財務管理資料整理(編輯修改稿)
2025-09-19 17:41 本頁面
【文章內容簡介】 舊設備出售后的價值等于其帳面價值，即等于應稅收入。五）凈經營資本的回收在項目經營后期至結束期，凈經營資本應假定逐漸或一次性全部收回。因而在項目壽命期末時，凈經營資本的收回會增加凈經營現金流量。WACC加權資本成本：ka = (E/(E+B+P))ke + (B/(E+B+P))kd (1T) + (P/(E+B+P))kp負債資本（cost of debt） P0 = ΣCt/(1+kd)t + F/(1+ kd)n或者P0 = F/(1+ kd)n ki = kd (1T)優(yōu)先股成本kp = Dp/PnetPnet －減去發(fā)行費用后的價格權益成本又可分為內部積累籌資和外部發(fā)行股票籌資成本。（1）內部權益成本股利定價模型方法 P0 = D1 / (keg) Ke = D1/P0 + gCAPM模型 ke = rf + βj (rm – rf )若公司股票無股利支付，則可考慮以下模型 P0 ＝ Pt / (1+ke)t（2）外部權益成本 ke = D1/Pnet + g財務困境是指一個企業(yè)處于經營性現金流量不足以抵償現有到期債務，而被迫采取改正行動的境況。它可能導致企業(yè)對合同的違約，也可能涉及到企業(yè)、債權人和股東之間的財務重組，甚至破產清算。財務困境成本包括：直接成本；間接成本。財務困境的直接成本：清算或重組的法律成本和管理成本。財務困境的間接成本:：對企業(yè)信譽的喪失導致資源流失、客戶流失以及市場萎縮等。股東損害債權人利益（1）在發(fā)生財務困境時賭一把。（2）當存在潛在財務困境時拒絕投資。（3）揩油－在財務困境時支付額外股利或做其他分配，留下少量給債權人。（4）轉移資產，剩下空殼給債權人。協(xié)調債權人的利益所產生的成本（1）發(fā)生財務困境時，若再想籌新債還舊債，必增加額外支付。（2）付催討債款時所發(fā)生的額外支出。（3）債權人的其他保護性條款。產生財務困境的原因：債務的償還或回流問題，以及經濟周期影響等不確定條件下的投資回流問題如何防范財務困境：（一）加強公司治理（二）加強債權人的法律保護（三）加強企業(yè)債務管理財務困境識別模型：Altman’s Model (1968)X1 = Working Capital / Total AssetsX2 = Retained Earning / Total AssetsX3 = EBIT / Total AssetsX4 = Market Value of Equity / Book Value of Total DebtX5 = Sales / Total AssetsAltman’s linear multiple discriminant analysis (MDA) or Zscore equation is Z = + + + + The classification rule for the equation is 1. If Z ＜ , assign to the bankrupt group。2. If Z ≥ , assign to the nonbankrupt group.Because Altman found that misclassifications occurred in the Zscore range of to , he referred to this overlap area as the “zone of ignorance.”A LoanSurveillance ModelChesser [1974] developed a model to predict nonpliance with the customer’s origian loan agreement, where nonpliance is defined to include not only default but any workout that may have been arranged resulting in a settlement of the loan less favorable to the lender than the original agreement.Ches
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