文档库 最新最全的文档下载
当前位置:文档库 › 公司理财第二章

公司理财第二章

公司理财第二章
公司理财第二章

1. The financial statement showing a firm's accounting value on a particular date is the:

A. income statement.

B.balance sheet.资产负债表反应公司在某一特定日期的账面价值

C. statement of cash flows.

D. tax reconciliation statement.

E. shareholders' equity sheet.

2. A current asset is:

A. an item currently owned by the firm.

B. an item that the firm expects to own within the next year.

C. an item currently owned by the firm that will convert to cash within the next 12 months.在一年内能够变现的资产

D. the amount of cash on hand the firm currently shows on its balance sheet.

E. the market value of all items currently owned by the firm.

3. The long-term debts of a firm are liabilities:

A. that come due within the next 12 months.

B.that do not come due for at least 12 months.偿还期限在一年以上

C. owed to the firm's suppliers.

D. owed to the firm's shareholders.

E. the firm expects to incur within the next 12 months.

4. Net working capital is defined as: 经营运资本

A. total liabilities minus shareholders' equity.

B. current liabilities minus shareholders' equity.

C. fixed assets minus long-term liabilities.

D. total assets minus total liabilities.

E.current assets minus current liabilities.流动资产-流动负债

5. A(n) ____ asset is one which can be quickly converted into cash without significant loss in value.

A. current

B. fixed

C. intangible

D. liquid速动资产

E. long-term

6. The financial statement summarizing a firm's accounting performance over a period of time is the:

A. income statement.利润表反应公司一段时间内的经营成果

B. balance sheet.

C. statement of cash flows.

D. tax reconciliation statement.

E. shareholders' equity sheet. 7. Noncash items refer to: 非现金项目

A. the credit sales of a firm.

B. the accounts payable of a firm.

C. the costs incurred for the purchase of intangible fixed assets.

D. expenses charged against revenues that do not directly affect cash flow.与收入像配比的费用,并不影响现金流量

E. all accounts on the balance sheet other than cash on hand.

8. Your _____ tax rate is the amount of tax payable on the next taxable dollar you earn.

A. deductible

B. residual

C. total

D. average

E. marginal边际税率指多赚一美元需要多支付的税金

9. Your _____ tax rate is the total taxes you pay divided by your taxable income.

A. deductible

B. residual

C. total

D.average平均税率

E. marginal

10. _____ refers to the cash flow that results from the firm's ongoing, normal business activities.

A.Cash flow from operating activities经营活动现金流

B. Capital spending

C. Net working capital

D. Cash flow from assets

E. Cash flow to creditors

11. _____ refers to the changes in net capital assets.

A. Operating cash flow

B. Cash flow from investing投资活动产生的现金流

C. Net working capital

D. Cash flow from assets

E. Cash flow to creditors

12. _____ refers to the difference between a firm's current assets and its current liabilities.

A. Operating cash flow

B. Capital spending

https://www.wendangku.net/doc/2a11347143.html, working capital净营运资本是流动资产与流动负债之差

D. Cash flow from assets

E. Cash flow to creditors

13. _____ is calculated by adding back noncash expenses to net income and adjusting for changes in current assets and liabilities. 非现金费用加净利润,根据流动资产和流动负债的变化做出调整

A. Operating cash flow

B. Capital spending

C. Net working capital

D.Cash flow from operation s经营活动产生的现金流

E. Cash flow to creditors

14. _____ refers to the firm's interest payments less any net new borrowing.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from shareholders

E.Cash flow to creditors向债权人支付的现金流=支付的利息—净新借入额

15. _____ refers to the firm's dividend payments less any net new equity raised.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from creditors

E.Cash flow to stockholder s向股东支付的现金流=支付的股利—权益筹资净额

16. Earnings per share is equal to: 每股收益

A. net income divided by the total number of shares outstanding.净利润/流通在外的股数

B. net income divided by the par value of the common stock.

C. gross income multiplied by the par value of the common stock.

D. operating income divided by the par value of the common stock.

E. net income divided by total shareholders' equity.

17. Dividends per share is equal to dividends paid: 每股股利

A. divided by the par value of common stock.

B.divided by the total number of shares outstanding.股利/流通在外的股数

C. divided by total shareholders' equity.

D. multiplied by the par value of the common stock.

E. multiplied by the total number of shares outstanding.

18. Which of the following are included in current assets?

I. equipment设备

II. Inventory存货

III. accounts payable应付账款

IV. cash 现金

A. II and IV only

B. I and III only

C. I, II, and IV only

D. III and IV only

E. II, III, and IV only 19. Which of the following are included in current liabilities?

I. note payable to a supplier in eighteen months应付票据

II. debt payable to a mortgage company in nine months短期负债

III. accounts payable to suppliers应付账款

IV. loan payable to the bank in fourteen months 长期负债

A. I and III only

B. II and III only

C. III and IV only

D. II, III, and IV only

E. I, II, and III only20. An increase in total assets:

A. means that net working capital is also increasing.

B. requires an investment in fixed assets.

C. means that shareholders' equity must also increase.

D.must be offset by an equal increase in liabilities and shareholders' equity.总资产的增加必定对应相应负债和所有者权益的增加

E. can only occur when a firm has positive net income.

21. Which one of the following assets is generally the most liquid?

A. inventory

B. buildings

C.accounts receivable应收账款

D. equipment

E. patents

22. Which one of the following statements concerning liquidity is correct?

A. If you sold an asset today, it was a liquid asset.

B. If you can sell an asset next year at a price equal to its actual value, the asset is highly liquid.

C. Trademarks and patents are highly liquid.

D. The less liquidity a firm has, the lower the probability the firm will encounter financial difficulties.

E.Balance sheet accounts are listed in order of decreasing liquidity.资产负债表账户是按流动性减弱排序的

23. Liquidity is:

A. a measure of the use of debt in a firm's capital structure.

B. equal to current assets minus current liabilities.

C. equal to the market value of a firm's total assets minus its current liabilities.

D. v aluable to a firm even though liquid assets tend to be less profitable to own.在不引起价值大幅损失的前提下,资产变现的方便与快捷成度

E. generally associated with intangible assets.

24. Which of the following accounts are included in shareholders' equity?

I. interest paid利息费用

II. retained earnings留存收益

III. capital surplus资本盈余

IV. long-term debt 长期负债

A. I and II only

B. II and IV only

C. I and IV only

D. II and III only

E. I and III only

25. Book value: 账面价值

A. is equivalent to market value for firms with fixed assets.

B. is based on historical cost.基于历史成本

C. generally tends to exceed market value when fixed assets are included.

D. is more of a financial than an accounting valuation.

E. is adjusted to market value whenever the market value exceeds the stated book value.

26. When making financial decisions related to assets, you should:

A. always consider market values.考虑市场价值

B. place more emphasis on book values than on market values.

C. rely primarily on the value of assets as shown on the balance sheet.

D. place primary emphasis on historical costs.

E. only consider market values if they are less than book values.

27. As seen on an income statement:

A. interest is deducted from income and increases the total taxes incurred.

B. the tax rate is applied to the earnings before interest and taxes when the firm has both depreciation and interest expenses.

C. depreciation is shown as an expense but does not affect the taxes payable.

D. depreciation reduces both the pretax income and the net income.折旧会降低息税前利润和净利润

E. interest expense is added to earnings before interest and taxes to get pretax income.

28. The earnings per share will:

A. increase as net income increases.

B. increase as the number of shares outstanding increase.

C. decrease as the total revenue of the firm increases.

D. increase as the tax rate increases.

E. decrease as the costs decrease. 29. Dividends per share: 每股股利

A. increase as the net income increases as long as the number of shares outstanding remains constant.

B. decrease as the number of shares outstanding decrease, all else constant.

C. are inversely related to the earnings per share.

D. are based upon the dividend requirements established by Generally Accepted Accounting Procedures.

E. are equal to the amount of net income distributed to shareholders divided by the number of shares outstanding.

30. Earnings per share 每股收益=净收入/流通在外股数

A.will increase if net income increases and number of shares remains constant.不变

B. will increase if net income decreases and number of shares remains constant.

C. is number of shares divided by net income.

D. is the amount of money that goes into retained earnings on a per share basis.

E. None of the above.

31. According to Generally Accepted Accounting Principles, costs are:

A. recorded as incurred.

B. recorded when paid.

C. matched with revenues.资产应按成本计价

D. matched with production levels.

E. expensed as management desires.

32. Depreciation:

A. is a noncash expense that is recorded on the income statement.非现金项目

B. increases the net fixed assets as shown on the balance sheet.

C. reduces both the net fixed assets and the costs of a firm.

D. is a non-cash expense which increases the net operating income.

E. decreases net fixed assets, net income, and operating cash flows.

33. When you are making a financial decision, the most relevant重要的,有意义的 tax rate is the _____ rate.

A. average

B. fixed

C. marginal边际税率

D. total

E. variable

34. An increase in which one of the following will cause the operating cash flow to increase?

A. depreciation折旧

B. changes in the amount of net fixed capital

C. net working capital

D. taxes

E. costs

35. A firm starts its year with a positive net working capital. During the year, the firm acquires more short-term debt than it does short-term assets. This means that:

A. the ending net working capital will be negative.

B. both accounts receivable and inventory decreased during the year.

C. the beginning current assets were less than the beginning current liabilities.

D. accounts payable increased and inventory decreased during the year.

E. the ending net working capital can be positive, negative, or equal to zero.

36. The cash flow to creditors includes the cash:

A. received by the firm when payments are paid to suppliers.

B. outflow of the firm when new debt is acquired.

C. outflow when interest is paid on outstanding debt.

D. inflow when accounts payable decreases.

E. received when long-term debt is paid off.

37. Cash flow to stockholders must be positive when:

A. the dividends paid exceed(超过) the net new equity raised.

B. the net sale of common stock exceeds the amount of dividends paid.

C. no income is distributed but new shares of stock are sold.

D. both the cash flow to assets and the cash flow to creditors are negative.

E. both the cash flow to assets and the cash flow to creditors are positive.

38. Which equality is the basis for the balance sheet?

A. Fixed Assets = Stockholder's Equity + Current Assets

B. Assets = Liabilities + Stockholder's Equity

C. Assets = Current Long-Term Debt + Retained Earnings

D. Fixed Assets = Liabilities + Stockholder's Equity

E. None of the above

39. Assets are listed on the balance sheet in order of:

A. decreasing liquidity.流动性减弱

B. decreasing size.

C. increasing size.

D. relative life.

E. None of the above. 40. Debt is a contractual obligation(契约责任) that:

A. requires the payout of residual flows to the holders of these instruments.

B. requires a repayment of a stated amount and interest over the period.支付固定利息

C. allows the bondholders to sue the firm if it defaults不履行.当公司不履行债务时债权人可以请求偿还

D. Both A and B.

E. Both B and C.

41. The carrying value or book value of assets:

A. is determined under GAAP and is based on the cost of the asset.基于历史成本

B. represents the true market value according to GAAP.

C. is always the best measure of the company's value to an investor.

D. is always higher than the replacement cost of the assets.

E. None of the above.

42. Under GAAP, a firm's assets are reported at:

A. market value.

B. liquidation value.

C. intrinsic value.

D. cost.

E. None of the above.

43. Which of the following statements concerning the income statement is true?

A. It measures performance over a specific period of time.一段时间的经营成果

B. It determines after-tax income of the firm.决定公司税后利润

C. It includes deferred taxes.递延税

D. It treats interest as an expense.把利息视做费用

E. All of the above.

44. According to generally accepted accounting principles (GAAP), revenue is recognized as income when:

A. a contract is signed to perform a service or deliver a good.

B. the transaction is complete and the goods or services are delivere d.实现收入

C. payment is requested.

D. income taxes are paid.

E. All of the above.

45. Which of the following is not included in the computation 估算 of operating cash flow?

A. Earnings before interest and taxes

B. Interest paid利息支付

C. Depreciation

D. Current taxes

E. All of the above are included

46. Net capital spending is equal to: 资本性支出=固定资产出售-固定资产取得

A. net additions to net working capital.

B. the net change in fixed assets.

C. net income plus depreciation.

D. total cash flow to stockholders less interest and dividends paid.

E. the change in total assets.

47. Cash flow to stockholders is defined as:

A. interest payments.

B. repurchases of equity less cash dividends paid plus new equity sold.

C. cash flow from financing less cash flow to creditors.

D. cash dividends plus repurchases of equity minus new equity financing.

E. None of the above.

48. Free cash flow is: 自由现金流

A. without cost to the firm.

B. net income plus taxes.

C. an increase in net working capital.

D. cash that the firm is free to distribute to creditors and stockholders.现金可以自由的分配给债权人和股东

E. None of the above.

49. The cash flow of the firm must be equal to:

A. cash flow to stockholders minus cash flow to debtholders.

B. cash flow to debtholders minus cash flow to stockholders.

C. cash flow to governments plus cash flow to stockholders.

D. cash flow to stockholders plus cash flow to debtholders.

E. None of the above.

50. Which of the following are all components 组成of the statement of cash flows?

A. Cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities经营活动,投资活动,筹资活动

B. Cash flow from operating activities, cash flow from investing activities, and cash flow from divesting activities

C. Cash flow from internal activities, cash flow from external activities, and cash flow from financing activities

D. Cash flow from brokering activities, cash flow from profitable activities, and cash flow from non-profitable activities

E. None of the above.

51. One of the reasons why cash flow analysis is popular is because:

A. cash flows are more subjective than net income.

B. cash flows are hard to understand.

C. it is easy to manipulate, or spin the cash flows.

D. it is difficult to manipulate, or spin the cash flows.现金流很难编造和篡改

E. None of the above. 52 A firm has $300 in inventory, $600 in fixed assets, $200 in accounts receivable, $100 in accounts payable, and $50 in cash. What is the amount of the current assets?

A. $500

B. $550

C. $600

D. $1,150

E. $1,200

Current assets = $300 + $200 + $50 = $550

53. Total assets are $900, fixed assets are $600, long-term debt is $500, and short-term debt is $200. What is the amount of net working capital?

A. $0

B. $100

C. $200

D. $300

E. $400

Net working capital = $900 - $600 - $200 = $100

54. Brad's Company has equipment with a book value of $500 that could be sold today at a 50% discount. Its inventory is valued at $400 and could be sold to a competitor for that amount. The firm has $50 in cash and customers owe it $300. What is the accounting value of its liquid assets?

A. $50

B. $350

C. $700

D. $750

E. $1,000

Liquid assets = $400 + $50 + $300 = $750

55. Martha's Enterprises spent $2,400 to purchase equipment three years ago. This equipment is currently valued at $1,800 on today's balance sheet but could actually be sold for $2,000. Net working capital is $200 and long-term debt is $800. Assuming the equipment is the firm's only fixed asset, what is the book value of shareholders' equity?

A. $200

B. $800

C. $1,200

D. $1,400

E. The answer cannot be determined from the information provided

Book value of shareholders' equity = $1,800 + $200 - $800 = $1,200

56. Art's Boutique has sales of $640,000 and costs of $480,000. Interest expense is $40,000 and depreciation is $60,000. The tax rate is 34%. What is the net income?

A. $20,400

B. $39,600

C. $50,400

D. $79,600

E. $99,600

Taxable income = $640,000 - $480,000 - $40,000 - $60,000 = $60,000; Tax = .34($60,000) = $20,400; Net income = $60,000 - $20,400 = $39,600

57. Given the tax rates as shown, what is the average tax rate for a firm with taxable income of $126,500?

A. 21.38%

B. 23.88%

C.25.76%应纳税额/应税所得

D. 34.64%

E. 39.00%

Tax = .15($50,000) + .25($25,000) + .34($25,000)

+ .39($126,500 - $100,000) = $32,585; Average tax rate = $32,585 ÷ $126,500 = .2576 = 25.76%

58. The tax rates are as shown. Your firm currently has taxable income of $79,400. How much additional tax will you owe if you increase your taxable income by $21,000?

A. $7,004

B. $7,014

C. $7,140

D. $7,160

E. $7,174

Additional tax = .34($100,000 - $79,400) + .39($79,400 + $21,000 - $100,000) = $7,160 59. Your firm has net income of $198 on total sales of $1,200. Costs are $715 and depreciation is $145. The tax rate is 34%. The firm does not have interest expenses. What is the operating cash flow?

A. $93

B. $241

C. $340

D. $383

E. $485

Earnings before interest and taxes = $1,200 - $715 - $145 = $340; Tax = [$198 ÷ (1 - .34)] - $198 = $102; Operating cash flow = $340 + $145 - $102 = $383经营性现金流=息税前利润-折旧+所得税

60. Teddy's Pillows has beginning net fixed assets of $480 and ending net fixed assets of $530. Assets valued at $300 were sold during the year. Depreciation was $40. What is the amount of capital spending?

A. $10

B. $50

C. $90

D. $260

E. $390

Net capital spending = $530 - $480 + $40 = $90资本性支出=期末固定资产净值-期初固定资产净值+折旧

61. At the beginning of the year, a firm has current assets of $380 and current liabilities of $210. At the end of the year, the current assets are $410 and the current liabilities are $250. What is the change in net working capital?

A. -$30

B. -$10

C. $0

D. $10

E. $30

Change in net working capital = ($410 - $250) - ($380 - $210) = -$10

62. At the beginning of the year, long-term debt of a firm is $280 and total debt is $340. At the end of the year, long-term debt is $260 and total debt is $350. The interest paid is $30. What is the amount of the cash flow to creditors?

A. -$50

B. -$20

C. $20

D. $30

E. $50

Cash flow to creditors = $30 - ($260 - $280) = $50

63. Pete's Boats has beginning long-term debt of $180 and ending long-term debt of $210. The beginning and ending total debt balances are $340 and $360, respectively. The interest paid is $20. What is the amount of the cash flow to creditors? A. -$10 B. $0 C. $10 D. $40 E. $50

Cash flow to creditors = $20 - ($210 - $180) = -$10

64. Peggy Grey's Cookies has net income of $360. The firm pays out 40% of the net income to its shareholders as

dividends. During the year, the company sold $80 worth of common stock. What is the cash flow to stockholders? A. $64 B. $136 C. $144 D. $224 E. $296

Cash flow to stockholders = .40($360) - $80 = $64

65. Thompson's Jet Skis has operating cash flow of $218. Depreciation is $45 and interest paid is $35. A net total of $69 was paid on long-term debt. The firm spent $180 on fixed assets and increased net working capital by $38. What is the amount of the cash flow to stockholders? A. -$104 B. -$28 C. $28 D. $114 E. $142

Cash flow of the firm = $218 - $38 - $180 = $0; Cash flow to creditors = $35 - (-$69) = $104; Cash flow to stockholders =

$0 - $104 = -$104

66. What is the change in the net working capital from 2007 to 2008? A. $1,235 B. $1,035 C. $1,335 D. $3,405 E. $4,740

Change in net working capital = ($7,310 - $2,570) - ($6,225 - $2,820) = $1,335

67. What is the amount of the non-cash expenses for 2008? A. $570 B. $630 C. $845 D. $1,370 E. $2,000

The non-cash expense is depreciation in the amount of $1,370. 68. What is the amount of the net capital spending for 2008? A. -$290 B. $795 C. $1,080 D. $1,660 E. $2,165

Net capital spending = $10,670 - $10,960 + $1,370 = $1,080 69. What is the operating cash flow for 2008? A. $845 B. $1,930 C. $2,215 D. $2,845 E. $3,060

Operating cash flow = $1,930 + $1,370 - $455 = $2,845

70. What is the cash flow of the firm for 2008?

A. $430

B. $485

C. $1,340

D. $2,590

E. $3,100

Operating cash flow = $1,930 + $1,370 - $455 = $2,845; Change in net working capital = ($7,310 - $2,570) - ($6,225 - $2,820) = $1,335; Net capital spending = $10,670 - $10,960 + $1,370 = $1,080; Cash flow of the firm = $2,845 - $1,335 - $1,080 = $430

71. What is the amount of net new borrowing for 2008?

A. -$225

B. -$25

C. $0

D. $25

E. $225

Net new borrowing = $8,100 - $7,875 = $225

72. What is the cash flow to creditors for 2008?

A. -$405

B. -$225

C. $225

D. $405

E. $630

Cash flow to creditors = $630 - ($8,100 - $7,875) = $405

73. What is the net working capital for 2008?

A. $345

B. $405

C. $805

D. $812

E. $1,005 Net working capital = $75 + $502 + $640 - $405 = $812 74. What is the change in net working capital from 2007 to 2008?

A. -$93

B. -$7

C. $7

D. $85

E. $97

Change in net working capital = ($75 + $502 + $640 - $405) - ($70 + $563 + $662 - $390) = -$93

75. What is net capital spending for 2008?

A. -$250

B. -$57

C. $0

D. $57

E. $477

Net capital spending = $1,413 - $1,680 + $210 = -$57

76. What is the operating cash flow for 2008?

A. $143

B. $297

C. $325

D. $353

E. $367

Earnings before interest and taxes = $785 - $460 - $210 = $115; Taxable income = $115 - $35 = $80; Taxes = .35($80) = $28; Operating cash flow = $115 + $210 - $28 = $297

77. What is the cash flow of the firm for 2008?

A. $50

B. $247

C. $297

D. $447

E. $517

Cash flow of the firm = $297 - (-$93) - (-$57) = $447 (See problems 74 and 75)

78. What is net new borrowing for 2008?

A. -$70

B. -$35

C. $35

D. $70

E. $105

Net new borrowing = $410 - $340 = $70

79. What is the cash flow to creditors for 2008?

A. -$170

B. -$35

C. $135

D. $170

E. $205

Cash flow to creditors = $35 - ($410 - $340) = -$35

80. What is the cash flow to stockholders for 2008?

A. $408

B. $417

C. $452

D. $482

E. $503

Cash flow to stockholders = $447 - (-$35) = $482 (See problems 77 and 79); or, Cash flow to stockholders = $17 - ($235 - $700) = $482

81. What is the taxable income for 2008?

A. $360

B. $520

C. $640

D. $780

E. $800

Net income = $160 + $360 = $520; Taxable income = $520 (1 - .35) = $800

82. What is the operating cash flow for 2008?

A. $520

B. $800

C. $1,015

D. $1,110

E. $1,390

Earnings before interest and taxes = $800 + $215 = $1,015 (See problem 81); Operating cash flow = $1,015 + $375 - ($800 - $520) = $1,110 (See problem 81)

83. What are the sales for 2008?

A. $4,225

B. $4,385

C. $4,600

D. $4,815

E. $5,000

Sales = $1,015 + $375 + $3,210 = $4,600 (see problem 82) 84. Calculate net income based on the following information. Sales are $250, cost of goods sold is $160, depreciation expense is $35, interest paid is $20, and the tax rate is 34%.

A. $11.90

B. $23.10

C. $35.00

D. $36.30

E. $46.20

((Sales - COGS) - Depreciation - Interest) - Taxes = Net Income (($250 - $160) - $35 - $20) - $11.9 = $23.10

公司理财学原理第12章习题答案

公司理财学原理第十二章习题答案 二、单选题 1、关于预算的编制方法下列各项中正确的是( C )。 A、零基预算编制方法适用于非盈利组织编制预算时采用 B、固定预算编制方法适用于产出较难辨认的服务性部门费用预算的编制 C、固定预算编制方法适用于业务量水平较为稳定的企业预算的编制 D、零基预算编制方法适用于业务量水平较为稳定的企业预算的编制 2、( B )是只使用实物量计量单位的预算。 A、产品成本预算 B、生产预算 C、管理费用预算 D、直接材料预算 3、某企业编制“直接材料预算”,预计第四季度期初存量600千克,该季度生产需用量2400千克,预计期末存量为400千克,材料单价为元,若材料采购货款有60%在本季度内付清,另外40%在下季度付清,不考虑税收,则该企业预计资产负债表年末“应付账款”项目为( C )元。 A、8800 B、10269 C、10296 D、13000 4、某企业编制“销售预算”,已知上上期的含税销售收入为600万元, 上期的含税销售收入为800万元,预计预算期销售收入为1000万元,销售收入的20%于当期收现,60%于下期收现,20%于下下期收现,假设不考虑其他因素,则本期期末应收账款的余额为( D )万元。 A、760 B、860 C、660 D、960 5、直接材料预算包括直接材料数量和直接材料金额两个方面的内容所组成。其数量预算的

编制基础是( D ) A、销售预算 B、投资决策预算 C、销售费用预算 D、生产预算 6、编制全面财务预算的起点是( A ) A、销售预算 B、投资决策预算 C、销售费用预算 D、生产预算 7、根据预算内正常的、可实现的某一业务量水平编制的预算是( B ) A、弹性预算 B、固定预算 C、滚动预算 D、概率预算 8、现金预算中不能反映( C ) A、资本性支出 B、资金的筹措 C、损益情况 D、现金余缺 9、企业编制“销售预算”,上期销售收入为300万元,预计预算期销售收入为500万元,销售收入的60%会在本期收到,40%将在下期收到,则预算期的经营现金收入为( A )万元。 A、420 B、400 C、300 D、120 10、某企业编制“直接材料预算”,预计第四季度期初存量300吨,该季度生产需用量500吨,预计期末存量为400吨,材料单价为100元/吨,若材料采购货款有80%在本季度内付清,另外20%在下季度付清,假设不考虑其他因素,则该企业预计资产负债表年末“应付账款”项目为( C )元。 A、11000 B、14000 C、12000 D、13000 11、下列各项中,没有直接在现金预算中得到反映的是( C )。 A、期初期末现金余额

罗斯公司理财重点知识整理

第一章导论 1. 公司目标:为所有者创造价值公司价值在于其产生现金流能力。 2. 财务管理的目标:最大化现有股票的每股现值。 3. 公司理财可以看做对一下几个问题进行研究: 1. 资本预算:公司应该投资什么样的长期资产。 2. 资本结构:公司如何筹集所需要的资金。 3. 净运营资本管理:如何管理短期经营活动产生的现金流。 4. 公司制度的优点:有限责任,易于转让所有权,永续经营。缺点:公司税对股东的双重课税。 第二章会计报表与现金流量 资产 = 负债 + 所有者权益(非现金项目有折旧、递延税款) EBIT(经营性净利润) = 净销售额 - 产品成本 - 折旧EBITDA = EBIT + 折旧及摊销 现金流量总额CF(A) = 经营性现金流量 - 资本性支出 - 净运营资本增加额 = CF(B) + CF(S) 经营性现金流量OCF = 息税前利润 + 折旧 - 税 资本性输出 = 固定资产增加额 + 折旧 净运营资本 = 流动资产 - 流动负债 第三章财务报表分析与财务模型 1. 短期偿债能力指标(流动性指标) 流动比率 = 流动资产/流动负债(一般情况大于一) 速动比率 = (流动资产 - 存货)/流动负债(酸性实验比率) 现金比率 = 现金/流动负债 流动性比率是短期债权人关心的,越高越好;但对公司而言,高流动性比率意味着流动性好,或者现金等短期资产运用效率低下。对于一家拥有强大借款能力的公司,看似较低的流动性比率可能并非坏的信号 2. 长期偿债能力指标(财务杠杆指标) 负债比率 = (总资产 - 总权益)/总资产 or (长期负债 + 流动负债)/总资产 权益乘数 = 总资产/总权益 = 1 + 负债权益比 利息倍数 = EBIT/利息 现金对利息的保障倍数(Cash coverage radio) = EBITDA/利息 3. 资产管理或资金周转指标 存货周转率 = 产品销售成本/存货存货周转天数= 365天/存货周转率 应收账款周转率 = (赊)销售额/应收账款 总资产周转率 = 销售额/总资产 = 1/资本密集度 4. 盈利性指标 销售利润率 = 净利润/销售额 资产收益率ROA = 净利润/总资产 权益收益率ROE = 净利润/总权益 5. 市场价值度量指标 市盈率 = 每股价格/每股收益EPS 其中EPS = 净利润/发行股票数 市值面值比 = 每股市场价值/每股账面价值 企业价值EV = 公司市值 + 有息负债市值 - 现金EV乘数 = EV/EBITDA 6. 杜邦恒等式 ROE = 销售利润率(经营效率)x总资产周转率(资产运用效率)x权益乘数(财杠) ROA = 销售利润率x总资产周转率 7. 销售百分比法 假设项目随销售额变动而成比例变动,目的在于提出一个生成预测财务报表的快速实用方法。是根据资金各个项目与销售收入总额的依存关系,按照计划销售额的增长情况预测需要相应追加多少资金的方法。 d = 股利支付率 = 现金股利/净利润(b + d = 1) b = 留存比率 = 留存收益增加额/净利润 T = 资本密集率 L = 权益负债比 PM = 净利润率 外部融资需要量EFN(对应不同增长率) = ?销售额 销售额 ×(资产?自发增长负债) ?PM×预计销售额×(1?d) 8. 融资政策与增长 内部增长率:在没有任何外部融资的情况下公司能实 现的最大增长率ROA×b 1?ROA×b 可持续增长率:不改变财务杠杆的情况下,仅利用内 部股权融资所..率ROE×b 1?ROE×b 即无外部股权融资且L不变 P×b×(L+1) T?P×b×(L+1) 可持续增长率取决于一下四个因素: 1. 销售利润率:其增加提高公司内部生成资金能力,提高可持续增长率。 2. 股利政策:降低股利支付率即提高留存比,增加内部股权资金,提高..。 3. 融资政策:提高权益负债比即提高财务杠杆,获得额外债务融资,提高..。 4. 总资产周转率:提高即使每单位资产带来更多销售额,同时降低新资产的需求.. 结论:若不打算出售新权益,且上述四因素不变,该

财务管理第五章作业及答案

第五章(附于教材后的复习思考题和练习题)复习思考题 1.影响资本成本的因素有哪些?各因素如何影响资本成本的高低? 2.怎样理解资本成本既是筹资者为获得资本必须支付的代价,又是投资者提供资本要求的最低收益率? 3.成本按习性如何分类?各成本项目有何特点? 4.影响经营杠杆和财务杠杆大小的因素有哪些?在公司理财中如何平衡经营杠杆和财务杠杆对公司风险和收益的影响? 5.资本结构决策需要考虑哪些因素?你认为公司最佳负债比例应为多少?为什么? 6.什么样的资本结构才是最佳资本结构?确定资本结构的常用方法有哪些?各种方法的利弊如何? 计算分析题 1.某公司拟发行股票筹资,有关资料如下:市场无风险利率10%平均风险股票的必要收益 率为15%该股票的3系数为1.5,预计发行价为每股20元,发行费率为2%发行后预计第一年每股支付股利2.6元,以后逐年增长3% 要求:请分别用资本资产定价模型和股利增长模型计算股票筹资的资本成本,并取二者的平均数作为股权筹资的资本成本。 2.某公司本年度产品销量为5 000件,每件售价100元,单位变动成本60元,固定成本10 万元,该公司资本总额100万元,其中债务占30%债务年利率6%公司所得税率为25% 公司发行在外股数为7万股。 要求:请分别计算该公司的经营杠杆系数、财务杠杆系数、总杠杆系数和每股收益。若公司销量增长20%请计算销售增长后的每股收益。 3.某公司现有资本总额1 000万元,其中普通股600 万元(发行60万股),长期债务400 万元,年利率8%所得税率25%公司计划增资200万元,有两个方案可供选择:(1)发行债券200万元,票面年利率10% (2)增发普通股10万股。增资后预计可实现息税前利润120万元。 要求:(1)计算两个方案增资后无差别点的息税前利润和无差别点的每股收益;(2)分别计算按两个方案增资后预计可实现息税前利润120万元时的每股收益;(3)做出筹资 方案的选择并说明理由。

公司理财-罗斯课后习题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值,当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中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美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.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。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润,使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 { 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题,形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益,代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。(3)就像市场需求其他劳动力一样,市场也需求首席执行官,首席执行官的薪酬是由市

公司理财知识重点

公司理财知识重点 第一章公司理财与项目融资概述 公司理财又称财务管理,是对资金的筹集、投放和分配过程的管理,也可以说是对现金流的管理。 一个企业管理(战略管理)分为:生产管理、人力资源管理、财务管理、项目管理、市场营销管理等。 项目融资:是项目的融资方式的一种,它是以项目的资产、预期收益或权益作为抵押,以项目产生的现金流作为还本付息的基础,而取得的一种无追索权或有限追索权的融资。 一、公司理财的涵义和内容 含义:筹措、运用和分配资金,以使企业价值最大。 财务经理的内容:筹资管理(价值确定/资本成本/资本结构)、投资管理(资本预算/兼并收购)、利润分配管理(股利政策)、流动资金管理(营运资本管理)、财务分析。 二、公司理财的目标 企业的组织形式: 1、利润最大化 优点:体现了企业的经济效益/代表社会财富的积累/通俗易懂。 缺点:没有考虑利润发生的时间/没有考虑风险因素/利润的计算具有一定的主观性。 2、股东财富最大化 优点:考虑了时间价值和风险价值/能够避免企业的短期行为/最能代表市场认可的企业价值/有利于社会资源的合理配置;是西方国家普遍采纳的财务管理目标。 3、财务管理目标与企业社会责任 企业不是在真空里运行,而是要不断与社会发生相互联系。管理者的责任在于:确保企业在“对良好法人公民的要求”和“驾驭一个成功盈利企业的需要”之间权衡利润最大化,企业应在推动社会前进的过程中发展自己,员工应在促进企业进步的同时提升自己。 三、公司理财的十个公理 1、风险与收益的权衡

承担额外风险需要额外的预期收益进行补偿。 预期收益=推迟消费的预期收益+承担额外风险的预期收益。 2、货币具有时间价值 今天的1元钱比未来的1元钱更值钱,因此要比较不同金额的大小,只有放在同一时点。3、现金比利润更重要 获得的现金流量可以再投资,而会计利润只是账面上的反映,没有实际变现为手中的货币,因此在公司理财中,使用现金流量作为工具衡量财富或价值,不使用会计利润。 4、增量的现金流量 是指实施某个投资项目所产生的现金流量与不实施这个投资项目所产生的现金流量之差。5、市场竞争的结果 竞争导致利润的市场均衡,很难发现具有超额利润的项目。 6、有效的资本市场 市场是灵敏的,价格是合理的;在有效市场假定前提下,信息反馈到价格中去的速度非常快,以致投资者无法从公开信息中获利。 7、代理问题 管理者与所有者的利益不一致。 8、税收影响业务决策 包括影响:资本结构决策、股利决策、资本预算、租赁决策。 9、风险分为不同的类别 有些风险可以通过分散化消除,有些则不能。 10、道德问题 道德行为是指做正确的事,在金融/财务领域处处存在使人进退两难的道德抉择。 四、财务管理的环境 1、代理关系 代理关系是一种契约关系,包括:股东和经理、股东和债权人、企业和消费者。 代理关系→代理问题→代理成本。 2、金融资产 金融市场中资金转移所产生的信用凭证和投资证券,一种索偿权(要求权),包括货币、债务证券、权益证券、信用凭证等。 3、利率=无风险利率+预期通货膨胀率+风险附加率=F(通货膨胀,违约风险,到期日,变现能力。

公司理财第二章

1. The financial statement showing a firm's accounting value on a particular date is the: A. income statement. B.balance sheet.资产负债表反应公司在某一特定日期的账面价值 C. statement of cash flows. D. tax reconciliation statement. E. shareholders' equity sheet. 2. A current asset is: A. an item currently owned by the firm. B. an item that the firm expects to own within the next year. C. an item currently owned by the firm that will convert to cash within the next 12 months.在一年内能够变现的资产 D. the amount of cash on hand the firm currently shows on its balance sheet. E. the market value of all items currently owned by the firm. 3. The long-term debts of a firm are liabilities: A. that come due within the next 12 months. B.that do not come due for at least 12 months.偿还期限在一年以上 C. owed to the firm's suppliers. D. owed to the firm's shareholders. E. the firm expects to incur within the next 12 months. 4. Net working capital is defined as: 经营运资本 A. total liabilities minus shareholders' equity. B. current liabilities minus shareholders' equity. C. fixed assets minus long-term liabilities. D. total assets minus total liabilities. E.current assets minus current liabilities.流动资产-流动负债 5. A(n) ____ asset is one which can be quickly converted into cash without significant loss in value. A. current B. fixed C. intangible D. liquid速动资产 E. long-term 6. The financial statement summarizing a firm's accounting performance over a period of time is the: A. income statement.利润表反应公司一段时间内的经营成果 B. balance sheet. C. statement of cash flows. D. tax reconciliation statement. E. shareholders' equity sheet. 7. Noncash items refer to: 非现金项目 A. the credit sales of a firm. B. the accounts payable of a firm. C. the costs incurred for the purchase of intangible fixed assets. D. expenses charged against revenues that do not directly affect cash flow.与收入像配比的费用,并不影响现金流量 E. all accounts on the balance sheet other than cash on hand. 8. Your _____ tax rate is the amount of tax payable on the next taxable dollar you earn. A. deductible B. residual C. total D. average E. marginal边际税率指多赚一美元需要多支付的税金 9. Your _____ tax rate is the total taxes you pay divided by your taxable income. A. deductible B. residual C. total D.average平均税率 E. marginal 10. _____ refers to the cash flow that results from the firm's ongoing, normal business activities. A.Cash flow from operating activities经营活动现金流 B. Capital spending C. Net working capital D. Cash flow from assets E. Cash flow to creditors 11. _____ refers to the changes in net capital assets. A. Operating cash flow B. Cash flow from investing投资活动产生的现金流 C. Net working capital D. Cash flow from assets E. Cash flow to creditors 12. _____ refers to the difference between a firm's current assets and its current liabilities. A. Operating cash flow B. Capital spending https://www.wendangku.net/doc/2a11347143.html, working capital净营运资本是流动资产与流动负债之差 D. Cash flow from assets E. Cash flow to creditors 13. _____ is calculated by adding back noncash expenses to net income and adjusting for changes in current assets and liabilities. 非现金费用加净利润,根据流动资产和流动负债的变化做出调整 A. Operating cash flow B. Capital spending C. Net working capital D.Cash flow from operation s经营活动产生的现金流 E. Cash flow to creditors

《公司理财》课后习题与答案

《公司理财》考试范围:第3~7章,第13章,第16~19章,其中第16章和18章为较重点章节。书上例题比较重要,大家记得多多动手练练。PS:书中课后例题不出,大家可以当习题练练~ 考试题型:1.单选题10分 2.判断题10分 3.证明题10分 4.计算分析题60分 5.论述题10分 注:第13章没有答案 第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值,当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中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美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.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。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润,使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨

CGA罗斯公司理财第二章作业.

题目内容: Cusic Industries had the following operating results for 2006: sales =$12,800; cost of goods sold =$10,400; depreciation expense= $1,900; interest expense =$450; dividends paid=$500. At the beginning of the year, net fixed assets were $9,100, current assets were $3,200, and current liabilities were $1,800. At the end of the year, net fixed assets were $9,700, current assets were $3,850, and current liabilities were $2,100. The tax rate for 2006 was 34 percent. a. What is net income for 2006? 1.500 2.150 3.50 4.33 5.1900 b. What is the operating cash flow for 2006? 1.500 2.1900 3.17 4.2383 5.2400 c. What is the cash flow from assets for 2006?

1.350 2.2500 3.-467 4.+467 5.1900 d. If no new debt was issued during the year, (awhat is the cash flow to creditors? 1.450 2.0 3.-450 4.467 5.-467 (bWhat is the cash flow to stockholders? 1.917 2.467 3.-917 4.450 5.1417 题目内容:

公司理财第九版课后习题答案第二章

CHAPTER 2 FINANCIAL STATEMENTS AND CASH FLOW Answe rs to Concepts Review and Critical Thinking Questions 1. True. Every asset can be converted to cash at some price. However, when we are referring to a liquid asset, the added assumption that the asset can be quickly converted to cash at or near market value is important. 2. The recognition and matching principles in financial accounting call for revenues, and the costs associated with producing those revenues, to be ―booked‖when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it‘s the way accountants have chosen to do it. 3. The bottom line number shows the change in the ca sh balanc e on the balance sheet. As such, it is not a use ful number for analyzing a company. 4. The major difference is the treatment of interest expense. The accounting statement of cash flows treats interest as an operating ca sh flow, while the financial ca sh flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company‘s choice of debt and equity. We will have more to say about this in a later chapter. When compa ring the two c ash flow statements, the financial statement of cash flows is a more appropriate measure of the company‘s performa nce because of its treatment of interest. 5. Market values can never be negative. Imagine a share of stock selling for –$20. This would mean that if you placed an order for 100 shares, you would get the stock along with a check for $2,000. How ma ny shares do you want to buy? More generally, because of corpora te and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value. 6. For a successful c ompany that is rapidly expanding, for example, capital outlays will be large, possibly leading to negative c ash flow from assets. In general, what matters is whether the money is spent wisely, not whe ther cash flow from assets is positive or negative. 7. It‘s probably not a good sign for an e stablished company to have negative cash flow from operations, but it would be fairly ordinary for a start-up, so it depends.

公司理财作业二答案

公司理财作业(二)答案 1、将在5年后收到8500美元。你计划以8.25%的利率将其进行投资,直到你有了12500美元。那麽你一共要等多少年?答案:8500*(1+0.0825)n=12500 得n介于4与5之间,用内差法,n=(1.4706/1.4864)+4=4.99年 5+4.99=9.99年所以大概一共要等10年。 2、假设你计划购买一辆价格为35000美元的新车,首期支付5000美元,余下的车款在今后10年内每年年末等额支付,年利率为13%,复利计算。每年支付多少?如果按月等额支付,每月应付多少? 答案:如果按照每年支付:35000-5000=30000元 查年金现值表,得系数为5.43315 年金=30000/5.43315=5528.69元

如果按照每个月支付: 现值为30000元,每个月的利率为0.13/12=0.0108 通过计算得到年金现值系数为67.08037 年金=30000/67.08037=447.86元 3、假设有两家银行可向你提供贷款。一家银行的利率为12%,按月计息;另一家银行的利率为12.2% ,按半年计息。哪家银行的利率条件更为有吸引力? 对于第一家银行: 实际年利息=(1+0.12/12)12-1=12.68% 对于第二家银行: 实际年利息=(1+0.122/2)2-1=12.57% 相比较, 第二家的实际年利率低,所以第二家的利率条件更有吸引力 4、计算期望报酬率和标准差 有两只股票L和U,预计下一年景气情况和各种情况下两只股票的预计报酬

率如下表: 经济情况和股票报酬率 经济状况发生 概率 状况发生时的 报酬率 股票L 股票U 萧条0.50 -20.00% 30.00% 景气0.50 70.00% 10.00% 要求:(1)计算两只股票的期望报酬率和标准差; (2)如果无风险利率为8%,则 两只股票的期望风险溢酬 各为多少? (3)两只股票报酬率的标准差系数各为多少? 期望报酬率标准差 股票L 股票U 股票L 股票U 25.00% 20.00% 45.00% 10.00% 风险溢酬 股票L 股票U

第一章-公司理财概述练习

第1章公司理财概述 一、单项选择题 1.公司财务经理的基本职能不包括()。 A.投资管理 B.核算管理 C.收益分配管理 D.融资管理 2.股东是公司的所有者,是公司风险的主要承担者,因此,一般来说,股东对于公司收益的 索取权是()。 A.剩余索取权 B.固定索取权 C.法定索取权 D.或有索取权 3.无论从市场功能上还是从交易规模上看,构成整个金融市场核心部分的是()。 A.外汇市场 B.商品期货市场 C.期权市场 D.有价证券市场 4.下列不属于公司财务管理内容的是()。 A.资本预算管理 B.长期融资管理 C.营运资本管理 D.业绩考核管理 5.由于剩余收益索取权赋予股东的权利、义务、风险、收益都大于公司的债权人、经营者和 其他员工。因此,公司在确定财务管理目标时,应选择()。 A.利润最大化 B.每股收益最大化 C.股东财富最大化 D.公司价值最大化 6.下列不属于股东财富最大化理财目标的优点之处是()。 A.考虑了获取收益的时间因素和风险因素 B.克服了追求利润的短期行为 C.能够充分体现所有者对资本保值与增值的要求 D.适用于所有公司 7.股东通常用来协调自己和经营者利益的方法主要是()。 A.监督和激励 B.解聘和激励 C.激励和接收 D.解聘和接收 8.根据资产负债表模式,可将公司财务分为长期投资管理、长期融资管理和营运资本管理三 部分,股利政策应属于()。 A.营运资本管理 B.长期投资管理 C.长期融资管理 D.以上都不是 9.“所有包含在过去证券价格变动的资料和信息已完全反映在证券的现行市价中;证券价格 的过去变化和未来变化是不相关的。”下列各项中符合这一特征的是()。 A. 弱式效率性的市场 B.半强式效率性的市场 C. 强式效率性的市场 D.以上都不是 10.股东与债权人之间矛盾与冲突的根源所在是()。 A.风险与收益的“不对等契约” B.提供资本的性质不同 C.在公司治理中的作用不同 D.以上都不是 11.在金融市场上,投资者无法通过任何方法利用历史信息和公开信息获得超额利润,只有 公司的内线人物通过掌握公司内幕消息买卖自己公司的股票,而获得超额利润。该金融市场的效率程度是()。

MBA公司理财作业

公司理财作业 1.根据 () i i A P n - + - = 1 1 ,可以计算出企业应存入P=500*0.952=476(万元)来发放本年 度奖金。 2.根据现金周转模式下的现金持有量公式,可以计算出现金周转期为120天,已知企业2018年现金需求量为720万元,则经计算可得目标先进持有量为240万元。 3.(1)权益乘数为2,资产周转率为0.68,销售净利率为10%,权益资本净利率为13.5% (2)权益乘数、销售净利率和总资产周转率三个比率分别反映了企业的负债比率、盈利能力比率和资产管理比率;权益乘数主要受资产负债率影响,负债比率越大,权益乘数越高,说明企业有较高的负债程度,给企业带来较多地杠杆利益,同时也给企业带来了较多地风险;销售净利率反映了企业利润总额与销售收入的关系;总资产周转率反映了企业资产的营运能力,既关系到企业的获利能力,又关系到企业的偿债能力。一般而言,流动资产直接体现企业的偿债能力和变现能力;非流动资产体现企业的经营规模和发展潜力。 (3)这一点需要根据实际情况来具体分析,若是单纯的以增加该项指标为目的则只需要扩大负债或减少权益资本即可,但若实际考虑到企业的长期发展,可则可以通过扩大销售收入、提高资产周转速度来实现,总而言之,即通过借助外部杠杆增加企业运营能力。 (4)该企业2017年财务杠杆系数为1.5。一般来说,财务杠杆系数需要根据具体行业保持在一定合理范围,财务杠杆系数过小说明企业存在着一定的资源闲置,而过大则说明企业利润不足弥补外部债务或支付优先股股利,都说明企业存在一定的问题,就本案例而言,利息占到净利润的近半数,说明企业需要提高杠杆利用率,或从提高税前利润入手,而非继续增加财务杠杆。 4.货币时间价值的作为现值概念的直接运用,即在一定时期内通过运用货币能够带来多少额外收益,举例来说,可以观察我国的房地产市场投机行为,多数炒房者便是利用这一原则,在通过低成本的房屋贷款来换取高额的市场预期回报;在拥有其他货币增值渠道的情况下,这一原则适用,但要充分结合自己的风险承受能力。风险价值原则结合前者则可以理解为在拥有一定货币基础的情况下,是否决定在承担市场风险的情况下充分发挥货币的时间价值,相比于前者风险价值决定了货币时间价值的多少,若市场无风险,其价值就小,货币的时间价值便无从谈起,如炒期货、证券、汇率这类高风险高收益的资本投机活动,就因其市场的不确定性而促使人们进行交易对赌行为,从而获取高额的风险价值,对风险价值的充分利用是提升自我财富的重要渠道,但需要在合理的资产配置情况下进行。 5.(1)公司理财目标一般来说可以分为如下几点: 利润最大化 公司是以营利为目的的社团法人,利润是公司的本能追求,将利润最大化作为公司的理财目标有一定的合理性。但同时,这一理财目标也有一定的局限。第一,追求本期利润的最大化,往往忽视了资金的时间价值。第二,以利润最大化为目标,往往导致公司理财决策的短期性,没有考虑到公司长远的发展。第三,利润只是一个会计数据,容易被公司高管人员操纵,并不能反映公司的实际情况。 股东财富最大化 股东财富最大化即基于委托代理条件下的受托的财产责任,经营者应最大限度地谋求股东或委托人的利益——提高资本报酬,增加股东财富,实现权益资本的保值增值。股东财富最大化作为公司理财目标的不足也是显而易见的,股东财富最大化最直接的衡量标准即是公司的股价,但它只适合于上市公司,对于非上市公司很难适用。另外它只关注股东的利益,而对公司的其他利益相关者如公司员工、债权人等考虑不够。最后,公司股价受多种因素的影响,

公司理财全面概述(doc 143页)

公司理财(财务管理) 第一章、公司理财概述 《财务与成本管理》教材一书共十五章、632页、44万字。其中前十章是讲财务管理,后四章是讲成本管理。财务管理与成本管理本是两门学科,没有内在的必然联系,实际上它是两门完全独立的学科。《财务管理》的特点是公式很多,有的公式需要死背硬记,有的在理解后就能记住。第一章是总论,这章的内容是财务管理内容的总纲,是理解各章内容的一个起点,对掌握各章之间的联系有重要意义。因此,学习这一章重点是掌握财务管理知识的体系,理解每一个财务指标、公式、名词的概念,掌握它,对以后各章在整个知识体系中的地位和作用有很大帮助。 第一节财务管理的目标 一、企业的财务目标 有四个问题:企业目标决定了财务管理目标;财务管理目标的三种主张及其理由和问题;讨论财务目标的重要意义;为什么要以利润大小作为财务目标。这四个问题是财务管理中的基本问题,是组织财务管理工作的出发点。 公司理财是指公司在市场经济条件下,如何低成本筹措所需要的资金并进行各种筹资方式的组合;如何高效率地投资,并进行资源的有效配置;如何制定利润分配政策,并合理地进行利润分配。公司理财就

是要研究筹资决策、投资决策及利润分配决策。 1、企业管理的目标 包括三个方面内容:一是生存,企业只有生存,才可能获利,企业生 力求保持以收抵支和偿还到期债务的能力,减少破产的风险,使企业长期稳定地生存下去,是对公司理财的第一个要求;二是发展,企业是在发展中求得生存的。筹集企业发展所需的资金,是对公司理财的第二个要求;三是获利,企业必须获利,才有存在的价值。通过合理有效地使用资金使企业获利,是对公司理财的第三个要求。总之,企业的目标(企业管理的目标)就是生存、发展和获利。 2、公司理财的目标 三种观点 ①、利润最大化 缺点:没有考虑利润的取得时间,没有考虑所获利润和所投资本额的关系,没有考虑获取利润与所承担风险的大小。 ②、每股盈余最大化 缺点:没有考虑每股盈余取得的时间性,没有考虑每股盈余的风险。 这是公司理财的目标。 (一)、企业目标决定了财务管理的目标

公司理财作业

《公司理财》答卷 学院:外国语学院班级:英语(5)班姓名:黄珍学号:201403020513 1、公司的价值理念是什么? 答:公司把企业愿景、企业使命、企业宗旨、核心价值和企业精神作为基本价值理念,明确宣示公司的奋斗方向、存在意义、重要责任、价值追求和精神境界,表明公司对国家、对客户、对合作伙伴、对员工、对社会所遵循的基本社会准则和价值判断。公司基本价值理念是公司企业文化的灵魂,是公司生存发展的动力源泉。 1)利润最大化目标。利润最大化是指在完全竞争条件下企业在预定时间内实现最大利润或最小亏损。在这一目标的引导下,企业会通过增加产量、提高效率、降低成本 的方法合理配置企业资源; 2)股东财富最大化。股东财富最大化的目标是指企业的财务管理以股东财富最大化为目的。在上市公司中,股东财富是由起所拥有的股票数量和股票市场价格两方面来决定。在股票数量一定时,股票价格达到最高,股东财富也就达到最大。 3)企业价值最大化目标。企业价值就是企业的市场价值,是企业所能创造的预计未来现金流量的值。 4)相关者利益最大化。相关者利益最大化目标的基本思想就是保证企业长期稳定发展的基础上,强调企业价值增值中满足以股东为首的各利益群体的利益。 2、公司的流动资产和固定资产是如何划分的? 答:流动资产是指企业可以在一年或者越过一年的一个营业周期内变现或者运用的资产,是企业资产中必不可少的组成部分。流动资产在周转过渡中,从货币形态开始,依次改变其形态,最后又回到货币形态(货币资金T储备资金、固定资金T生产资金T 成品资金T货币资金),各种形态的资金与生产流通紧密相结合,周转速度快,变现能力强。加强对流动资产业务的审计,有利于确定流动资产业务的合法性、合规性,有利于检查流动资产业务帐务处理的正确性,揭露其存在的弊端,提高流动资产的使用效益。 流动资产的内容包括货币资金、短期投资、应收票据、应收帐款和存货等。 固定资产是指企业使用期限超过1年的房屋、建筑物、机器、机械、运输工具以及其他与生产、经营有关的设备、器具、工具等。不属于生产经营主要设备的物品,单位价值在2000元以上,并且使用年限超过2年的,也应当作为固定资产。固定资产是企业的劳动手段,也是企业赖以生产经营的主要资产。从会计的角度划分,固定资产一般 被分为生产用固定资产、非生产用固定资产、租出固定资产、未使用固定资产、不需 用固定资产、融资租赁固定资产、接受捐赠固定资产等。 3、公司的融资渠道主要有哪些? 答:(:一)、从筹集资金的来源的角度看,筹资渠道可以分为企业的内部渠道和外 部渠道。 1)内部筹资渠道(企业内部筹资渠道是指从企业内部开辟资金来源)企业从内部开辟资金来源有 三个方面:(1)、企业自有资金;

相关文档
相关文档 最新文档