【正文】 %)61(12 0 0 02 0 0 0 9 元????????? ???? ?p 由于租用的現(xiàn)值小于 16000 元，因此租用比較好。所以，我們求的 n 值一定在 9 年與 10 年之間，利用插值法可知： 9 9 4 9 9 5 ?????n 得 n= 年。 解：如果采用分 3 年付款的方式，則 3 年共計支付的款項分別折算成現(xiàn)值為： 現(xiàn)值 =30+40*(P/F,10%,1)+40*(P/F,10%,2)=100 所以，應(yīng)該采用分 3 年付款的方式更合理。（ √） 如果企業(yè)負(fù)債資金為零，則財務(wù)杠桿系數(shù)為 1。（Χ） 四、 計算題 1．某公司全部資本為 1000 萬元，負(fù)債權(quán)益資本比例為 40： 60，負(fù)債年利率為 12%，企業(yè)所得稅率 33%，基期息稅前利潤為 160 萬元。 要求：計算該方案的綜合資本成本。該公司目前的息稅前利潤為 1600 萬元，所得稅率為 40%，證券發(fā)行費用可忽略不計。 (3)應(yīng)該公司應(yīng)采用增發(fā)普通 股的籌資方式，因此采用增發(fā)普通股的方式比發(fā)行債券籌資方式帶來的每股收益要大(預(yù)計的息稅前利潤 2021 萬元低于無差異點 2500 萬元 )。 某企業(yè)有一投資項目，預(yù)計報酬率為 35%，目前銀行借款利率為 12%，所得稅率為 40%。 解：根據(jù)題意，每年應(yīng)支付的租金可用年金現(xiàn)值求得，即： 年租金 =年金現(xiàn)值 /年金兩地系數(shù) = )( 5 2 0 0)4%,15,/( 2 0 0 萬元??AP 答：采用普通年金方式，每年支付的租金為 (萬元 ) 《財務(wù)管理》形成性考核作業(yè) (三 )參考答案 一、 單項選擇題 企業(yè)提取固定資產(chǎn)折舊，為固定資產(chǎn)更新準(zhǔn)備現(xiàn)金。則應(yīng)收賬款收現(xiàn)率為（ A） A、 33% B、 200% C、 500% D、 67% 某企業(yè)購進 A產(chǎn)品 1000 件，單位進價（含稅） ，售價 （含稅），經(jīng)銷該產(chǎn)品的一次性費用為 2021元，若日保管費用率為 %，日倉儲損耗為 ‰，則該批存貨的保本儲存存期為（ A） A、 118 天 B、 120 天 C、 134 天 D、 114 天 二、 多項選擇題 固定資產(chǎn)投資方案的財務(wù)可行性主要是由（ AB）決定的。（ √） 賒銷是擴大銷售的有力手段之一，企業(yè)應(yīng)盡可能放寬信用條件，增加賒銷量。要求： （ 1）計算最佳現(xiàn)金持有量。 （ 2）購買有價證券 5000 元； （ 3）償還長期債務(wù) 20210 元； （ 4）收到貨幣資本 50000 元； （ 5）銀行貸款 10000 元； （ 6）本期銷售收入 80000 元，各種稅金支付總額占銷售的 10%； 根據(jù)上述資料計算應(yīng)收賬款收款收現(xiàn)保證率。存貨月保管費率為 %，企業(yè)的目標(biāo)資本利潤為 20%，計算保本儲存期及保利儲存期。 A、 20 B、 30 C、 5 D、 10 投資國債時不必考慮的風(fēng)險是（ A）。 A、賒銷原材料 B、用現(xiàn)金購買短期債券 C、用存貨對外進行長期投資 D、向銀行辦理短期借款 若流動比率大于 1，則下列結(jié)論成立的是（ B）。 A、賒購存貨 B、應(yīng)收賬款發(fā)生大額減值 C、股利支付 D、沖銷壞賬 E、將現(xiàn)金存入銀行 短期償債能力的衡量指標(biāo)主要有（ ACD）。（Χ） 利用股票籌資即使在每股收益增加的時候，股份仍有可能下降。 解：發(fā)行價格 =面值的復(fù)利現(xiàn)值 +各年債息的年金現(xiàn)值 （元））（）（）（）（ 0 5 1%81 %101 0 0 0%81 %101 0 0 0%81 %101 0 0 0%81 1 0 0 0 323 ?? ??? ??? ????P 某企業(yè)于 1999 年 3 月 1日購 入了 10 萬股甲公司發(fā)行在外的普通股股票，購入價格為每股 12元， 1999 年 6月 1日甲公司宣布發(fā)放現(xiàn)金股利，每股股利為 元， 2021 年 3 月 1 日該企業(yè)將這 10萬股股票以 元的價格出售。因此明年的對外籌資額即為需用債務(wù)方式籌措的資金，即： 對外籌措債務(wù)資金額 =700 50%=350（萬元） （ 2）可發(fā)放股利 =800350=450（萬元） 股利發(fā)放率 =450/800 100%=% 某企業(yè)產(chǎn)銷單一產(chǎn)品，目前銷售量為 1000件，單價為 10元，單位變動成本為 6元，固定成本為 2021 元，要求： （ 1） 計算企業(yè)不虧損前提下單價最低為多少？ （ 2） 要實現(xiàn)利潤 3000 元，在其他條件不變時，單位變動成本應(yīng)達到多少？ （ 3） 企業(yè)計劃通過廣告宣傳增加銷售量 50%，預(yù)計廣告費支出為 1500 元，這項計劃是否可行？ 解：由銷售收入 =（利潤 +固定成本總額 +變動成本總額），得 PQ=（利潤 +a+b*Q） （ 1）單價 P=（ 0+2021+1000 6） /1000=8（元 ） （ 2）目標(biāo)單位變動成本 =單價 （固定成本 +目標(biāo)利潤） /銷售量 =10（ 2021+3000） /1000=5（元） 即要實現(xiàn)利潤 3000 元的目標(biāo)，單位變動成本應(yīng)降低到 5 元。 （ 3） 計算銷售凈利率和凈資 產(chǎn)利潤率。80s. We sat on the back of pickup trucks for hours. The sky was blue, and we couldn39。s performers of the troupe still tour the region39。s Liaoning province, decades ago. The solider gave the old man a handmade saddle when they bid farewell. The story inspired Nasun to write Carved Saddle, a song that later became one of his most popular numbers. Now, every year, Nasun recruits young singers and dancers for the troupe. The troupe has also designed a new repertoire, which is mostly based on the daily lives of Mongolian people, especially the lives of nomadic families, and has bined contemporary musical elements with folk songs of the region. Haimu, a 25yearold khoomei (a local variant of overtone singing) singer, joined the troupe three years ago. Along with a sixmember band, he performs fast songs and soft ones that he writes－ all while playing the horsehead fiddle.Although I learned the piano since childhood and grew up listening to various kinds of music, to me, the folk music of Inner Mongolia is the root, he says. Performing in remote villages is pleasant. I feel at home on the boundless grasslands, and the warm people there make me feel fulfilled. The first round of spring auction season in Beijing ended last week, but it failed to create much spring in the art market. Although two pieces of Chinese painting fetched more than 100 million yuan, the decline in trading volume and sa le rate showed a downturn this year. In the ―Grand View: Chinese Painting Highlight‖ session at China Guardian 2021 spring auctions, Pan Tianshou’s representative work Eagle, Rock and Flora hit a record auction price of 279 million yuan, while Li Keran’s masterwork Jinggang Mountain fetched million yuan, an unexpected high in recent years. However, the trading volume fells to billion yuan from billion yuan in the same period the year before. The Huangchen 2021 Spring Auctions, which recorded million yuan in total sales, experienced the same. The section number went down to 5 from 12 pared to last year. According to expert Shao Jianwu, the art market did not attract much excitement this year due to the booming stock market and the persistent problems of fery and fake deals. The two pieces of Chinese painting notched up high price this spring due to their own value not due to a revival in the market. The successful transaction of two works with a hammer price of more than 100 million yuan once again confirms that valuable and rare works of high quality always earn the longlasting high price. Chinese painting and calligraphy is still the pillar of the market. However, the overall sales rate has dropped slightly, which reflects the demand for the ordinary auction goods has weakened,‖ said the president of China Guardian’s Hu Yanyan. Besides, the entry of new buyers also makes certain changes to the direction of purchasing. In a word, the overall market trend is very unpredictable. Although China Guardian 2021 Spring Auctions has achieved remarkable results, it does not mean that the market has walked out of the predicament. We still have to wait for the big economic boom to invigorate the art market.‖ Even so, the hot pursuit of some special items appeared this spring. A special session of China Guardian Spring Auctions titled ―Fine Gilt—Bronze Buddhist Images‖ achieved a great deal with total sales volume of million yuan and 92 percent sale rate. The 5th Shamar Rinpoche Statue from 1617th century of Tibet was sold for million yuan. The Beij