2019年电大《企业金融行为》作业三及参考答案.doc

电大企业金融行为电大作业3答案第六章 资本预算一、单项选择题1.资本预算的可靠和正确取决于（ C ）.A.投资方案确定的是否正确 B.市场研究是否到位C.数据测算等前期准备工作 D.成本核算是否正确2.在项目实施阶段，作为小的项目，实施过程就是正常的（ B ）.A.现金收付 B.现金支付 C.现金流入 D.现金流量3.提高效率型更新改造项目，其目的是 （D）。A.维持企业的正常经营 B.扩充企业现有生产能力和市场C.提出新产品和进入市场 D.减低成本、提高效率4.把采纳项目时的企业现金流量减去没有该项目时的企业现金流量，留下来的就是（A）。A.相关现金流量 B.项目现金流量 C.净现金流量 D.初始现金流量5.沉没成本与企业要作出的决策（C）。A.关系密切 B.有关系，但不密切 C.无关 D.在一定条件下，三种说法都正确6.净营运资本增额为正，说明（B）。A.净营运资本回收 B.净营运资本投资C.净营运资本减少 D.净营运资本增加7.在通常情况下，如果一个项目予以采纳，说明他的净现值（C）.A.为正数 B.为负数 C.大于等于零 D.小于等于零8.某企业打算上一个新项目，通过请中介机构做可行性研究，支付咨询费2万元，后来由于发现了更好的投资机会，该项目被搁置下来，该笔咨询费已入账。三年后，旧事重提，在进行投资分析时，应为（ B ）.A.相关现金流量 B.非相关现金流量C.机会成本 D.差额成本9.机会成本不是通常意义上的成本，而是（ A ）.A.失去的收益 B.一种支出 C.一种费用 D.实际发生的收益二、多选1.资本预算的数据主要涉及（ABCD）方面的内容。A.市场需求预测 B.生产建设条件 C.项目技术 D.企业金融管理2.投资项目的评估主要侧重在以下方面（ABC）.A.项目的经济可行性 B.项目是否符合企业的总体战略目标C.项目是否符合企业的总体规划 D.项目的风险因素3.投资项目的现金流量一般由（ACD）构成。A.经营现金流量 B.营业现金流量C.净营运资本增额 D.资本支出4.考虑货币时间价值的金融决策评价指标主要有（ABD）.A.净现值指标 B.内部收益率指标C.投资回收期指标 D.盈利能力指数指标5.影响现金流量的因素主要有（ABCD）.A.不同投资项目之间存在的差异 B.不同出发点的差异C.不同时期的差异 D.相关因素的不确定性6.下列属于相关现金流量的是（ABCD）.A.差额成本 B.未来成本 C.重置成本 D.机会成本三、计算分析题1.设有A、B两个投资项目，其现金流量如下表所示。（单位：元）期间方案A现金流量方案B现金流量0150 000150 000135 00045 000252 00048 000365 00060 000470 00065 000570 00070 000该企业的资本成本为12%。计算（1）项目投资回收期；（2）平均投资报酬率（3）净现值（4）内部收益率（5）现值指数答案：方案A方案B项目投资回收期 2.97年2.95年平均投资报酬率 38.93%38.4%净现值 53 175.952 179.6内部收益率 现值指数 1.3541.3492.设某公司在生产中需要一种设备，若自己购买，需支付设备买入价120 000元，该设备使用寿命为10年，预计残值率5%；公司若采用租赁方式进行生产，每年将支付20 000元的租赁费用，租赁期为10年，假设贴现率10%，所得税率40%。要求：作出购买还是租赁的决策。 解：(1) 购买设备： 设备残值价值120 00056 000 年折旧额（120000-6000）/10=11400 （元） 因计提折旧税负减少现值： 11 40040（P/A,10%,10）11 400406.144628 019.38（元） 设备残值价值现值： 6 000（P/F,10%,10）=6 0000.38552313（元） 合计：89 667.62（元） （2）租赁设备： 租赁费支出：20 000（P/A,10%,10）=20 0006.1446122 892（元） 因支付租赁费税负减少现值： 20 00040（P/A,10%,10）20 000406.144649 156.8（元） 合计：73 735.2（元） 因租赁设备支出73 735.2元小于购买设备支出89 667.62元，所以应采取租赁设备的方式。第七章 资本预算的风险分析一、单项选择题1.项目总风险是指从（A）的立场上看待项目的风险。A.项目本身 B.企业整体 C.企业股东 D.企业债权人企业经营者2.项目组合风险是指从（B）的立场上看待项目的风险。A.项目本身 B.企业整体 C.企业股东 D.企业经营者3. 项目市场风险是指从（B）的立场上看待项目的风险。A.项目本身 B.企业股东 C. 企业经营者 D. 企业整体4.项目总风险可以用（A ）来衡量。A.期望投资收益率的标准差 B.组合的系数 C.市场系数 D.组合的协方差5. 项目组合风险可以用（C ）来衡量。A.投资收益率的标准差 B. 投资收益率的协方差 C. 组合的系数 D. 市场系数6. 项目市场风险可以用（C ）来衡量。A.投资收益率的标准差 B. 组合的系数 C. 市场系数 D. 投资收益率的方差7.（B）是指把风险现金流量调正成等值的无风险现金流量，从而分析投资项目风险的一种技术。A.决策树法 B.确定等值方法 C.风险调正折现率方法 D.敏感性分析二、多项选择题1.以下说法正确的是（AD）。A.情景分析给出了不同情景的结果B.敏感性分析能把各变量的重要性分隔开来，揭示了需要重要的因素C.模拟方法能够提供净现值的概率分析D.项目可行的最起码条件是年现金流量必须不小于盈亏平衡点的现金流量E.风险调正折现率方法告诉我们项目风险高，采用的折现率也高。2.确定等值方法的特点是（ABC）A.现金流入量的确定等值因子随时间而下降，反映现金流入量不确定的增加B.按无风险利率折现率确定等值现金流量C. 按有风险利率折现率确定等值现金流量D.确定现金流量与风险现金流量成反比E.现金流入量的确定等值因子随时间而增加3.与投资项目有关的额期权有（A.B.C.D.E.）A.投资时机的期权 B.终止的期权 C.临时停产的期权 D.寻找企业新增长点的期权 E.项目规划中的期权4.项目风险根据分析的角度和立场不同可分为（BCD）A.项目经营风险 B.项目总风险 C.项目组合风险D.项目市场风险 E项目财务风险三、判断题1.在调正项目的市场风险方面，资本资产定价模型也可用于那些类似于普通股股票市场交易或发行证券等投资项目的风险投资决策。 （）2.组合系数大于1表示企业总体资产的平均风险大于项目组合风险 （）3.接受一个“项目期望收益率小于所要求收益率”的项目时，估价会上升。 （）4.在一般情况下，项目组合风险低于项目总风险 （）5. 在一般情况下，项目的总风险低于其市场风险 （） 四、计算题：1.某项目初始投资50万元，寿命期5年，直线折旧，残值为零。所得税税率为33%，投资者要求的额收益率为15%。其他信息如下表所示。为了简化起见，我们设销售量、价格、单位变动成本和年固定成本的上下限均按偏离基本情况5%设置，试对该项目进行情景分析。基本情况下线上线销售量400件/年380件/年420件/年价格3000元2850元3150元单位变动成本1900元1805元1995元年固定成本250 000元/年237 500元/年262 500元/年解：我们依照题意所给的资料，分别把影响现金流量最好的数值给予上线，把最坏的数值给予下线，这样就出现的不同的情景。下线销售量最低，销售价格最低，单位变动成本和固定成本最高；上线是销售量最高，销售价格最高，而单位变动成本和固定成本最低。分配后如下表：基本情况下线上线销售量400件/年380件/年420件/年价格3000元2850元3150元单位变动成本1900元1995元1805元年固定成本250 000元/年262 500元/年237 500元/年初始投资50万元，每年折旧50/5=10万元。分别对三种情况进行税后利润的计算：边际利润400（3000-1900）=440 000元380（2850-1995）=324900元420（3150-1805）=564900息前税前利润440 000-250 000-100 000=90 000元324900-262500-100 000=-37600元564900-237500-100000=227400元所得税29700-12408 75042税后利润60300-25192152358现金流量160300 74808252358净现值37 326-249243345904 说明：该企业还有其他盈利项目，所以下线的息税前利润为-37600元，但是它可以冲抵企业应税利润是企业少交所得税12408元。 以基本状况下净现值的计算为例（其他状况雷同。） NPV=-500000+160300（P/A,15,5）=-500000+1603003.352=37326(元)。 结合初始投资的净现值，差的状况的净现值小于零为-249243（元）而好的状况提供了净现值为345904元的高收益。第八章 资本成本与资本结构一、 单项选择题1.某企业取得20年期的长期借款700万元，年利息率为12%，每年付息一次，到期一次还本，筹资费率可以忽略不计，设企业所得税税率为33%，则该项长期借款的资本成本为（C）。A.3.96% B.12% C.8.04% D.45%2.某企业股票的系数为1.2，无风险利率为10%，市场组合的期望收益率为12%，则该企业普通股留存收益的资本成本为（ C ）。A.2% B.11.2% C.12.4% D.12%3.某公司普通股股票的系数为1.5，若证券市场组合的期望报酬率为16%，国库券年利率为6%，则普通股的资本成本率为（ A ）。A.21% B.12% C.12.4% D.10%4.某项资产的无风险利率为9%，市场组合期望收益率为12%，系数为2，则该项资产投资的期望收益率为（ A ）.A.15% B.12% C.14% D.8%5.某公司优先股每年每股的固定股息为3.64元，投资者要求的收益率为7.28%，则该公司优先股的内在价值为 （D）.A.45元 B.55元 C.60元 D.50元6.某成长型公司的普通股股票预计下一年发放每股股利为2.5元，股利增长率为5%，该股票的投资收益率为10%，则该股票目前的价值为（ D ）.A.35元 B.40 C.45 D.507.债券成本与借款成本相比，一般（ A ）借款成本。A.高于 B.低于 C.等于 D.有时高于有时低于8.某公司发行优先股股票面额300万元，售价400万元，筹资费用为5%，年股息率为10%，其资本成本为（ C ）。A.2% B.75% C.7.89% D.7%9.在无优先股和无负债的条件下，财务杠杆系数为（ B ）.A.0 B.1 C.无穷大 D.无穷小10.息税前利润与每股收益分析法以（ A ）为依据进行资本结构决策。A.每股净利润的大小 B.加权平均资本成本的高低C.企业价值的大小 D.个别资本成本的高低二、多项选择题1.资本成本是指企业为取得和使用资金而付出的代价，它包括 （AC ）A.资金的额占用费 B.经营费用 C.资金的筹措费用 D.销售费用2.资金的筹措费用是指企业在筹资过程中所发生的费用，它包括（ ABCD ）。A.发行手续费 B.资信评估费 C.担保费 D.广告费3.资本成本的作用具体主要表现在（ ABC ）.A.评价投资项目、决定投资取舍的重要标准B.选择资金来源、确定筹资方案的重要依据C.衡量企业经营成果的尺度D.计算企业经营利润的重要依据4.股利增长模型方法计算普通股的资本成本存在（ BC ）不足。A.是用于支付股利的企业 B.普通股的资本成本对于预计的股利增长率非常敏感C.没有全面地考虑风险 D.理解和使用简便5.影响优先股成本率的因素有 （ ）。A.优先股股利总额 B.资金筹集费率C.股利逐年增长率 D.优先股筹资总额6.资本资产定价模型的主要优点是（ ）。A.考虑了风险因素 B.适用于股利并不稳定的企业C.依靠过去的数据预测未来 D.适用于股利稳定的企业三、判断题1.资金占用费是筹资企业经常发生的，资金筹集费通常在筹集资金时一次性发生，因此，资金占用费在计算资本成本时可作为筹资金额的一项扣除。 （）2.资金占用费实际上就是投资者对特定投资项目所要求包括无风险收益率和对特定投资项目所要求的风险补偿两部分所组成。 （）3.股票的股利的使用费用均从所得税税后净利支付，不会减少公司应缴的所得税。因此，不存在节税功能。 （）4.通过发行股票筹资，可以不付利息，因此其成本比借款的成本低。 （）5.加权平均资本成本的高低是衡量企业资本结构是否最佳的唯一标准。 （）6.MM定理1指出资产价值的维持和创立与其筹资来源的性质无关。 （）7.经营杠杆度表示：当企业销售增长一倍时，息税前利润下降多少；反之，当企业销售下降一倍时，息税前利润增长多少。 （）8.财务杠杆度表示：当企业销售增长1倍时，普通股每股利润增长多少，当企业销售利润下降1倍时，普通股每股利润下降多少。 （）9.由于优先股股利通常也是固定的，在满足企业的全部股本税后净利润率大于优先股股利的前提下，优先股也会对普通股权益产生财务杠杆利益。 （）四、计算题1.新时代公司准备投资购买远东股份有限公司的股票，该股票去年每股股利2元，预计以后每年以4%的增长率增长，新时代公司经分析后，认为必须得到10%的报酬率，才能购买远东股份有限公司的股票，则这种股票的价格为多少时，新时代公司才能购买？解：根据题意：股票价值采用公式为（元）答：当该股票价格低于34.7元时，才值得购买，即购买该股票可得到10%以上的报酬率。2.某公司的无风险债券收益率为10%，债券市场平均收益率为16%，公司股票的系数为1.5，如果下一年的预期红利是2.5元，红利期望增长率为6%，并恒为常数，那么该公司的股票应以何种价格出售？解：根据题意：该公司报酬率=10%+1.5（16%-10%）=19% 股票价值=（元）答：该公司的股票价格应以19.2元出售。3.红星公司发行债券一批，面值300万元，期限为5年，利率为10%，发行总价格为250万元，资金筹集费率为3%，所得税税率为33%；发行优先股150万元，年股利率12%，资金筹集费用5万元；发行普通股80000股，每股面值10元，每股市价20元，资金筹集费率为6%，第一年每股发放股利2元，股利增长率4%，计算加权平均资本成本。解：计算个别资本成本1）债券资本成本=2）优先股资本成本=3）普通股资本成本=4）综合资本成本=4.某公司拟筹资2000万元用于某一项目，该项目预计投资收益率为8%。现有一筹资方案如下：发行债券1000万元，筹资费用率为2%，债券年利率为6%；发行优先股500万元，年股息率为8%，筹资费用率为3%；发行普通股500万元，筹资费用率为4%，第一年预计股利率为10%，以后每年增长3%，所得税率为33%。确定该筹资方案是否可行？解：1、个别资本成本 1）债券资本成本= 2）优先股资本成本= 3）普通股资本成本=2、综合资本成本=筹资成本低于8%，可行。5.某公司全部资本成本为750万元，债务资本比率为0.4，债务利率为12%，固定成本总额为80万元，变动成本率为60%，在销售额为400万元时，息税前利润为80万元。计算该公司的综合杠杆度。解：经营杠杆（DOL）=边际利润/息税前利润= 财务杠杆（DFL）=息税前利润/税前利润= 综合杠杆（DTL）=经营杠杆财务杠杆=22.2=4.4（倍）请您删除一下内容，O(_)O谢谢！2015年中央电大期末复习考试小抄大全，电大期末考试必备小抄，电大考试必过小抄Shanghais Suzhou Creek has witnessed much of the citys history. Zhou Wenting travels this storied body of water and finds its most fascinating spots. Some lucky cities can boast a great body of water, like London with the river Thames and Paris with the river Seine. Shanghai is privileged enough to have two great bodies of water: Huangpu River and Suzhou Creek.Huangpu River became famous when colonists established clusters of grand buildings on its banks on what became known as the bund. Today, the bund overlooks the breathtaking skyline of Lujiazui financial district. Shanghais other body of water, however, Suzhou Creek, has been somewhat overshadowed. Suzhou Creek links the inland cities of Jiangsu province with Shanghai. When the British colonists, who arrived in the city after it was opened as a commercial port in 1843 found they could reach Suzhou, Jiangsu province, via the creek, they named it Suzhou Creek. Thanks to its location, a large amount of cargo and travelers were transported via the creek before rail links were established. But after a century of being utilized as a waterway to transport goods and labor, the creek grew dark and smelly. Industrial factories were established along the banks. In the 1990s it became a key task of the city government to clean the creek. Suzhou Creek, which snakes 17 km from the iconic Waibaidu Bridge downtown to the outer ring road in west Shanghai, maps the changing periods of the citys history, including the imprints of the concessions, the beginning of industrialization and the improvement in peoples living conditions. Where the Bund began In-between the shopping street of East Nanjing Road and the Bund, are a cluster of streets that give me the illusion that I am no longer in modern Shanghai. The streets are narrow and old and criss-cross each other. Any old residential house may turn out to be a former office of the British, constructed in the 1880s. Pawnshops and hardware stores that are hard to find elsewhere, are plentiful here. This area, at the confluence of Huangpu River and Suzhou Creek, is called the Bund Origin. Countless tour buses stop at the site every day and visitors from around the world get off to see this place, the starting point of the concessions in the city. It all started in 1872, when the former British Consulate General was constructed and the Bund began its transformation into an the financial street of the East. Now the site of the former consulate is called “No 1 Waitanyuan”, which translates to “the Bund Origin”, to honor its beginnings. The entire complex of this historical site comprises of five buildings, the former British Consulate General, the official residence of the consul, the former Union Church, the church apartments and the former Shanghai Rowing Club. The size of the courtyard is equivalent to that of four standard soccer fields. The building of the former consulate is a two-storey masonry building on an H-shaped plan in typical English renaissancestyle. The building is designed with a five-arch verandah on the ground floor with a raised terrace facing the garden, while the facade features an entry portico beneath a colonnaded loggia. It has been turned into a caf where dinner and afternoonteaare available. Visitors can choose to sit indoors or outdoors to enjoy the magnificent gardens with nearly 30 ancient trees.Yuanmingyuan Road behind the complex is also a historical site. The road has been revamped as a pedestrian shopping street and high-end brands have seized the best spots. Altogether, 14 old buildings, including those used for offices and residences constructed during 1920s and 1930s, remain. Today, it is a popular location for commercialfashionphoto shoots. New Tianan Church, or Union Church, stands at the intersection of Yuanmingyuan Road and Suzhou Creek. The church, designed in the style of the English countryside, has a capacity of 500 people. It was very popular during the concession period but was converted into factory offices after 1949. The church we see today is a replica, the original burned down in 2007. There used to be an outdoor swimming pool, the first of its kind in Shanghai, beside the church but has been filled-in and is now a small garden. Bridge of romance There is perhaps no other place thats more representative of Shanghai than this bridge, which appears in quite a lot ofmovies about the city. Dozens of couples visit every day to pose for their pre-wedding photos on the bridge where Suzhou Creek begins and interconnects with Huangpu River. This is Waibaidu Bridge, or the Garden Bridge. The soon-to-be-wed couples pose in splendid attire on the bridge, leaning against the railing or sitting on the wooden floor. Some even risk walking into the middle of the road to get the perfect shot.Colorful lights illuminate the bridge throughout the night, making it a picturesque place for pre-wedding portraits and lovers to meet. Constructed in 1873 and designed by a British company, the 106-meter-long bridge was the first-ever major bridge in Shanghai. In 1856, the first large wooden bridge, Wells Bridge, was built over Suzhou Creek but the bridge toll led to complaints from citizens. So 17 years later, another wooden bridge, which did not require tolls, was built. People called it Waibaidu, which means “going across for free”. The bridge was renovated as a steel truss structure in 1907. Because nearly 40 bridges have now been built over Suzhou Creek, the bridge is no longer a traffic artery but is more of an observation deck for tourists. It is a tradition in Shanghai for a grandmother to walk across a bridge with their grandchild when he or she reaches one month. This represents that the newborn has overcome all the twists and turns and its journey will be safe and smooth throughout his or her life. Waibaidu Bridge is always the best option because its the icon of Shanghai. The picture of my daughter when she was a baby held by her grandmother was also taken here. Its like a family tradition, says Wang Xuefen, a Shanghai native who has a newborn grandson. Changning Riverside There is a 5-km stretch of waterfront by Suzhou Creek in Changning district on Changning Road from the intersection of Hami Road to Jiangsu Road. It has become a popular place to take a walk and sunbathe on the lawn. There is an overpass at the intersection of Changning Road and Gubei Road for people to enjoy the view of the creek and a 3-km plastic runway on both sides of Changning Road, which attracts people of all ages, Chinese and expat. Jogging on the two sides gives a different feeling because the north side is next to the creek, and the south side is adjacent to the residential highrises, which is like jogging in the jungle, says Xiao Xu, a 27-year-old woman who lives nearby. The riverside used to be completely different. Dozens of textile mills, chemical plants and machine manufacturing factories were set up along the creek in the 1920s. They brought industrialization but also pollution. From the 1930s the creek could no longer be used as a source for tap water, and no living fish or shrimp could be found. Suzhou Creek in my memory is dark and smelly. I used to go to the riverbank to watch the sewage disposal running out from the chemical plants when I was a little girl. We didnt know it was pollution. We thought it was a red waterfall, says Huang Qi, a 57-year-old Shanghai resident. So the residential houses along the creek were unpopular, and only migrants with low incomes would live in that area, she says. However, things have changed. The plants were close