【正文】 向市場實現(xiàn)其投資增值，要通過股票增值機 制來降低企業(yè)實際的籌資成本。在財務(wù)決策中，任何投資項目都存在著風(fēng)險，因此都必須以風(fēng)險價值作為對風(fēng)險的補償。 1．簡述可轉(zhuǎn)換債券籌資的優(yōu)缺點 ? 答：：：可轉(zhuǎn)換債券籌資的優(yōu)點主要有： (1)有利于企業(yè)肄資，這是因為，可轉(zhuǎn)換債券對投資者具有雙重吸引力。對投資者來說，轉(zhuǎn)換價值愈大，則企業(yè)支付的利息也就可能愈小。 2．什么是折舊政策，制定折舊政策要考慮哪些影響因素 ? 答：所謂折舊政策是指企業(yè)根據(jù)自身的財務(wù)狀況及其變化趨勢，對固定資產(chǎn)的折舊方法和折舊年限做出的選擇。我國國有企業(yè)的折舊政策由國家有關(guān)部門統(tǒng)一制定。在制定折舊政策時，應(yīng)充分考慮行業(yè)特征及相應(yīng)的資產(chǎn)使用特點及磨損性質(zhì)。在制定折舊政策時，應(yīng)利用折舊的成本特點，綜合考慮現(xiàn)金流動狀況后，選擇適宜的折舊政策； (b)企業(yè)對納稅義務(wù)的考慮。 3．簡述定額股利政策的含義及其利弊 答：定額股利政策的含義：在這種政策下，不論經(jīng)濟情況怎樣，不論企業(yè)經(jīng)營好壞，每次支付的股利額不變。公司的負債總額為 200 萬元，均為長期負債，平均年利率為 10％，籌資費忽略。 (4)計算公司每股支付的現(xiàn)金股利。 (3)本年可供投資者分配的利潤＝ 522 ． 6— 52 ． 26 52． 26+181． 92＝ 800(萬元 ) (4)每股支付的現(xiàn)金股利＝(60016 ％ )247。其中：發(fā)行債券 1000萬元，籌資贊率 2％，債券年利率 10％，優(yōu)先股 1000萬元，年股利率 7％，籌資費率 3％；普通股 2021萬元，籌資費率 4％，第一年預(yù)期股利率 10％，以后各年增長 4％。 (2)如果資本成本為 10％，該投資的凈現(xiàn)值為多少 ? 解：經(jīng)測試，貼現(xiàn)率為 20％時， NPV1=2500/（ 1+20%） +3000/（ 1+20%） 2+3500/（ 1+20%） 3—6000=（元） 同理，貼現(xiàn)率為 24％時， NPV2=2500/（ 1+24%） +3000/（ 1+24%） 2+3500/（ 1+24%） 3—6000=(元 ) 用差量法計算， IRR=20％+(24 ％ — 20 ％ )[（ +） ]＝ 21． 97％ 所以，該項投資的報酬率為21. 97％。 (3)計算每年度乙材料最佳進貨批次。 乙方案原始投資為 210 萬元，其中，固定資產(chǎn)投資 120 萬元，無形資產(chǎn)投資 25萬元，流動資產(chǎn)投資 65 萬元，全部資金于建設(shè)起點一次投人，該項目建設(shè)期2 年，經(jīng)營期 5 年，到期殘值收入 8 萬元，無形資產(chǎn)自投產(chǎn)年份起分 5 年攤銷完畢。 答： (1)甲方案， 年折舊額＝ (100— 5)247。 2．某公司計劃投 資某一項目，原始投資額為 200 萬元，全部在建設(shè)起點一次投入，并于當(dāng)年完工投產(chǎn)。該公司擬發(fā)行面值為 1000 元，票面年 利率為 15％，期限為 10年的債券 1600張，債券的籌資費率為 1％，剩余資金以發(fā)行優(yōu)先股股 票方式籌集，固定股利率為， 19． 4％，籌資費率 3％，假設(shè)市場利率為15％，所得稅稅率為 34％。240000／ 360X30X(10— 3)／ lOX20％ ＝ 2800(元 ) 60 天信用期 。s note: Judson Jones is a meteorologist, journalist and photographer. He has freelanced with CNN for four years, covering severe weather from tornadoes to typhoons. Follow him on Twitter: jnjonesjr (CNN) I will always wonder what it was like to huddle around a shortwave radio and through the crackling static from space hear the faint beeps of the world39。m anxious for the next one: a space capsule hanging from a crane in the New Mexico desert. It39。s celebrations said he wanted to meet Ivory Coast international Toure to discuss his plaint. CSKA general director Roman Babaev says the matter has been exaggerated by the Ivorian and the British media. Blatter, 77, said: It has been decided by the Fifa congress that it is a nonsense for racism to be dealt with with fines. You can always find money from somebody to pay them. It is a nonsense to have matches played without spectators because it is against the spirit of football and against the visiting team. It is all nonsense. We can do something better to fight racism and discrimination. This is one of the villains we have today in our game. But it is only with harsh sanctions that racism and discrimination can be washed out of football. The (lack of) air up there Watch mCayman Islandsbased Webb, the head of Fifa39。s about how he felt and I would like to speak to him first to find out what his experience was. Uefa has opened disciplinary proceedings against CSKA for the racist behaviour of their fans during City39。s plaint. In a statement the Russian side added: We found no racist insults from fans of CSKA. Baumgartner the disappointing news: Mission aborted. The supersonic descent could happen as early as Sunda. The weather plays an important role in this mission. Starting at the ground, conditions have to be very calm winds less than 2 mph, with no precipitation or humidity and limited cloud cover. The balloon, with capsule attached, will move through the lower level of the atmosphere (the troposphere) where our daytoday weather lives. It will climb higher than the tip of Mount Everest ( miles/ kilometers), drifting even higher than the cruising altitude of mercial airliners ( miles/ kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause),e can expect a lot of turbulence. The balloon will slowly drift to the edge of space at 120,000 feet ( 專業(yè)好文檔 Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform. Below, the Earth bees the concrete bottom of a swimming pool that he wants to land on, but not too hard. Still, he39