【正文】 NCF5＝ 十 5 十 50=(萬元 ) NPV=(1+10％ )5+(P／ A， 10％， 4)一 150=(萬元 ) (2)乙方案： 年折舊額 =[120— 8]247。 要求： (1)計算債券發(fā)行價格； (2)計算債券成本率、優(yōu)先股成本 率和項目綜合成本率。s animation outpouring that are not to be missed. Let39。s natural scenery. Pleasant Goat and Big Big Wolf【喜洋洋與灰太狼】 Pleasant Goat and Big Big Wolf (Chinese:喜羊羊與灰太狼 ) is a Chinese animated television series. The show is about a group of goats living on the Green Pasture, and the story revolves around a clumsy wolf who wants to eat them. It is a popular domestic animation series and has been adapted into movies. Nezha Conquers the Dragon King（ Chinese: 哪吒鬧海） is an outstanding animation issued by the Ministry of Culture in 1979 and is based on an episode from the Chinese mythological novel Fengshen Yanyi. A mother gave birth to a ball of flesh shaped like a lotus bud. The father, Li Jing, chopped open the ball, and beautiful boy, Nezha, sprung out. One day, when Nezha was seven years old, he went to the nearby seashore for a swim and killed the third son of the Dragon King who was persecuting local residents. The story primarily revolves around the Dragon King39。s death. Through bravery and wit, Nezha finally broke into the underwater palace and successfully defeated him. The film shows various kinds of attractive sceneries and the traditional culture of China, such as spectacular mountains, elegant sea waves and exquisite ancient Chinese clothes. It has received a variety of awards. Havoc in Heaven The story of Havoc in Heaven（ Chinese: 大鬧天宮） is based on the earliest chapters of the classic story Journey to the West. The main character is Sun Wukong, aka the Monkey King, who rebels against the Jade Emperor of heaven. The stylized animation and drums and percussion acpaniment used in this film are heavily influenced by Beijing Opera traditions. The name of the movie became a colloquialism in the Chinese language to describe someone making a mess. Regardless that it was an animated film, it still became one of the most influential films in all of Asia. Countless cartoon adaptations that followed have reused the same classic story Journey to the West, yet many consider this 1964 iteration to be the most original, fitting and memorable, The Golden Monkey Defeats a Demon【金猴降妖】 The Golden Monkey Defeats a Demon (Chinese: 金猴降妖 ), also referred as The Monkey King Conquers the Demon, is adapted from chapters of the Chinese classics Journey to the West, or Monkey in the Western world. The fiveepisode animation series tells the story of Monkey King Sun Wukong, who followed Monk Xuan Zang39。 violence, and lack of suitability for children39。 問：該公司采取哪個政策對它更有利 ? 答：采用政策 A 收益的增加＝ 240000／ 10X25％X3＝ 18000(元 ) 采用政策 U 收益的增加＝ 240000／ 10X35％ X3＝ 25200(元 ) 應收賬款占用資金應計利息增加； 30 天信用期 。 5=5萬元 ) NCPo＝一 210(萬元 ) NCFl~2＝ 0 NCF3~6＝ (170 一 80— 22． 4— 5)X(1— 33％ )十+5=(萬元 ) NCF7＝ 69． 34+65+8=142． 34(萬元 ) NPV＝ (P／ S， 10％， 7)+[(P／ A，10％， 6)一 (P／ A， 10％， 2)]一 210＝ 44． 62(萬元 ) 甲、乙方案均為可行方案，但應選擇乙方案。有關資料為： 甲方案原始投資為 150 萬元，其中，固定資產(chǎn)投資 100 萬元，流動資產(chǎn)投資 50 萬元，全部資金于建設起點一次投入，該項目經(jīng)營期 5 年，到期殘值收入 5 萬元，預計投產(chǎn)后年營業(yè)收入 90 萬元，年總成本 60 萬元。求： (1)該項投資的內(nèi)含報酬率。 解： (1)公司本年度凈利潤 (800— 20010 ％ )(1 — 33％ )＝ 522． 6(萬元 ) (2)應提法定公積金＝ 52． 26萬元 應提法定公益金＝ 52． 26萬元。因此，采用這種股利政策的企業(yè)，一般都是盈利比較穩(wěn)定或者正處于成長期、信譽一般的企業(yè) 四、綜合分析題 (第 1 題 12分，第 2 題 13分，第 3題 12分，第 4 題 13分，共 50 分 ) 1．某公司的有關資料如下： (1)公司本年年初未分配利潤貸方余額 181． 92萬元，本年的 EBIT為 800萬元．所得稅稅率為 33％． (2)公司流通在外的普通股 60 萬股，發(fā)行時每股面值 1 元，每股溢價收入為 9 元。根據(jù)計算現(xiàn)金凈流量的簡略公式：現(xiàn)金凈流量＝稅后利潤 +折舊，可以得出，折舊作為現(xiàn)金流量的一個增量，它的多少是調(diào) 節(jié)企業(yè)現(xiàn)金流動狀況的重要依據(jù)。折舊政策的制定主體具有主觀意向。由于可轉換債券具有較大的吸引力，因此，企業(yè)可支付比一般債券更低的債息。風險收益均衡概念是以市場有效為前提的。 (3)提高 企業(yè)信譽，積極參與信用等級評估。 A. 現(xiàn)金持有量越多，現(xiàn)金管理總成本越高 B. 現(xiàn)金持有量越多，現(xiàn)金持有成本越大 C. 現(xiàn)金持有量越少，現(xiàn)金管理總成本越低 D．現(xiàn)金持有量越少，現(xiàn)金轉換成本越高 E．現(xiàn)金持有量與持有成本成正比，與轉換成本成反比 8．下列各項中，能夠影響債券內(nèi)在價值的因素有 ( BCDE )。多選、少選。 A. 產(chǎn)品銷量 B．產(chǎn)品售價 C. 固定成本 D. 利息費用 16．某公司現(xiàn)有發(fā)行在外的普通股 1000000股，每股面值 1 元，資本公積金 300萬元，未分配利潤800萬元，股票市價 20元，若按 10％的比例發(fā)放股票股利，并按市價折算，公司資本公積金的報表列示為： ( C )。 A． 1． 15 B． 1． 24 C． 1． 92 D． 2 5．下列籌 資方式中，資本成本最低的是