【正文】 NCF5＝ 十 5 十 50=(萬(wàn)元 ) NPV=(1+10％ )5+(P／ A， 10％， 4)一 150=(萬(wàn)元 ) (2)乙方案： 年折舊額 =[120— 8]247。 要求： (1)計(jì)算債券發(fā)行價(jià)格； (2)計(jì)算債券成本率、優(yōu)先股成本 率和項(xiàng)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(wèn)：該公司采取哪個(gè)政策對(duì)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(yīng)收賬款占用資金應(yīng)計(jì)利息增加； 30 天信用期 。 5=5萬(wàn)元 ) NCPo＝一 210(萬(wàn)元 ) NCFl~2＝ 0 NCF3~6＝ (170 一 80— 22． 4— 5)X(1— 33％ )十+5=(萬(wàn)元 ) NCF7＝ 69． 34+65+8=142． 34(萬(wàn)元 ) NPV＝ (P／ S， 10％， 7)+[(P／ A，10％， 6)一 (P／ A， 10％， 2)]一 210＝ 44． 62(萬(wàn)元 ) 甲、乙方案均為可行方案，但應(yīng)選擇乙方案。有關(guān)資料為： 甲方案原始投資為 150 萬(wàn)元，其中，固定資產(chǎn)投資 100 萬(wàn)元，流動(dòng)資產(chǎn)投資 50 萬(wàn)元，全部資金于建設(shè)起點(diǎn)一次投入，該項(xiàng)目經(jīng)營(yíng)期 5 年，到期殘值收入 5 萬(wàn)元，預(yù)計(jì)投產(chǎn)后年?duì)I業(yè)收入 90 萬(wàn)元，年總成本 60 萬(wàn)元。求： (1)該項(xiàng)投資的內(nèi)含報(bào)酬率。 解： (1)公司本年度凈利潤(rùn) (800— 20010 ％ )(1 — 33％ )＝ 522． 6(萬(wàn)元 ) (2)應(yīng)提法定公積金＝ 52． 26萬(wàn)元 應(yīng)提法定公益金＝ 52． 26萬(wàn)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(zhǎng)期、信譽(yù)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(guān)資料如下： (1)公司本年年初未分配利潤(rùn)貸方余額 181． 92萬(wàn)元，本年的 EBIT為 800萬(wàn)元．所得稅稅率為 33％． (2)公司流通在外的普通股 60 萬(wàn)股，發(fā)行時(shí)每股面值 1 元，每股溢價(jià)收入為 9 元。根據(jù)計(jì)算現(xiàn)金凈流量的簡(jiǎn)略公式：現(xiàn)金凈流量＝稅后利潤(rùn) +折舊，可以得出，折舊作為現(xiàn)金流量的一個(gè)增量，它的多少是調(diào) 節(jié)企業(yè)現(xiàn)金流動(dòng)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(zhuǎn)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(fēng)險(xiǎn)收益均衡概念是以市場(chǎng)有效為前提的。 (3)提高 企業(yè)信譽(yù)，積極參與信用等級(jí)評(píng)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(zhuǎn)換成本越高 E．現(xiàn)金持有量與持有成本成正比，與轉(zhuǎn)換成本成反比 8．下列各項(xiàng)中，能夠影響債券內(nèi)在價(jià)值的因素有 ( BCDE )。多選、少選。 A. 產(chǎn)品銷量 B．產(chǎn)品售價(jià) C. 固定成本 D. 利息費(fèi)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(wàn)元，未分配利潤(rùn)800萬(wàn)元，股票市價(jià) 20元，若按 10％的比例發(fā)放股票股利，并按市價(jià)折算，公司資本公積金的報(bào)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