财务管理分析范围

财务管理分析范围

财务管理分析

判断正误10*2' 名解5*3' 问答3*5' 业务4题 50'

Chapter 1

The Balance Sheet: P6 名解

A balance sheet is a financial snapshot,taken at a point in time.of all the assets the company owns and all the claims against those assets. (资产负债表相当于一张财务快照,它反映了企业在某一时点上所拥有的全部资产和与之相对应的全部要求权。)

EBIT: P15 名解

EBIT is earnings before interest and taxes, a useful and widely used measure of a business's income before it is divided among creditors,owners,and the taxman.(息税前利润是一项十分有用且被广泛应用的利润度量指标,度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。)

P29判断对错(以下是对的)

A company's finances and its business operations are integrally related.We study a company's financial statements because they are a window on the firm's operations.(公司的财务与经营内在相连,我们之所以要研究公司的财务报表,是因为报表是反映公司经营情况的窗口。)

Earnings are not cash flow.The wise manager watches both.(盈利不是现金流量,明智的管理者需两者并重。)

A balance sheet is a snapshot of a company's assets and liabilities at a point in time.An income statement records sales,related expenses,and earnings over a period of time.(资产负债表是公司资产和负债(权益)在某一时点上的快照。利润表记录一定时期内的销售收入、相关的费用以及利润。)

A cash flow statements eliminates the effects of accrual accounting to present the firm's cash receipts and disbursements over the accounting period.(现金流量表剃除了权责发生制的影响,揭示了公司在会计期间的现金收入和现金支出。)

P33 计算题 课后第12题

12.Below are summary cash flow statements(现金流量表) for three roughly equal-size companies

($ millions) A B C Net cash flows from operations

来自经营活动的净现金流 $(300) $(300) $300 Net cash used in investing activities

用于投资活动的净现金流 (900) (30) (90) Net cash flow from financing activities

来自融资活动的净现金流 1,200 210 (240) Cash balance at beginning of year

年初现金余额 150 150 150 a.Calculate each company’s cash balance at the end of the year.

Cash balance at the end of the year:

(公式:cash balance at the end of the year= cash balance at the beginning of the year+ net cash flows from operations+ net cash used in investing activities+ net cash from financing activities)

A: 150-300-900+1200=150($)

B: 150-300-30+210=30($)

C: 150+300-90-240=120($)

b. Explain what might cause company C抯 net cash from financing activities to be negative.

The cash might be repaid for the debts(偿还债务) or used to repurchase the stocks(股票回购).

c. Looking at companies A and B, which company would you prefer to own? Why?

I prefer to own company A. The reasons are the following. Compared with which at the beginning of the year, the figure of company B at the end of the year is falling down. Furthermore, the net cash used in investing activities and from financing activities of company A is much higher than which of company B, so the liquidity(流动性) of company A is higher. All of above indicate company A is potential and worth our investing.

d. Is company C's cash flow statement(现金流量表) cause for any concern on the part of C's management or shareholders? Why or why not?

There is no need to concern about the part of C's management or shareholders. Take a glance of company C's cash flow statement, we can figure out company C's net cash flow from operations is positive, and they use the cash from operations to repay the financing activities in the past. It's a mature and experienced company.

Chapter 2

P36 简答

Return in equity = Profit margin * Asset turnover * Financial leverage

股东权益收益率=销售利润率*资产周转率*财务杠杆

This says that management has only three levers for controlling ROE:

这个表达式说明管理者只有是哪个杠杆来调控ROE:

the earnings squeezed out of each dollar of sales, or the profit margin;

每一美元的销售收入所能赚取的利润,即销售利润率

The sales generated from each dollar of assets employed,or the asset turnover;

每一美元的资产所能带来的销售收入,即资产周转率

The amount of equity used to finance the assets,or the financial leverage.

股东收入每一美元所能运用的资产,即财务杠杆

P37 简答(P37-P382 两段话简化一下)

Why are ROEs similar across firms while profit margins, asset turnovers,and financial leverages differ dramatically?(为什么公司之间的销售利润率、资产周转率和财务杠杆有如此巨大的差异,而ROE却相差无几呢?)

The answer in a word is competition. Attainment of an unusually high ROE by one company acts as a magnet to attract rivals anxious to emulate the superior performance. As rivals enter the market, the heightened competition drives the successful company's ROE back toward the average. Conversely, unusually low ROEs repel potential new competitors and drive existing companies out of business so that over time, survivors' ROEs rise toward the average.

一言以蔽之——竞争。要是一个公司获得了非同寻常的高ROE,就会像一块磁铁,吸引竞争者纷至沓来,追组超常业绩,一旦对手们进入该市场,竞争加剧,成功者的ROE便被迫讲到平均水平。反之,非同寻常的低ROE则会将潜在的新对手和现存的公司从该市场上驱赶出去,这样,经过一段时间之后,幸存者的ROE就会上升到平均水平。

The profit margin: P38名解

The profit margin measures the fraction of each dollar of sales that trickles downs through the income statement to profits.(销售利润率衡量的是每一美元销售额随着利润表的栏目从上往下移动而最终成为利润的那一部分。)

Credit sales per day :P42 名解

Credit sales per day is defined as credit sales for the accounting period divided by the number of days in the accounting period, which for annual statements is obviously 365 days.(日赊销额的定义是会计期内的赊销总额除以会计期总天数,对于年度报表而言显然是365天。)

P76 判断对错(以下是对的)

More financial leverage is not always better than less. Financial leverage can be measured by using balance sheet ratios or coverage ratios.Coverage ratios compare the annual burden of the debt to the operating cash flow available to service the debt. Coverage ratios are usually superior for measuring long-term indebtedness.(财务杠杆并非越高越好,可以用资产负债表比率或偿债比率来衡量财务杠杆。偿债比率反映了年度债务负担与可用于偿还债务的经营性现金流量的对比,通常更适合度量长期负债水平。)

Companies display widely differing profit margins, asset turnovers, and financial leverage, depending on the production technologies and strategies employed. The product of these three ratios is return on equity. Competition ensures that there is less variation tn return-on-equity ratios than in its constituents.(由于生产技术与经营战略不同,不同公司在销售利润率、资产周转率和财务杠杆三个方面相差很大。这三个比率的乘积就是权益收益率,竞争的存在使得不同公司在权益收益率上的差异小于它的三个构成要素的差异。)

Ratio analysis is the systematic examination of a number of company ratios in search of insights into the firm's operations and its financial vitality.(比率分析法是利用很多比率对公司进行系统性的检测,用以剖析公司经营和财务状况。)

P79 课后第3题 判断对错

TURE OR FALSE?

A company’s return on equity will always equal or exceed its return on assets.

一个公司的权益收益率总是大于或者等于其资产收益率。(T)

b. A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.

一个公司的资产权益比总是等于1加负债权益比(T)

c.A company’s collection period should always be less than its payables period.

一个公司的应收账款回收期总是小于其应付账款付款期。(F)

d.A company’s current ratio must always be larger than its acid-test ratio.

一个公司的流动比率一定大于其速动比率。(T)

e.Economic earnings are more volatile than accounting earnings.

经济利润比会计利润更加变动不定。(F)

f.Ignoring taxes and transactions costs,unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本,未实现的纸上盈利不如已实现的现金盈利有价值。(F)

P80 课后第7题 计算题

7.Answer the questions below based on the following information.Taxes are 35 percent and all dollars are in millions. 计算下表回答以下问题,所得税是35%,所有美元以十亿位单位。

Company X Company Z Earnings before interest and taxes $400 $420 Debt(at 10% interest) 200 1200 Equity 800 300 a. Calculate each company’s ROE,ROA,and ROIC

计算每间公司的ROE、ROA和ROIC

Company X Company Z ROE(净资产收益率) 31% 65% ROA(资产收益率) 25% 13% ROIC(资本回报率) 26% 18% X公司净资产收益率=净利润/权益

ROE x =Net income/equity=(400-200*10%)*(1-35%)/800=31%

Z公司净资产收益率=净利润/权益

ROE z =Net income/equity=(420-1200*10%)*(1-35%)/300=65%

X公司资产收益率=净利润/资产

ROA x =Net income/assets=(400-200*10%)*(1-35%)/1000=25%

Z公司资产收益率=净利润/资产

ROA z =Net income/assets=(420-1200*10%)*(1-35%)/1500=13%

X公司资本回报率=息税前利润*(1-税率)/(有息负债+权益

ROICx=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=400*(1-35%)/(800+200)=26%

Z公司资本回报率=息税前利润*(1-税率)/(有息负债+权益)

ROICz=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=420*(1-35%)/(1200+300)=18%

b. Why is company Z’s ROE so much higher than X’s? Dode this mean Z is a better company?Why or why not?

为什么Z公司的ROE高于X公司?是不是意味着Z是间更好的企业?如果是,为什么?

Because company Z has a higher financial leverage than company X.

It does not mean that company Z is the better company because company Z’s higher financial leverage makes it a very uncertain enterprise and it is much risker than company X.

财务杠杆=资产/所有者权益

X=(200+800)/800=1.25 Z=(1200+300)/300=5

因为Z公司比X公司有更高的财务杠杆,但这并不意味着Z公司比X公司好。因为Z公司的高财务杠杆使得它有更多的不确定因数,要比X公司承担更大的风险。

c. Why is company X’s ROA higher than Z’s? What does this tell you about the two companies?为什么X公司的ROA高于Z公司?这能说明这两家公司的什么资料?

This is also due to Z’s higher financial leverage .

ROA differs from ROE in that it measures profit as a percentage of the money proveded by owners and creditors as opposed to only the money provided by owners.As a result,it does not mean that Z is a worse company than X

这同样是因为Z公司更高的财务杠杆。

资产收益率(ROA)与净资产收益率(ROE)的不同在于资产收益率的衡量标准是利润与所有者权益及负债的百分比相对于净资产收益率来说它仅是利润与所有者权益的百分比。所以这并不意味着Z公司比X公司差。

d. How do the two companies'ROICs compare? What does this suggest about the two companies?如何比较这两家的ROIC对于这两家公司有什么建议?

ROIC is a measure of how effectively a company uses the money invested in its operations. It abstracts from differences in leverage to provide a direct comparison of the earning power of the two companies’ assets. ROE is impacted by financial leverage while ROIC is not distorted by financial leverage ,hence it is a more reliable measure. Consequently,X is the superior performer.

资本回报率(ROIC)是用来衡量一个公司对它所经营项目进行投资时使用金钱的效率。它从两个不同的杠杆率中提供了一个两公司资产盈利能力的直接比较。相比于ROE,ROIC不受财务杠杆的影响,因而它是一个更能反映公司盈利能力的指标。所以X公司表现的更加出众。

P81 课后第11题 计算题

11.Given the following information ,complete the balance sheet shown below.

根据以下信息,完成资产负债表

Collection period应收账款回收期 50 days

Days sales in cash现金的的销售天数 15 days

Current ratio流动比率 2.4

Inventory turnover存货周转率 6 times

Liabilities to assets资产负债比 80%

Payables period应付账款周转天数 28 days (All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold)(所有销售都是赊销。所有计算都以365天为一年。应付账款周转天数以商品销售成本为基础)

Assets资产

Current:流动

Cash现金 $500,000

Accounts receivable应收账款 1,666,667

Inventory存货 1,000,000

Total current assets全部流动资产 3,166,667

Net fixed assets净固定资产 1,833,333

Total assets全部资产 $5,00000,0

Liabilities and shareholders’ equity负债和所有者权益

Current liabilities流动负债

Accounts payable应付账款 $460,274

Short-term debt短期借款 859,170

Total current liabilities全部流动负债 1,319,444

Long-term debt长期借款 2,680,556

Shareholders’ equity所有者权益 1,000,000

Total liabilities and equity全部负债和所有者权益 $5,000,00

1.Sales/365=(Cash/Days sales in cash)

销售收入/365=(现金/销售的现金)=500000/15=33333

2.Accounts receivable=Collection period*Credit sales per day=Collection period*(Slaes/365)

应收账款=应收账款回收期*每天的销售收入

=应收账款回收期*(销售收入/365)=50*33333=1666667

3.Cost of goods sold=Inventory turnover *Ending inventory

商品销售成本=存货周转率*期末存货=6*1000000=6000000

4.Accounts payable=Payables period*(Cost of goods sold/365)

应付账款=应付账款回收期*(商品销售成本/365)

=28*6000000/365=460274

5.Current liabilities=Current assets/Current ratio

流动负债=流动资产/流动比率=3166667/2.4=1319444

6.Total liabilities=Assets*Liabilities to assets

全部负债=资产*资产负债比率=5000000*0.8=4000000

7.Shareholders’ equity=Total assets- Total liabilities

所有者权益=全部资产-全部负债=5,000,000-4,000,000=1000000

Chapter 3

Percent-of-sales forecasting: 销售百分比预测法P88 名解

One way to tie many of the income statement and balance sheet figures to future sales.

一种将利润表和资产负债表中的数字与未来的销售联系起来的方法。

Cash budget : 名解 P105

The cash budget is one of the most important elements of the budgeted balance sheet. The cash budget presents the expected receipts (inflows) and payments (outflows) of cash for a period of time.(百度的)

P110 判断对错(以下是对的)

Pro forma statements are the best all-around means of financial forecasting. They are a projection of the company's income statement and balance sheet at the end of the forecast period.(模拟财务报表是最好的一种财务预测方法,它是对预测期结束时公司的利润表和资产负债表进行预计。)

6.Computers are valuable allies in financial planning. They gracefully solve the interdependency problem between interest expense and external funding needs.and they greatly facilitate use of sensitivity analysis,scenario analysis, and simulation to "stress test" the plans.(计算机是财务分析的好帮手,完美地解决了利息费用和外部融资需要量互为变量的问题,它们还有助于使用敏感性分析、场景分析和模拟来对计划进行“压力测试”。)

7. A cash budget is a less general way to forecast than pro forma statements. It consists of a list of anticipated cash receipts and disbursements and their net effect on the firm's cash balances. When done correctly and using the same assumptions, cash budgets and pro forma statements generate the same estimated need for outside financing.

现金预算作为预测方法的通用程度低于模拟财务报表。现金预算由一系列的预计现金收入、预计现金支出及其对公司现金余额的净影响列表构成。如果使用相同的假设,并且编制正确,现金预算与模拟财务报表所估计的外部融资需要量相同。

P112 问答题 课后第1题

Suppose you constructed a pro forma balance sheet for a company and the estimate for external financing required was negative. How would you interpret this result?假设你为一家公司编制了一份模拟资产负债表,该公司的外部融资需要量估计为负数,对此你应作何解释?

A negative value implies that the company has excess cash above its desired minimum. You can demonstrate this on the balance sheet by setting the external funding requirement to zero and adding the absolute value of the external financing required to cash.负债意味着公司的现金多于最低需要量,要证明这一点,你可以用资产负债表中的现金加上外部融资需要量的绝对值,这是外部融资需要量为0.

P113 计算题 课后第5题

Using a computer spreadsheet ,the information presented below, and the modified equations determined in question 4 above, extend the forecast for R&E Supplies contained in Table 3.5 through 2007. Is R&E’s external financing required in 2007 higher or lower than in 2006?

Projected external financing requirements in 2007 are over $1 million higher than in 2006.

2007年度R&E供应公司的模拟预测

利润表

销售净额 33496

销售成本 28807

毛利 4689

行政、销售与管理费用 3685

利息费用 327

税前利润 677

所得税 305

税后利润 372

股利 186

留存收益增加 186

资产负债表

流动资产 9714

固定资产净值 270

资产合计 9984

流动负债 4823

长期负债 560

权益 1994

负债与所有者权益合计 7377

外部融资需要量 2607

由题目知:

(1)07年销售净增长率=30%

销售净额=上年的销售净额×(1+30%)=25766×1.3=33496

销售成本/销售净额=86%

销售成本=销售净额×86%=33496×0.86=28807

(3)毛利=销售净额-销售成本=33496-28807=4689

(4)行政、销售与管理费用/销售净额=11%

行政、销售与管理费用=销售净额×11%=33496×0.11=3685

设外部资金需要量为X

由题目知,长期负债=560,长期负债即将到期部分=100,利率=10%

则利息费用=(长期负债+长期负债即将到期部分+X)×10%=(560+100+X)×10%=66+0.1X

(6)税前利润=毛利-行政、销售与管理费用-利息费用=4689-3685-(66+0.1X)=938-0.1X

(7)所得税=税前利润×45%=(938-0.1X)×0.45=422-0.045X

(8)税后利润=税前利润-所得税=938-0.1X-(422-0.045X)

=516-0.055X

(9)股利/税后利润=50%

可知股利=税后利润×50%=(516-0.055X) ×50%=258-0.0275X

留存收益=税后利润-股利=516-0.055X-(258-0.0275X)=258-0.0275X

由题目可知:

流动资产/销售净额=29%,固定资产净值=270,流动负债/销售净额=14.4%

流动资产=销售净额×29%=33496×29%=9714

流动负债=销售净额×14.4%= 33496×14.4%=4823

权益=股利+06年的股东权益=258-0.0275X+1808=2066-0.0275X

资产合计=流动资产+固定资产净值=9714+270=9984

负债与股东权益合计=流动负债+长期负债+权益=4823+560+2066-0.0275X=7449-0.0275X

外部资金需求量=资产合计-负债与股东权益合计

X=9984-(7449-0.0275X) 得出,0.9275X=2535 ,X=2606.68≈2607 (2607-1548=1059≈1000)

利息费用=66+0.1X=66+2607×0.1=327

税前利润=938-0.1X=677

所得税=422-0.045X=305

税后利润=税前利润-所得税=677-305=372

股利 =税后利润×50%=372×50%=186

留存收益=税后利润-股利=372-186=186

权益=2066-0.0275X=2066-0.0275×2607=1994

Chapter 4

P119 名词解释

1,Sustainable growth rate:

This is the maximum rate at which company sales can increase without depleting financial resources.可持续增长率指在不需要耗尽财务资源的情况下,公司销售所能增长的最大比率。

P126 问答题

What to do when actual Crowth Exceeds Sustainable Crowth?

当实际增长超过可持续增长时怎么办

The first step is to determine how long the situation will continue.

If the company`s growth rate is likely to decline in the near future as the firm reaches maturity,the problem is only a transitory one that can probably be solved by further borrowing.

For longer-term sustainable growth problems,some combination of the following strategies will be necessary.第一步要判定这种情况将会持续多久。假如公司随着成熟期的接近,增长率在不远的将来极有可能会下降,则这只是一个过渡性问题,通过再多借款可能就可以解决。而对于长期的可持续增长问题,以下策略的某些组合将是必不可少的:

Sell new equity 发售新股

Increase financial leverage 提高财务杠杆

Reduce the dividend payout 减少股利支付率

Prune away marginal activities 非核心业务的剥离

Outsource some or all of production 寻求外购

Increase prices 提高价格

Merge with a "cash cow" 兼并“现金牛”

P141判断对错(以下是对的)

More growth is not always a blessing. Without careful financial planning ,companies can literally grow broke.高增长不总是一种福音,没有仔细的财务计划,公司的确有可能破产。

A company`s sustainable growth rate is the maximum rate at which it can grow without depleting financial resources.Sustainable growth does not assume constant debt.It assumes debt will increase in proportion to the growth in equity.一个公司的可持续增长率指公司在不耗尽财务资源下可能达到的最大增长率。可持续增长没有假设债务不变。他假设债务将于权益的增长同比例增加

If a company`s actual growth rate temporarily differs from its sustainable growth rate,change in company debt can probably accommodate the imbalance.假设一个公司的实际增长率暂时不同于可持续增长率,改变公司的债务或许可以调节不平衡。

P142 判断正误 课后第1题

TURE OR FALSE?

a. A company`s sustainable growth rate is the highest growth rate in sales it can attain without issuing new stock.一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。(F)

b.The stock market is a ready source of new capital when a company is incurring heavy losses.(F)

c.Share repurchases usually increase earnings per share. 当一家公司蒙受惨重损失时,股票市场即为它随时可动用的新的资本来源。(T)

d.Companies often buy back their stock because managers believe the shares are undervalued.

因为管理者相信股票被低估了,所以公司经常买回它们的股票。(T)

e.Only rapidly growing firms have growth management problems.

只有快速增长的公司才有增长管理的问题。(F)

f.Increasing growth increases stock price.提高增长增加股票价格(F)

p143 计算题 课后第3题

PCA International ,Inc. ,is one of largest color portrait (肖像)photography chains(连锁店) in North America. The company photographs, develops ,and sells portrait packages through studios operated in Kmart stores. Following are selected financial data for the company for the period 1991-1995.

1991 1992 1993 1994 1995 Profit margin(%) 4.8 5.5 3.3 3.0 5.3 Retention ratio(%) 78.4 65.7 53.7 47.8 71.9 Asset turnover 4.3 3.1 2.7 2.4 2.4 Financial leverage 5.6 4.2 2.0 2.0 1.8 Growth rate in sales(%) 6.9 8.0 (6.2) (2.9) (0.1)

a.Calculate PCA’s sustainable growth rate in each year.

1991 1992 1993 1994 1995 g*(%) 90.62 47.05 9.60 6.88 16.46 91年 g*=4.8%*78.4%*4.3*5.6=90.62%

92年 g*=5.5%*65.7%*3.1*4.2=47.05%

93年 g*=3.3%*53.9%*2.7*2.0= 9.60%

94年 g*=3.0%*47.8%*2.4*2.0= 6.88%

95年 g*=5.3%*71.9%*2.4*1.8=16.46%

b .Comparing the company’s sustainable growth rate with its actual growth rate in sales, what growth problems did PCA face over this period?

比较可持续增长率与实际销售增长率。这段时期PCA所面临的成长问题是什么?

PCA’s sustainable growth rate in every year exceeded its actual growth rate by a wide margin. The company was generating more cash from operations than it could productively employ Its challenge was what to do with the excess cash。

每一年的可持续增长率都远大于实际增长率。公司从生产经营中产出的现金比所能实际运用的现金还要多,公司的挑战在于如何处理这些盈余的资金。

c. How did the company cope with these problems?

公司如何处理这些问题?

PCA coped with actual growth below sustainable levels in two ways. It allowed its asset turnover to fall from 4.3 times in 1991 to 2.4 times in 1995, and it sharply reduced its debt from 5.6 times in 1991 to 1.8 times in 1995.

PCA通过两条途径处理实际增长率低于可持续增长率的问题:1、PCA允许它的资产周转率从91年的4.3倍降到95年的2.4倍;2、迅速减少债务使财务杠杆从91年的5.6倍降到95年的1.8倍。

d.In March 1995,PCA announced a $7.5 million stock buy back, about equal in size to earnings that year. From a growth management perspective ,was this a wise move?

1995年3月,PCA宣告回购750万美元的股票,大约相当于那一年的收益。从成长管理前景看,这是一个明智之举吗?

Stock repurchase made sense for PCA. They appear to have little productive use for the money they earn within the firm, so they should return it to the owners, either as dividends or in the form of a share repurchase.

对于PCA而言,股票回购是有意义的。在公司内似乎没有能有效地用所赚取的钱的地方,所以,公司应该将钱还给它的股东,无论是以股利还是股票回购的方式。

p145 计算题 课后第5题

Union Fidelity Company(UFC)has the following ratios for the years 1999 through 2003:

Union Fidelity公司(UFC)1999--2003年间的财务比率如下:

2000 2001 2002 2003 2004

Profit margin (%)利润率 38.5 37.9 37.3 38.5 38.7

Retention ratio (%)留存收益比率 100.0 100.0 100.0 100.0 100.0

Asset turnover 资产周转率 0.2 0.2 0.3 0.3 0.3

Financial leverage财务杠杆 1.3 1.4 1.4 1.5 1.8

Growth rate in sales (%)销售增长率 53.2 36.4 46.5 49.3 40.6

A .Calculate UFC’s sustainable growth rate in each year.

计算RHI公司每一年的可持续增长率。

2000 2001 2002 2003 2004

可持续增长率 10.0 10.6 15.7 17.3 20.9

实际增长率 53.2 36.4 46.5 49.3 40.6

B . Does UFC have a growth problem? UFC公司是否出现增长问题?

UFC does have a sustainable growth problem . Its sustainable growth rate is much lower than its actual growth rate.

UFC公司确实存在可持续增长问题。它的可持续增长率远低于实际增长率。

C .How did UFC cope with its sustainable growth problem? UFC公司如何应付它的可持续增长问题?

The increase in asset turnover and financial leverage is helping increase the sustainable growth rate .But the spread between the two rates is still substantial in 2003.

提高资产周转率和财务杠杆有助于提高可持续增长率。不过直到2003年,可持续增长率和持续增长率之间的差距仍然存在。

D . Calculate UFC’s sustainable growth rate in 2003 assuming the asset turnover increases to 0.4 and the financial leverage decreases to 1.6 times.假设UFC公司的资产周转率提高到0.4,而财务杠杆降低为1.6倍,计算其在2003年的可持续增长率。

g*=PRAT(^)=0.387*1.0*0.4*1.6=24.8%

Chapter 6

P208 名词解释

Interest tax shield:税盾(节税)

Many believe this subsidy, frequently known as the interest tax shield from debt financing,is the chief benefit of debt financing.It is available to any company using debt financing provided only that the company has sufficient taxable income to shield.许多人相信,这种源于债务筹资的,常被称为利息避税的津贴乃是债务筹资的主要利益之所在。它对任何利用债务筹资的公司都行之有效,唯一的前提是公司有足够多的应税收入可避税。

P231判断对错(以下是对的)

2, A company`s fundamental goal when evaluating financing options should be to support its business strategy.在评价筹资决策选择权时,公司的基本目标应该是为它的经营战略提供支持。

M&Ms` irrelevance proposition argues that the value shareholders assign to a given cash flow stream is independent of the way the stream is financed. Financing decisions are thus important to the extent that they change the expected cash flows generated by the firm ,and the best financing choice is the one that maximizes expected cash flows. M&M的无关论定理认为,股东分配到给定现金流中的价值独立于现金流的筹资方式。筹资决策改变了公司产出的预期现金流因而极其重要,最好的筹资决策是能使预期现金流最大化的筹资决策。

New equity financing is not always available on agreeable terms.A major concern in most financing decisions is the effect of today`s financing choice on tomorrow`s options.Decisions that constrain future financing options reduce financial flexibility.在适当的时期新的权益筹资也并不是总是能够成功的。大多数筹资决策主要关心的是今天的筹资决策对将来决策选择权的影响。限制未来筹资选择权的决策会减少公司的财务弹性。

P232问答题 课后第1题

Headquartered in Germany,SAP Ag is a leader in the enterprise application software business.General Motors is the world`s largest car manufacturer.Which company do you think would bear heavier costs in the event of financial difficulties?Why?What does this imply for their respective capital structures?总部设在德国的SAP Ag公司是企业应用软件行业的领先者。通用汽车公司是世界上最大的汽车生产商。你认为哪个公司能够承受更高的财务困境成本?为什么?对于它们各自的资本结构来说这意味着什么?

解答:SAP AG, primarily a business software company, would face much higher distress costs than General Motors because a much greater proportion of its assets is intangible. For this reason SAP AG should have the more conservative capital structure. 由于主营商业软件的SAP公司的无形资产在总资产中占了较大的比例,所以SAP公司比通用汽车公司面临更高的财务困境成本。因此,SAP公司应该要有更为保守的资本结构。

P232问答题 课后第2题

Explain how a company can incur costs of financial distress without ever going bankrupt.What is the nature of these costs?请解释公司怎样既让财务困境成本发生,而又不走到破产的地步。这些财务困境成本的本质是什么?

①The tax benefits of debt financing predominate at low debt levels, but as debt increases, the costs of financial distress grow to the point where they outweigh the tax advantages. The appropriate debt level, then, involves a judicious balancing of these offsetting costs and benefits.

当使用负债时,需要权分正负效果,找到一个较合适的负债水准。因为当负债比重逐渐上升时,税盾的效果会随着增加;但是达到一定水准后,破产成本呈现大幅度增长,将损及税盾效果。

②Thest costs come in at least three flavors—— bankruptcy costs,indirect costs,and conflicts of interest.财务困境成本至少由三个方面——破产成本、间接成本、利益冲突。

P235 计算题 课后第11题

11.As the financial vice president for Aether Media,you have the following information:

作为Aether Media的财务副总裁,您有以下信息:

Expect net income after tax next year before new financing $40million

Sinking-fund payments due next year on existing debt $14million

Interest due next year on existing debt $15million

Company tax rate 36%

Commom stock price,per share $20

Commom shares outstanding 18million

预计明年进行新的融资前税后净收益 4000万美金

支付明年到期现有债务的偿债基金 1400万美金

现有债务明年应支付的利息 1500万美金

公司税率 36%

普通股价格,每股 20美金

普通流通股 1800万美金

A.Calculate Aether’s times-interest-earned ratio for next year assuming the firm raises $40 million of new debt at an interest rate of 7 percent.

假设公司在利率为7%的前提下提出了4000万美金的债务,计算Aether的下一年利息保障倍数比率

EBIT = Net Income +Tax + Interest=40/(1-36%) + 15=$77.5 million

Interest Expense = 15 + 40 * 7% = $17.8 million

Times-interest-earned = EBIT/(Interest Expense) = $77.5/$17.8 ≈ 4.35 times

B.Calculate Aether’s times-burden-covered ratio for the next year assuming annual sinking-fund payments on the new debt will equal $8 million.

假设每年偿债基金支付的新的债务为800万美金,计算出Aether的下一年偿债比率

Burden of interest and sinking fund before tax=interest exp.+ (sinking fund)/(1-t)

=17.8 + (14+8)/(1-36%)=$52.175 million

Times burden covered = EBIT/52.175 = 77.5/52.175 ≈1.49 times

C.Calculate next year’s earnings per share assuming Aether raises the $40 million of new debt.假设Aether提出了4000万美金的新债务,计算出明年的每股收益

EPS = (EBIT-Int.exp)(1-t)/(common share outstanding) = (77.5-17.8)(1-36%)/18 ≈ $2.12

D.Calculate next year’s times-interest-earned ratio,times-burden-covered ratio,and earnings per share if Aether sells 2 million new shares at $20 a share instead of raising new debt.如果Aether出售200万股新股,每股20美金,而不是增加新的债务,计算出明年的利息保障倍数比率、偿债倍数和每股收益

Times-interest-earned= EBIT/(Interest Expense) = $77.5/$15 = 5.17 times

Times burden covered= EBIT/[int.exp+(sinking fund)/(1-t) ]=77.5/[15+14/(1-36%)]≈2.10times

EPS = (EBIT-Int.exp)(1-t)/(common share outstanding) = (77.5-17.8)(1-36%)/(18+2) =$2

Chapter 7

P240 名词解释

Figures of merit:价值数字

A figures of merit is a number summarizing an investment`s economic worth.A common figure of merit is the rate of return.价值数字是一项综合投资的经济价值的一个数值。通用的价值数字是收益率。

P241 名词解释

The payback period

One,known as the payback period,is defined as the time the company must wait before recouping its original investment.其中一个价值数字被称为回收期。他被定义为公司在原始投资获得补偿之前必须等待的时间。

P242 简答,三个原因

1.The time value of money:货币的时间价值

This is the nation of the time value of money, and it exists for at least three reason:他的存在至少有三个理由。

(1)One is that inflation reduces the purchasing power of future dollars relative to current ones;

其一,通货膨胀减少了未来美元相对于当前美元的购买力。

(2)another is that in most instances,the uncertainty surrounding the receipt of a dollar increases as the date of receipt recedes into the future,其二,能否收到美元的不确定性随着收款日期的推远而增加。

(3)A third reason money has a time value involves the important notion of opportunity costs.

第三个理由包含着机会成本这个重要的概念

P269判断对错

3.Money has a time value because risk customarily increases with the futurity of an event,because inflation reduces the purchasing power of future cash flows,and because waiting for future cash flows involves a lost opportunity to make interim investments.货币具有时间价值的缘由是:风险通常随着事件发生时间的远去而增大;通货膨胀使未来现金流量的购买力下降;等待未来现金流量含有等待期内失去的投资机会。

4. The payback period and the accounting rate of return ignore the time value of money and hence are inferior figures of merit.The payback period,however,is a useful indicator of investment risk.回收期和会计收益率忽视了货币的时间价值,因而是较差的价值数字。然而,回收期是有用的投资风险指标。

P277

1.Answer the following questions assuming the interest rate is 10 percent.假定利率是10%,回答下列问题

A. What is the present value of $1000 to be received in 4 years?4年后收到的1000美元的现值是多少?

n=4,i=10%,FV=1000

PV=1000*(P/F,i,n)=1000*0.683(查附录A)=$683

B. What is the present value of $1000 in 8 years?Why does the present value fall as the number of years increases? 8年后1000美元的现值是多少?为什么现值会随着年数的增加而减少?

n=8,i=10 ,FV=1000

PV=1000*(P/F,i,n)=1000*0.467(查附录A)=$467

There are three reasons. One is that inflation reduces the purchasing power of future dollars relative to current ones, another is that is most instances, the uncertainty surrounding the receipt recedes into the future. A third reason is it exists opportunity costs.

有三个原因导致现值的减少:第一,物价的上涨使得未来货币的购买力低于现在的货币,所以随着时间的推移,未来货币的购买力不断下降,现值也不断减少;第二,不确定的环境因素使得借款费用逐年增加,未来货币可以借得的货币量下降,现值不断减少;第三,存在着机会成本。

C. How much would you pay for the right to receive $5000 at the end of year 1,$4000 at the end of year2,and $8000 at the end of year 10?

为了取得在第一年末获得$5000的权利,你现在必须支付多少?第二年末获得$4000 呢?第十年末获得$8000呢?

(1)n=1,i=10%,FV=5000 PV=5000*0.909=$4545.45

(2)n=2,i=10%,FV=4000 PV=4000*0.826=$3305.79

(3)n=10,i=10%,FV=8000 PV=8000*0.386=$3084.35

PV= 4545.45+3305.79+3084.35=$10935.59

D.How much would you pay for a 10-year bond with a par value of $1000 and a 7 percent coupon rate? Assume interest is paid annually.

为了购得面值为$1000、票面利率为7%的10年期债券,你必须给多少钱?假定每年付息一次。

PMT=7% * 1000=70

FV=1000,i=10% , n=10

PV=70*6.145+1000*0.386=816.15 (据课本表格查到的数值)

E.How much would you pay for a share of preferred stock paying a $5-per-share annual dividend forever?

购买一股每股支付$5永续年红利的优先股,你必须支付多少钱?

股利=$5,i=10%

PV=5/10%=$50

F.What will be the value in 7 years of $12000 invested today?

今天投资$12000,7年后将值多少?

PV=12000,i=10% , n=7

FV=12000*(1+10%) 7=$23384.61

G.How long will it take for a $2000 investment to double in value?

2000美元的投资要多久才能价值4000美元?

从题目中我们知道i=10%,PV=2000,FV=4000.

所以2000*(1+10%)^n=4000

n=log2/log1 1=7.27

H.What will be the value in 20 years of $500 invested at the end of each year for the next 20 years?在20年里的每年年底投资500美元在20年后的价值是多少?

从题目中知道:n=20 i=10% PMT=-500 PV=0

P