EBIT-I) 50/(50-20) 1.67 总杠杆系数DTLDOL DFL1.41.672.344、VCS6021060126万元 经营杠杆系数 D

5、OL（S-VC）/EBIT(210-126)/60 1.4 债务利息I200401512万元财务杠杆系数 DFLEBIT /(EBIT-I) 60/(60-12) 1.25 总杠杆系数DTLDOL DFL1.41.251.755、设负债资本为X万元，则净资产收益率（12035-12X）（1-40）/（120-X）24 得X21.43万元 则自有资本120-X120-21.4398.57万元。6、债券资本成本K1100010（1-33）/1000（1-2）6.84 债券筹资占总筹资额比重W11000/250010040 优先股资本成本K25007/500（1-3）7.22 优先股筹资占总筹资额比

6、重W2500/250010020普通股资本成本K3100010/1000（1-4）414.42 普通股筹资占总筹资额比重W31000/250010040该筹资方案加权资本成本KW（WJKI）406.84207.224014.429.957、设每股收益无差别点息税前利润为EBIT则（EBIT-I1）（1-T）/N1（EBIT-I2）（1-T）/N2（EBIT-20）（1-33）/（105）（EBIT-20-40）（1-33）/10 EBIT140万元无差别点每股收益（140-20）（1-33）/（105）5.36元或（140-20-40）（1-33）/105.36元 因预计息税前利润160万元无

7、差别点息税前利润140万元，则采用负债筹资更有利.财务管理作业31、年折旧额（原值-残值）/使用年限 （750-50）/5140万元 年销售收入40000250100000001000万元投资项目的营业现金流量计算表 单位：万元时 间（T）项 目第1年第2年第3年第4年第5年销售收入（1）付现成本（2）折旧（3）税前利润（4）（1）-（2）-（3）所得税（5）（4）40税后净利（6）（4）-（5）营业现金流量（7）（1）-（2）-（5）或（3）+（6）100076014010040602001000760140100406020010007601401004060200100076014010

8、0406020010007601401004060200投资项目的现金流量计算表 单位：万元时间（T）项 目第0年第1年第2年第3年第4年第5年固定资产投资营运资金垫支-750-250营业现金流量固定资产残值收入营运资金回收20020020020020050250现金流量合计-10002002002002005002、（1）分别计算初始投资与折旧的现金流量的差量 初始投资=40-16=24万元 年折旧额=（40-1）/6-（16-1）/6=4万元（2）两个方案营业现金流量的差量表 单位：万元 时 间（T）项 目第1-6年销售收入（1）付现成本（2）折旧额（3）30-20=1010-8=24税前

9、利润（4）（1）-（2）-（3）所得税（5）（4）3041.2税后净利（6）（4）-（5）营业净现金流量（7）（1）-（2）-（5）或（3）+（6）2.86.8（3）两个方案各年现金流量的差量表 单位：万元 时间（T）项 目第0年第1年第2年第3年第4年第5年第6年初始投资营业净现金流量终结现金流量现金流量-24-246.86.86.86.86.86.86.86.86.86.86.806.83、（1）年折旧额454000（P/A，8，5）/10181282.20（元） （2）每年营业现金净流量180000181282.20361282.20元（3）NPV361282.20（P/A，8，10）（

10、P/S，8，5）-454000（P/A，8，5）361282.206.7100.681-4540003.9931650882.63-1812822-161939.37元0，故项目投资不可行。（4）现值指数PI361282.20（P/A，8，10）（P/S，8，5）/454000（P/A，8，5）1650882.63/18128220.911，故项目投资不可行。（5）内部收益率法（IRR）年金现值系数初始投资额/每年营业现金净流量1812822/361282.205.018在10期中，查1元年金现值系数表可知，系数为5.018对应贴现率为15，故内部收益率IRR158，故项目投资可行。4、（1）

11、原始投资额520000+52000010（P/A，10，5）717132（元） （2）年折旧额（520000-20000）/1050000元（3）前五年每年净现金流量300000-232000（1-35）5000094200元（4）后五年每年净现金流量300000-180000（1-35）50000128000元（5）净现值94200（P/A，10，5）128000（P/A，10，5）（P/S，10，5）20000（P/S，10，10）-717132942003.7911280003.7910.621200000.386-717132659223.21-717132-57908.79元0，故项

12、目投资不可行。5、（1）甲方案年折旧额10000/52000元 乙方案年折旧额（12000-2000）/52000元甲方案营业现金流量计算表 单位：元时 间（T）项 目第1年第2年第3年第4年第5年销售收入（1）付现成本（2）折旧（3）税前利润（4）（1）-（2）-（3）所得税（5）（4）40税后净利（6）（4）-（5）营业现金流量（7）（1）-（2）-（5）或（3）+（6）600020002000200080012003200600020002000200080012003200600020002000200080012003200600020002000200080012003200600

13、020002000200080012003200乙方案营业现金流量计算表 单位：元时 间（T）项 目第1年第2年第3年第4年第5年销售收入（1）付现成本（2）折旧（3）税前利润（4）（1）-（2）-（3）所得税（5）（4）40税后净利（6）（4）-（5）营业现金流量（7）（1）-（2）-（5）或（3）+（6）8000300020003000120018003800800034002000260010401560356080003800200022008801320332080004200200018007201080308080004600200014005608402840 投资项目现金流量

14、计算表 单位：元 时间（T）项 目第0年第1年第2年第3年第4年第5年甲方案：固定资产投资营业现金流量-1000032003200320032003200现金流量合计-1000032003200320032003200乙方案：固定资产投资营运资金垫支营业现金流量固定资产残值收入营运资金回收-12000-30003800356033203080284020003000现金流量合计-1500038003560332030807840（2）投资回收期甲方案投资回收期原始投资额/每年营业现金流量 10000/32003.13年乙方案各年尚未回收的投资 单位：元 项目时间每年净现金流量年末尚未回收的投资

15、第1年第2年第3年第4年第5年38003560332030807840820046401320乙方案投资回收期31320/30803.43年（3）平均报酬率平均现金余额/原始投资额甲方案平均报酬率3200/1000032乙方案平均报酬率（38003560332030807840）5/1500028.86、（1）投资额的现值20002000（P/S，10，1）2000（P/S，10，2）5470万元（2）年折旧额5470/51094万元（3）每年营业现金流量（销售收入-付现成本-折旧）（1-所得税率）折旧（3600-1200-1094）（1-30）10942008.20万元该方案每年现金流量表

16、单位：万元期限012345678现金流量-2000-2000-2000-5002008.22008.22008.22008.22508.2尚未回收额20004000600065004491.82483.6475.4（4）投资回收期6475.4/2008.26.24年（5）净现值2008.2（P/A，10，5）（P/S，10，3）500（P/S，10，8）-20002000（P/A，10，2）500（P/S，10，3）105.43万元财务管理作业41、最佳现金持有量Q2AF/R2160.04/0.911.93万元证券变现次数NA/Q16/11.931.34次2、（1）经济进货批量Q2AF/C24

17、000800/10800件 （2）总成本100002400080010 18000元即每次生产800件零件最合适，年度生产成本总额为18000元。3、（1）计算超常增长期的股利现值 股利现值表 单位：元年份股 利（D）复利现值系数（R15）现 值1232（110）2.22.2（110）2.422.42（110）2.6620.8700.7560.6581.9141.8301.752合计5.50（2）计算第三年底的普通股价值P3D4/（RS-G）2.662（15）/（15-5） 27.951元（3）计算现值PV527.951/（115）318.38元（4）股票价值5.518.3823.88元4、此

18、债券内在价值V10008（P/A，10，5）1000（P/S，10，5）803.79110000.621924.28元由于债券投资价值低于市价，如不考虑其他因素，该债券不值得投资。5、（1）根据资本资产定价模型RSRFBJ（KM-RF）预期收益率RS82（15-8）22（2）股票内在价值POD1/（RS-G）PO1（110）/（22-10）9.17元6、（1）流动比率流动资产/流动负债年未流动负债年未流动资产/年未流动比率 270/390万元（2）速动比率（流动资产-存货）/流动负债年未存货270-1.590135万元存货年平均余额（年初存货年末存货）/2 （145135）/2140万元（3）

19、存货周转率主营业务成本/存货年平均余额主营业务成本4140560万元（4）年末应收帐款年未流动资产-年末存货 270-135135万元应收帐款周转率赊销净额/应收帐款平均余额960/（125135）27.38次应收帐款周转期360/应收帐款周转率 360/7.3849天7、（1）应收帐款周转率赊销净额/应收帐款平均余额1800/（240270）27.06次（2）存货周转率主营业务成本/存货年平均余额1321/（310300）24.33次（3）流动比率流动资产/流动负债700/6001.17（4）速动比率（流动资产-存货）/流动负债（700-300）/6000.67（5）现金比率（现金短期投资）

20、/流动负债130/6000.22（6）资产负债率负债总额/资产总额（600300）/180050（7）产权比率负债总额/所有者权益（600300）/9001（8）销售利润率税后利润/主营业务净收入100105/18001005.83Editors note: Judson Jones is a meteorologist, journalist and photographer. He has freelanced with CNN for four years, covering severe weather from tornadoes to typhoons. Follow him on

21、 Twitter: jnjonesjr (CNN) - I will always wonder what it was like to huddle around a shortwave radio and through the crackling static from space hear the faint beeps of the worlds first satellite - Sputnik. I also missed watching Neil Armstrong step foot on the moon and the first space shuttle take

22、off for the stars. Those events were way before my time.As a kid, I was fascinated with what goes on in the sky, and when NASA pulled the plug on the shuttle program I was heartbroken. Yet the privatized space race has renewed my childhood dreams to reach for the stars.As a meteorologist, Ive still

23、seen many important weather and space events, but right now, if you were sitting next to me, youd hear my foot tapping rapidly under my desk. Im anxious for the next one: a space capsule hanging from a crane in the New Mexico desert.Its like the set for a George Lucas movie floating to the edge of s

24、pace.You and I will have the chance to watch a man take a leap into an unimaginable free fall from the edge of space - live.The (lack of) air up there Watch man jump from 96,000 feet Tuesday, I sat at work glued to the live stream of the Red Bull Stratos Mission. I watched the balloons positioned at

25、 different altitudes in the sky to test the winds, knowing that if they would just line up in a vertical straight line we would be go for launch.I feel this mission was created for me because I am also a journalist and a photographer, but above all I live for taking a leap of faith - the feeling of

26、pushing the envelope into uncharted territory.The guy who is going to do this, Felix Baumgartner, must have that same feeling, at a level I will never reach. However, it did not stop me from feeling his pain when a gust of swirling wind kicked up and twisted the partially filled balloon that would t

27、ake him to the upper end of our atmosphere. As soon as the 40-acre balloon, with skin no thicker than a dry cleaning bag, scraped the ground I knew it was over.How claustrophobia almost grounded supersonic skydiverWith each twist, you could see the wrinkles of disappointment on the face of the curre

28、nt record holder and capcom (capsule communications), Col. Joe Kittinger. He hung his head low in mission control as he told Baumgartner the disappointing news: Mission aborted.The supersonic descent could happen as early as Sunday.The weather plays an important role in this mission. Starting at the

29、 ground, conditions have to be very calm - winds less than 2 mph, with no precipitation or humidity and limited cloud cover. The balloon, with capsule attached, will move through the lower level of the atmosphere (the troposphere) where our day-to-day weather lives. It will climb higher than the tip

30、 of Mount Everest (5.5 miles/8.85 kilometers), drifting even higher than the cruising altitude of commercial airliners (5.6 miles/9.17 kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause), he can expect a lot of turbulence.The balloon will slowly drift to t

31、he edge of space at 120,000 feet (22.7 miles/36.53 kilometers). Here, Fearless Felix will unclip. He will roll back the door.Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform.Below, the Earth becomes the concrete bottom of a swimming pool that he want

32、s to land on, but not too hard. Still, hell be traveling fast, so despite the distance, it will not be like diving into the deep end of a pool. It will be like he is diving into the shallow end.Skydiver preps for the big jumpWhen he jumps, he is expected to reach the speed of sound - 690 mph (1,110

33、kph) - in less than 40 seconds. Like hitting the top of the water, he will begin to slow as he approaches the more dense air closer to Earth. But this will not be enough to stop him completely.If he goes too fast or spins out of control, he has a stabilization parachute that can be deployed to slow

34、him down. His team hopes its not needed. Instead, he plans to deploy his 270-square-foot (25-square-meter) main chute at an altitude of around 5,000 feet (1,524 meters).In order to deploy this chute successfully, he will have to slow to 172 mph (277 kph). He will have a reserve parachute that will o

35、pen automatically if he loses consciousness at mach speeds.Even if everything goes as planned, it wont. Baumgartner still will free fall at a speed that would cause you and me to pass out, and no parachute is guaranteed to work higher than 25,000 feet (7,620 meters).It might not be the moon, but Kit

36、tinger free fell from 102,800 feet in 1960 - at the dawn of an infamous space race that captured the hearts of many. Baumgartner will attempt to break that record, a feat that boggles the mind. This is one of those monumental moments I will always remember, because there is no way Id miss this.If we

37、 dont do that it will go on and go on. We have to stop it; we need the courage to do it.His comments came hours after Fifa vice-president Jeffrey Webb - also in London for the FAs celebrations - said he wanted to meet Ivory Coast international Toure to discuss his complaint.CSKA general director Rom

38、an Babaev says the matter has been exaggerated by the Ivorian and the British media.Blatter, 77, said: It has been decided by the Fifa congress that it is a nonsense for racism to be dealt with with fines. You can always find money from somebody to pay them.It is a nonsense to have matches played wi

39、thout spectators because it is against the spirit of football and against the visiting team. It is all nonsense.We can do something better to fight racism and discrimination.This is one of the villains we have today in our game. But it is only with harsh sanctions that racism and discrimination can

40、be washed out of football.The (lack of) air up there Watch mCayman Islands-based Webb, the head of Fifas anti-racism taskforce, is in London for the Football Associations 150th anniversary celebrations and will attend Citys Premier League match at Chelsea on Sunday.I am going to be at the match tomo

41、rrow and I have asked to meet Yaya Toure, he told BBC Sport.For me its about how he felt and I would like to speak to him first to find out what his experience was.Uefa hasopened disciplinary proceedings against CSKAfor the racist behaviour of their fans duringCitys 2-1 win.Michel Platini, president

42、 of European footballs governing body, has also ordered an immediate investigation into the referees actions.CSKA said they were surprised and disappointed by Toures complaint. In a statement the Russian side added: We found no racist insults from fans of CSKA.Baumgartner the disappointing news: Mis

43、sion aborted.The supersonic descent could happen as early as Sunda.The weather plays an important role in this mission. Starting at the ground, conditions have to be very calm - winds less than 2 mph, with no precipitation or humidity and limited cloud cover. The balloon, with capsule attached, will

44、 move through the lower level of the atmosphere (the troposphere) where our day-to-day weather lives. It will climb higher than the tip of Mount Everest (5.5 miles/8.85 kilometers), drifting even higher than the cruising altitude of commercial airliners (5.6 miles/9.17 kilometers) and into the strat

45、osphere. As he crosses the boundary layer (called the tropopause),e can expect a lot of turbulence.The balloon will slowly drift to the edge of space at 120,000 feet ( Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform.Below, the Earth becomes the conc

46、rete bottom of a swimming pool that he wants to land on, but not too hard. Still, hell be traveling fast, so despite the distance, it will not be like diving into the deep end of a pool. It will be like he is diving into the shallow end.Skydiver preps for the big jumpWhen he jumps, he is expected to

47、 reach the speed of sound - 690 mph (1,110 kph) - in less than 40 seconds. Like hitting the top of the water, he will begin to slow as he approaches the more dense air closer to Earth. But this will not be enough to stop him completely.If he goes too fast or spins out of control, he has a stabilizat

48、ion parachute that can be deployed to slow him down. His team hopes its not needed. Instead, he plans to deploy his 270-square-foot (25-square-meter) main chute at an altitude of around 5,000 feet (1,524 meters).In order to deploy this chute successfully, he will have to slow to 172 mph (277 kph). H

49、e will have a reserve parachute that will open automatically if he loses consciousness at mach speeds.Even if everything goes as planned, it wont. Baumgartner still will free fall at a speed that would cause you and me to pass out, and no parachute is guaranteed to work higher than 25,000 feet (7,620 meters).cause there17