最新20xx年電大《財(cái)務(wù)管理》期末復(fù)習(xí)必備考試小抄(精華打印版版)-預(yù)覽頁(yè)
【正文】 低資本成本，既取決于企業(yè)自身籌資決策，也取決于市場(chǎng)環(huán)境，要降低資本成本，要從以下幾個(gè)方面著手： (1)合理安排籌資期限。資本市場(chǎng)利率多變，因此，合理利率預(yù)期對(duì)債務(wù)籌資意義重大。在投資收益率大于債務(wù)成本率的前提下，積極利用負(fù)憤經(jīng)營(yíng)，取得財(cái)務(wù)杠桿效益，降低資本成本，提高投資效益。 ．答：風(fēng)險(xiǎn)收益均衡觀念是指風(fēng)險(xiǎn)和收益間存在一種均衡關(guān)系，即等量風(fēng)險(xiǎn)應(yīng)當(dāng)取得與所承擔(dān)風(fēng)險(xiǎn)相對(duì)等的等量收益。如果將風(fēng)險(xiǎn)作為解釋收益變動(dòng)的惟一變量，財(cái)務(wù)學(xué)上認(rèn)為資本資產(chǎn)定價(jià)模式 (CAPM)很好的描述了其間的關(guān)系。 (3)有利于節(jié)約利息支出?？赊D(zhuǎn)換債券籌資的缺點(diǎn)主要有： (1)在轉(zhuǎn)換過(guò)程 中，企業(yè)總是指望普通股市價(jià)上升到轉(zhuǎn)換價(jià)格之上，并完成其轉(zhuǎn)換，一旦企業(yè)效益不佳，股市下跌，轉(zhuǎn)換行為即因?yàn)槭ノΧ袛?，在這種情況下，企業(yè)將因無(wú)力支付利息而陷入財(cái)務(wù)危機(jī)。 制定折舊政策的影響因素 有： (1)制定折舊政策的主體。固定資產(chǎn)折舊計(jì)提數(shù)量的多少及折舊年限的長(zhǎng)短主要依據(jù)固定資產(chǎn)的磨損狀況。 (a)企業(yè)一定時(shí)期的現(xiàn)金流動(dòng)狀況。資本保全是財(cái)務(wù)管理的一個(gè)基本目標(biāo)，企業(yè)在選擇折舊政策時(shí)應(yīng)考慮到這一點(diǎn)，以便使企業(yè)能夠盡早收回大部分投資。但這種政策過(guò)于呆板，不利于靈活適應(yīng)外部環(huán)境的變動(dòng)。 (2)計(jì)算公司本年應(yīng)提取的法定公積金和法定公益金。 (6)利用股票估價(jià)模型計(jì)算股票價(jià)格為多少時(shí)，投資者才 ’ 愿意購(gòu)買(mǎi)。(17 ％ — 6％ )＝ 14． 55(元／股 )，股價(jià)低于 14． 55元時(shí)，投資者才愿意 購(gòu)買(mǎi)。 答 :::① 各種資金占全部資金的比重： 債券比重＝ 1000／ 4000=0． 25 優(yōu)先股比重＝ 1000／ 4000=O． 25 普通股比重＝ 2021／ 4000=0． 5 ②各種資金的個(gè)別資本成本： 債券資本成本＝ 10％ (1 — 33％ )／ (1— 2％ )＝ 6． 84％ 優(yōu)先股資本成本＝ 7％／ (1— 3％ )＝ 7． 22％ 普通股資本成本＝ 10％／ (1— 4％ )+4％＝14． 42％ ③該籌資方案的綜合資本成本 綜合資本成本＝ 6． 84％ 0 ． 25+7． 22％O ． 25+14． 42％ O ． 5＝ 10． 73％ (4)根據(jù)財(cái)務(wù)學(xué)的基本原理，該生產(chǎn)線的 預(yù)計(jì)投資報(bào)酬率為 12％，而為該項(xiàng)目而確定的籌 資方案的資本成本為 10． 73％，從財(cái)務(wù)上看可判斷是可行的 3．某項(xiàng)目初始投資 6000元，在第 1 年末現(xiàn)金流／ k 2500 元，第 2 年末流入現(xiàn)金 3000 元，第 3 年末流入現(xiàn)金 3500 元。求： (1)計(jì)算每年度乙材料的經(jīng)濟(jì)進(jìn)貨批量。300 ＝ 120(次 ) 1．某企業(yè)計(jì)劃某項(xiàng)投資活動(dòng)，擬有甲、乙兩個(gè)方案。 該企業(yè)按直線法計(jì)提折舊，全部流動(dòng)資金于終結(jié)點(diǎn) 一次收回，適用所得稅率 33％，資金成本率為10％。 5＝ (萬(wàn)元 ) 無(wú)形資產(chǎn)攤銷額 =25247。該項(xiàng)目固定資產(chǎn)預(yù)計(jì)使用 10年，按直線法提取折舊，預(yù)計(jì)殘值為 10萬(wàn)元。 答： (1)計(jì)算債券發(fā)行價(jià)格=+=1000 元 (2)債券成本率＝ 15％ X(1— 34％ )／ (1—1％ )=10％ 優(yōu)先股成本率： %(1— 3％ )＝ 20％ 綜合資本成本＝ 10％ X((1600X1000)／2021000)+20％ X((2021000— 1600X1000)／2021000)=12％ 4 4 3．某公司目前年賒銷額為 24 萬(wàn)元，每件產(chǎn)品售價(jià)為 10元，該公司考慮其目前的信用政策及另外兩個(gè)新的政策，并預(yù)期這些政策將產(chǎn)生如 下結(jié)果： 目前政策 政策 A 政策 B 需要增加 0 25% 35% 平均收現(xiàn)期 1 個(gè)月 2 個(gè)月 3 個(gè)月 壞帳損失 1% 3% 6% 假設(shè)該公司新增產(chǎn)品每件能帶來(lái) 3 元利潤(rùn)，其資金報(bào)酬率為 20％。240000X135 ％／ 360X90X(10 — 3)／10X20％＝ 11340(元 ) 采用政策 A 應(yīng)計(jì)利息增加＝ 7000 — 2800＝4200(元 ) 采用政策 B 應(yīng)計(jì)利息增加＝ 11340— 2800＝ 8540(元 ) 壞帳損失增加： 采用政策 A 壞帳損失增加＝ 240000X125％ X3％一 240000X1％ =6600(元 ) 采用政策 B壞帳損失增 加 ＝ 240000X135 ％ X6 ％一 240000X1 ％=17040(元 ) 因此，政策 A 較目前政策增加報(bào)酬 =18000— 4200— 6600＝ 7200(元 ) 政策 B 較目前政策增加報(bào)酬＝ 25200— 8540—17040=一 380(元 ) 由此可見(jiàn)，應(yīng)該采用政策 A。s recall these colorful images that brought the country great joy. Calabash Brothers Calabash Brothers (Chinese: 葫蘆娃 ) is a Chinese animation TV series produced by Shanghai Animation Film Studio. In the 1980s the series was one of the most popular animations in China. It was released at a point when the Chinese animation industry was in a relatively downed state pared to the rest of the international munity. Still, the series was translated into 7 different languages. The episodes were produced with a vast amount of papercut animations. Black Cat Detective Black Cat Detective (Chinese: 黑貓警長(zhǎng) ) is a Chinese animation television series produced by the Shanghai Animation Film Studio. It is sometimes known as Mr. Black. The series was originally aired from 1984 to 1987. In June 2021, a rebroadcasting of the original series was announced. Critics bemoan the series39。t want to steal food like other mice. Shuke became a pilot and Beita became a tank driver, and the pair met accidentally and became good friends. Then they befriended a boy named Pipilu. With the help of PiPilu, they cofounded an airline named Shuke Beita Airlines to help other animals. Although there are only 13 episodes in this series, the content is very pact and attractive. The animation shows the preciousness of friendship and how people should be brave when facing difficulties. Even adults recalling this animation today can still feel touched by some scenes. Secrets of the Heavenly Book Secrets of the Heavenly Book, (Chinese: 天書(shū)奇談 ) also referred to as Legend of the Sealed Book or Tales about the Heavenly Book, was released in 1983. The film was produced with rigorous dubbing and fluid bination of music and vivid animations. The story is based on the classic literature Ping Yao Zhuan, meaning The Suppression of the Demons by Feng Menglong. Yuangong, the deacon, opened the shrine and exposed the holy book to the human world. He carved the book39。s feud with Nezha over his son
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