财务管理练习题

第二套练习题1. 根据 a 项目的有关资料，完成下列财务决策分析事项(1)王凯提出的评价方法应当具有假设前提：项目的权益资本成本与税后债务资本成本相等；项目的风险与企业的风险相当。卢燕提出的评价方法的主要理论依据：mm 理论， 有负债企业的权益资本成本随着财务杠杆的提高而增加，即随债务的增加而增加，并且在有所得税的情况下，当投资项目的资本结构发生变化时，其加权资本成本也会变化。(2)该公司 2011 年的权益资本成本=5%+10% 1.15=16.5%该公司有息负债：权益资本=0.41 ： 0.59加权平均资本成本=16.5% 59%+6.02%41% (1-25%)=11.58%(3)各资产年折旧或摊销：无形资产年摊销=3360 30=1120万元房屋建筑物年折旧=13980 （1-10% ）30=419.4万元10 年后房屋和土地的账面价值=（ 3360+13980） （ 112+419.4 ）10=12026万元以 15000 万元售出，产生收益=15000-12026=2974万元导致所得税增加，而流出的现金=2974 25%=743.5万元设备的年折旧 =16932 （1-5% ）10=1608.54万元投资项目各年的盈利与现金流量如下表：项目201320142015-2022精品资料销售额3107172499103570变动性生产成本22992.5453649.2676641.8固定性生产成本380038003800变动性销售和管1896.384424.886321.26理费用固定性销售及管500050005000理费用营业税金及附加138.3322.7461年折旧与摊销2139.942139.942139.94税前利润-4896.163162.229206所得税费用0790.5552301.5净利润-4896.162371.6656904.5净现金流量-1532.184511.6059044.44其中，由于2013 年亏损引起的所得税减少而增加的现金流量：-4896.16 25%=1224.04万元2013-2022年现金流量折现至2012 年初的现金流量如下表：项目2013 年末2014 年末2015 年末2016 年末2017 年末净现金流量-1532.184511.619044.449044.449044.44折现率（ %）11.58%11.58%11.58%11.58%11.58%折现系数0.800.720.650.580.52现金流量折现至2012 年初-1230.663247.675834.945229.384686.66项目2018 年末2019 年末2020 年末2021 年末2022 年末净现金流量9044.449044.449044.449044.449044.44折现率（ %）11.58%11.58%11.58%11.58%11.58%折现系数0.460.420.370.330.30现金流量折现至2012 年初4200.273764.363373.683023.562709.77npv=34839.62+ （9800+15000+169325%-743.5) 0.2996-(34272+98000.8962)=-754万元0故该项目不可行。(4) 缺陷：只考虑计入财务费用的利息，未考虑资本化的利息。如果公司短期内有息借款频繁，实际反生的利息费用与期末的有息负债可能无法匹配，导致结果失真。正确的做法，应当考虑年度内，各笔借款的持续时间（借入与偿还的时间),以及各笔借款的利率加权平均计算。比较准确的计算公式如下：k某笔借款的金额该笔借款的持续时间该笔借款的年利率某笔借款的金额该笔借款的持续时间(5)该投资项目的历年会计账面净利润与现金股利分配数额如下表：项目2013 年2014 年2015 年2016 年2017 年息税前利润-4896.163162.22920692069206减：利息费用686686616546476税前利润-5582.162476.22859086608730减：所得税001371.221652182.5税后利润-5582.162476.227218.864956547.5偿还本金01000100010001000分配股利01476.226218.854955547.5项目2018 年2019 年2020 年2021 年2022 年息税前利润92069206920692069206减：利息费用406336266196126税前利润88008870894090109080减：所得税22002217.522352252.52270税后利润66006652.567056757.56810偿还本金10001000100010001800分配股利56005652.557055757.550102. (1) hz 公司 2011 年度实体现金流量=税后经营利润-本期净经营资产净投资=15386.16-（44832.1-33823.1）=4379万元权益净利率 =净经营资产净利率+（净经营资产净利率-税后利息率）净财务杠杆=15386.16/44832.10+(15386.16/44832.10-770.56/15353.1)15353.1/29479=49.58%(2) hz 公司 2012 年度至 2017 年度的预计财务报表如下：预计资产表年份营业收入经营现金（ %）其他经营流动资产（ %）经营流动负债（ %）经营性长期负债（ %）经营性长期资产（ %）短期借款 /单位：万元基期201120122013201420152016201733013.8038296.0143657.4548896.3453785.9858626.7263316.857.61%7.61%7.61%7.61%7.61%7.61%7.61%26.51%26.51%26.51%26.51%26.51%26.51%26.51%11.24%11.24%11.24%11.24%11.24%11.24%11.24%0.23%0.23%0.23%0.23%0.23%0.23%0.23%110.00%100.00%90.00%90.00%90.00%90.00%10.00%15.00%15.00%15.00%15.00%15.00%投资资本(%)/30.00%30.00%30.00%30.00%30.00%30.00%2511.802913.693321.603720.204092.224460.524817.368751.9010152.2011573.5112962.3314258.5715541.8416785.193710.804304.534907.165496.026045.626589.737116.917552.908761.369987.9511186.5112305.1613412.6214485.6337356.0042125.6143657.4544006.7148407.3852764.0456985.1776.8089.09101.56113.75125.12136.38147.2937279.2042036.5243555.8943892.9648282.2652627.6656837.8744832.1050797.8853543.8455079.4760587.4266040.2971323.51长期借款投资资本(%)项目净经营资产：经营现金其他经营流动资产减：经营流动负债经营运营资本经营性长期 资 产 减：经营长期负债净经营长期 资 产 净经营资产总计金融负债：3717.305079.798031.588261.929088.119906.0410698.5311635.8015239.3716063.1516523.8418176.2319812.0921397.05短期借款长期借款15353.1020319.1524094.7324785.7627264.3429718.1332095.580.000.000.000.000.000.000.0015353.1020319.1524094.7324785.7627264.3429718.1332095.584837.804837.804837.804837.804837.804837.804837.808819.008819.008819.008819.008819.008819.008819.00金融负债合计金融资产净 负 债 股本资本公积12386.3015822.2016821.9315792.3116636.9119666.2822665.3614615.6016340.9818630.3720971.6323068.7925144.9827156.5811179.7015341.2519659.9820127.0320039.4222145.9024250.8015822.2016821.9315792.3116636.9119666.2822665.3625571.1329479.0030478.7329449.1130293.7133323.0836322.1639227.9344832.1050797.8853543.8455079.4760587.4266040.2971323.51年初留存收益本年净利润本年股利年末留存收益股东权益合计净负债与股东权益总计预计利润表单位：万元年份预测假定营业收入增长率基期 2011201220132014201520162017(%)16.00%14.00%12.00%10.00%9.00%8.00%营业成本率(%)39.57%39.57%39.57%39.57%39.57%39.57%39.57%营业税金及附加/0.52%营业收入 (%)0.52%0.52%0.52%0.52%0.52%0.52%销售和管理费用/4.24%营业收入 (%)4.24%4.24%4.24%4.24%4.24%4.24%投资收益 /营业收0.98%入(%)0.98%0.98%0.98%0.98%0.98%0.98%短期负债利率 （ %）4.00%4.00%4.00%4.00%4.00%4.00%4.00%长期负债利率(%)7.00%7.00%7.00%7.00%7.00%7.00%7.00%平均所得税税率(%)20.00%20.00%20.00%20.00%20.00%20.00%20.00%利润表项目一、营业收入33013.8038296.0143657.4548896.3453785.9858626.7263316.85减：营业成本13062.8015152.8517274.2519347.1621281.8723197.2425053.02营业税金及附加170.60197.90225.60252.67277.94302.96327.19销售和管理费用1400.901625.041852.552074.862282.342487.752686.77投资收益324.10375.96428.59480.02528.02575.54621.59二、营业利润18703.6021696.1824733.6427701.6830471.8533214.3135871.46加：营业外收入579.10减：营业外支出50.00三、税前经营利润19232.7021696.1824733.6427701.6830471.8533214.3135871.46减：经营利润所得税3846.544339.244946.735540.346094.376642.867174.29四、税后经营利润15386.1617356.9419786.9122161.3424377.4826571.4528697.17金融损益：五、利息费用：短期负债利息148.69203.19321.26330.48363.52396.24427.94长期负债利息814.511066.761124.421156.671272.341386.851497.79六、利息合计963.201269.951445.681487.151635.861783.091925.73减：利息费用抵税192.64253.99289.14297.43327.17356.62385.15七、税后利息费用770.561015.961156.551189.721308.691426.471540.59八、税后利润合计14615.6016340.9818630.3720971.6323068.7925144.9827156.58预计现金利率表单位：万元基期201120122013201420152016201715386.1617356.9419786.9122161.3424377.4826571.4528697.172241.362527.542619.452640.402904.443165.843419.11年份税后经营利润加：折旧与摊销=营业现金毛流量17627.5219884.4822406.3624801.7427281.9229737.2932116.28减：经营营运资本增加1208.461226.591198.551118.651107.461073.01=营业现金净流量18676.0121179.7723603.1926163.2728629.8331043.27减：净经营性长期资产增加4757.321519.37337.074389.304345.404210.212527.542619.452640.402904.443165.843419.1111391.1617040.9520625.7218869.5321118.5823413.94折 旧 与 摊 销 实体现金流量债务现金流量：税后利息费用1015.961156.551189.721308.691426.471540.591362.492951.79230.34826.19817.93792.483603.57823.79460.691652.381635.861584.97-3950.10-2619.03498.68-1169.89-1027.32-836.86减：短期借款增加长期借款增加=债务现金流量股利分配股权现金流量：15341.2519659.9820127.0320039.4222145.9024250.80减：