财务管理学实验筹资决策综合分析——博乐教育

1、Experiment Report课程 中级财务管理 实验名称筹资综合分析(Financing Decision)实验目的(Purposes)熟悉和掌握资本成本（cost of capital）的计算，财务风险(financial risk)分析以及筹资决策(financing decision)的方法。实验原理(Principles)筹资方式的选择是筹资决策的基本内容。决策时要从财务风险(financial risk)、资本成本（cost of capital）、每股收益（EPS）以及有关限制条件等诸多方面进行综合考虑、权衡利弊得失，最后做出决策。本实验涉及偿债能力（solvency）、获利

2、能力(profitability)、资本成本(cost of capital)等相关财务指标的计算和不同筹资方式的优缺点等财务管理知识。实验资料（Informations）2001年8月，南方家具公司管理层研究公司资金筹措(Raising funds)问题，其有关情况如下：1.基本情况(basic situations)南方家具公司成立于1990年，经过10年的发展，到2000年资产达到794万元，销售收入达到1620万元，净利润达到74万元。尽管2000年是家具待业的萧条年，但该公司销售收入和净利仍比上行分别增长了8.7%和27.6%。目前，该公司规模偏小，生产线较少，不能在每年向市场推出大

3、量的新产品，因而利润的增长幅度相对降低。公司计划在今后5年中，使销售收入成倍增长。为了达到这一目标，公司必须扩大生产规模，计划新建一家分厂，年投资500万元，2003年投资300万元。这将是同待业中规模最大，现代化程度最高的工厂。此外，需要50万元的资金整修和装备现有的厂房和设备，300万元的流动资金弥补生产规模扩大而引起的流动资金的不足。这三项合计共需资金1150万元。在未来几年中，通过公司内部留用利润和提高流动资金利用效果，可解决350万元资金，但此外的800万元必须从外部筹措。2001年9月2日董事会将正式讨论筹资问题。2、行业情况(industry situations)家具业是高度分

4、散的行业，在1000多家家具企业中，销售收入超过1500万元的不到30家。在过去的几年中，家具行业一直经历着兼并和收购的风险，而且其趋势愈演愈烈。但该行业的发展前景是可观的，经济不景气的时期已经过去，该行业也会随着经济的复苏而发展起来。南方家具公司和同行业三家公司2000年的财务资料如下表如示。(单位：万元)南方家具公司和同行业三家家具公司财务状况表(financial position)项目AA公司BB公司CC公司南方公司销售收入Sales3713.212929.37742.71620净利NP188.41203.2484.974流动比率current ratio3.27.24.34.08流动

5、资本 WC1160.74565.12677.8425资产负债率（%）Gearing1.42.010.428.1流动资本占普通股权益（%）65.464.967.374.4销售净利率（%）NP percentage5.19.36.34.58股东权益报酬率（%）ROE10.617.112.213.6普通股每股收益EPS0.702.001.931.23普通股每股股利dividend0.280.800.600.30市盈率P/E16.217.816.29.63、南方家具公司财务状况(financial position)南方家具公司现有长期借款85万元，其中10万元在1年内到期，年利率为5.5%。每年末偿

6、还本金10万元。借款合约规定公司至少要保持225万元的流动资金。南方公司于1996年以每股5元公开发行普通股170000股。目前公司发行在外的普通股共计600000股，其股利政策保持不变，年股利支持率为35%。此外，公司2001年固定资产投资30万元。公司近几年的资产负债表及损益表如下表所示： 南方家具公司资产负债表(Balance Sheet)项目1998年1999年2000年2001年8月31日资产(Assets)现金cash26232463应收账款A/P209237273310存货inventory203227255268其他流动性资产other8101114流动资产合计CA446497

7、563655固定资产原值PPE379394409424减：累计折旧A.depreciation135155178189固定资产净值NBV244239231235资产总计(total)690736794890负债及股东权益(L&OE)77应付账款A/P6290102125一年内到期的长期存款borrowing10101010应付股利dividends5应付税款tax36252650流动负债合计CL108125138170长期负债NCL105958585股东权益OE477516571635负债及股东权益合计(total)690736794890南方家具公司损益表(Income Statem

8、ent)项目1996年1997年1998年1999年2000年2001年8月31日销售净额Sales106210651293149116201279销售成本COGS853880104612011274968销售毛利GP209185247290346311销售及管理费用S&A111122142160184136利息费用interest877653税前利润profit905698124157172所得税（50%）Tax442751668387净收益NP464447587485普通股每股收益EPS0.770.730.780.971.231.42每股股利dividend0.270.270.27

9、0.300.300.27折旧depreciation2122224、南方家具公司预计财务资料南方家具公司预计息税前利润表(EBIT)项目2001年2002年2003年2004年2005年销售净额Sales20802500310037004200销售成本COGS15741890234728003179销售毛利 GP5066107539001021销售及管理费用S&A223270335400454息税前利润EBIT283340418500567折旧费depreciation23751001001005、筹资方式(methods of finance)公司管理部门最初倾向于发行股票筹资，公司

10、目前股份21.06元，扣除预计5%的发行费用，每股可筹资20元；发行股票400000股，可筹集资金800万元。这种方案必须在董事会讨论决定后于2002年初实施。但投资银行建议通过借款方式筹资，他们认为借款筹资可以降低资本成本。借款的有关条件为：（1） 年利率7%，期限10年。（2） 从2004年末开始还款，每年末偿还本金80万元。（3） 借款的第一年，公司的流动资金必须保持在借款总额的50%，以后每年递增10%，直到达到未偿还借款的80%。（4） 股东权益总额至少为600万元。借款利息在每年末支付。要求：计算两种筹资方式的资本成本(cost of capital)，计算不同筹资方式对公司财务状

11、况(financial position)的影响，并为该公司做出筹资决策(financing decision)并说明理由。 Process1. Borrowing costs, stock cost South CO. 20012005 interest （loan financing）Year20012002200320042005loan at start of period85.00 75.00 865.00 855.00 765.00 loan0.00 800.00 0.00 0.00 0.00 payment10.00 10.00 10.00 90.00 90.00 loan at

12、 end of period75.00 865.00 855.00 765.00 675.00 interest payment 4.68 60.13 59.58 59.03 52.88 South CO. 20012005 interest （stock financing）Year20012002200320042005loan at start of period85.00 75.00 65.00 55.00 45.00 payment10.00 10.00 10.00 10.00 10.00 loan at end of period75.00 65.00 55.00 45.00 35

13、.00 interest payment 4.68 4.13 3.58 3.03 2.48 2001-2005interest payments(loan financing) interset payment=5.5%*loan at s.o.p+7%*loan2001-2005interest payments(stock financing)2. projected profit-and-loss statement South CO. 20012005 expected profit and loss（loan financing）Year20012002200320042005Net

14、 Sales2080.00 2500.00 3100.00 3700.00 4200.00 EBIT283.00 340.00 418.00 500.00 567.00 Interest4.68 60.13 59.58 59.03 52.88 Profit Before Tax278.33 279.88 358.43 440.98 514.13 Profit After Tax139.16 139.94 179.21 220.49 257.06 dividend48.71 48.98 62.72 77.17 89.97 remaining earning90.46 90.96 116.49 1

15、43.32 167.09 Depreciation23.00 75.00 100.00 100.00 100.00 South CO. 20012005 expected profit and loss（stock financing）Year20012002200320042005Net Sales2080.00 2500.00 3100.00 3700.00 4200.00 EBIT283.00 340.00 418.00 500.00 567.00 Interest4.68 4.13 3.58 3.03 2.48 Profit Before Tax278.33 335.88 414.43

16、 496.98 564.53 Profit After Tax139.16 167.94 207.21 248.49 282.26 dividend48.71 58.78 72.52 86.97 98.79 remaining earning90.46 109.16 134.69 161.52 183.47 Depreciation23.00 75.00 100.00 100.00 100.00 2001-2005 expected profit and loss(loan financing)BT profit=EBIT-interest paymentAT profit=BT profit

17、*(1-50%)income tax=50%2001-2005 expected profit and loss(stock financing)BT profit=EBIT-interest paymentAT profit=BT profit*(1-50%)income tax=50%3. projected balance sheet South CO. 20012005 expected assets and liabilities（loan financing）Year20012002200320042005current assets675.64 1167.38 1124.98 1

18、329.41 1549.09 NBV238.00 663.00 863.00 763.00 663.00 asset913.64 1830.38 1987.98 2092.41 2212.09 current liabilities177.19 212.96 264.07 315.19 357.78 longterm liabilities75.00 865.00 855.00 765.00 675.00 shareholder's equity661.46 752.42 868.90 1012.22 1179.31 total913.64 1830.38 1987.98 2092.4

19、1 2212.09 South CO. 20012005 expected assets and liabilities（stock financing）Year20012002200320042005current assets675.64 1185.58 1161.38 1464.01 1780.07 NBV238.00 663.00 863.00 763.00 663.00 assets913.64 1848.58 2024.38 2227.01 2443.07 current liabilities177.19 212.96 264.07 315.19 357.78 longterm

20、liabilities75.00 65.00 55.00 45.00 35.00 shareholder's equity661.46 1570.62 1705.30 1866.82 2050.29 total913.64 1848.58 2024.38 2227.01 2443.07 20012005 expected assets and liabilities（loan financing） stockholder's equity=remainig earning+last year equity longterm liabilities=loan at s.o.p+l

21、oan-payment current liability=net sales*138/1620 total=current liabilities+shareholeder's equity20012005 expected assets and liabilities（stock financing） stockholder's equity=remainig earning+last year equity current liability=net sales*138/1620 total=current liabilities+shareholeder's e

22、quity4. related financial index South CO. 20012005 related financial index（loan financing）Year20012002200320042005current ratio3.81 5.48 4.26 4.22 4.33 current assets498.46 954.42 860.90 1014.22 1191.31 gearing0.28 0.59 0.56 0.52 0.47 current assets of shareholder's equity0.75 1.27 0.99 1.00 1.0

23、1 net operating cash flow162.16 214.94 279.21 320.49 357.06 debt refunding rate11.05 3.07 4.01 2.15 2.50 financial leverage1.02 1.21 1.17 1.13 1.10 net profit margin on sales6.69%5.60%5.78%5.96%6.12%return on equity22.58%19.79%22.11%23.44%23.46%EPS2.32 2.33 2.99 3.67 4.28 Dividend Per Share0.81 0.82

24、 1.05 1.29 1.50 liquidity limit400.00 480.00 504.00 512.00 South CO. 20012005 related financial index（stock financing）Year20012002200320042005current ratio3.81 5.57 4.40 4.64 4.98 current assets498.46 972.62 897.30 1148.82 1422.29 gearing27.60%15.04%15.76%16.17%16.08%current assets of shareholder

25、9;s equity75.36%61.93%52.62%61.54%69.37%net operating cash flow162.16 242.94 307.21 348.49 382.26 debt refunding rate11.05 17.20 22.63 26.76 30.64 financial leverage1.02 1.01 1.01 1.01 1.00 net profit margin on sales6.69%6.72%6.68%6.72%6.72%return on equity22.58%15.05%12.65%13.91%14.41%EPS2.32 1.68

26、2.07 2.48 2.82 Dividend Per Share0.81 0.59 0.73 0.87 0.99 20012005 related financial index（loan financing）liquity ratio=current asset/current liabilitiesworking capital=current asset-current liabilitiesasset-liability ratio=(current+longterm liabilities)/assetcapital assets of shareholder's equi

27、ty=current assets/shareholder's equiynet operating cf=Depreciation+AT profitdebt refunding rate=net operating cf/(payment+interest payment)financial leverage=EBIT/BT profitnet profit margin on sales=BT profit/net salesreturn on equity=BT profit/(last year shareholder's equity+shareholder'

28、;se quity)*2EPS=AT profit/60Dividend Per Share=dividend/6020012005 related financial index（stock financing）liquity ratio=current asset/current liabilitiesworking capital=current asset-current liabilitiesasset-liability ratio=(current+longterm liabilities)/assetcapital assets of shareholder's equ

29、ity=current assets/shareholder's equiynet operating cf=Depreciation+AT profitdebt refunding rate=net operating cf/(payment+interest payment)financial leverage=EBIT/BT profitnet profit margin on sales=BT profit/net salesreturn on equity=BT profit/(last year shareholder's equity+shareholder

30、9;s equity)*2EPS=AT profit/(60+extra dividends)Dividend Per Share=dividend/(60+extra dividends)5. value of market and cost of capital South CO. 20012005 value of market and cost of capital（loan financing）Year20012002200320042005loan75.00 865.00 855.00 765.00 675.00 stock market price23.19 23.32 29.8

31、7 36.75 42.84 sotck market value1391.63 1399.38 1792.13 2700.00 2100.00 the value1466.63 2264.38 2647.13 3465.00 2775.00 The Proportion of Loans5.11%38.20%32.30%22.08%24.32%The Proportion of Stock94.89%61.80%67.70%77.92%75.68%loaning cost2.75%3.44%3.44%3.45%3.46%stocking cost4.06%3.70%4.72%4.53%4.30

32、%The Cost of Capital3.99%3.60%4.31%4.29%4.09% South CO. 20012005 value of market and cost of capital（stock financing）Year20012002200320042005loan75.00 65.00 55.00 45.00 35.00 stock market price23.19 16.79 20.72 24.85 28.23 sotck market value1391.63 1679.38 2072.13 2484.88 2822.63 the value1466.63 17

33、44.38 2127.13 2529.88 2857.63 The Proportion of Loans5.11%3.73%2.59%1.78%1.22%The Proportion of Stock94.89%96.27%97.41%98.22%98.78%loaning cost2.75%2.75%2.75%2.75%2.75%stocking cost4.06%2.67%4.55%4.42%4.18%The Cost of Capital3.99%2.67%4.50%4.39%4.17%20012005 value of market and cost of capital（loan

34、financing）market value=stock market price*60the value=loan+market valueloaning proportion=loan/valuestocking proportion=market value/the valueloaning cost=interest payments/loan*(1-50%)the value=loan+market valuetotal cost of capital=loaning proportion*loaning cost+stocking proportion*stocking cost2

35、0012005 value of market and cost of capital（stock financing）market value=stock market price*60the value=loan+market valueloaning proportion=loan/valuestocking proportion=market value/the valueloaning cost=interest payments/loan*(1-50%)the value=loan+market valuetotal cost of capital=loaning proporti

36、on*loaning cost+stocking proportion*stocking cost Results6.value of market and cost of capitalThrough the chart that the value of loan financing is higher than stock financing, the cost of capital of loan financing is small lower than stock financing7. Debt paying ability analysis and risk analysis(

37、1)Debt ratio is the total assets of enterprise and the amount of total debt ratio; when ratio is smaller, it shows that the enterprise's long-term solvency is stronger. This ratio is bigger, from enterprise owners, use a small amount of their own capital, formed more assets of the production and

38、 operation , not only to expand the scale of production and operation, still can use of financial leverage, get more investment profit. But if the ratio is too large, it shows that the enterprise's debt burden, enterprise's financial strength is not strong, solvency of warranty, adverse to t

39、he creditor.(2) Debts and shareholders' equity ratio and say property ratio, is total debt and the ratio between the owner's equity. It reflects the enterprise investor equity to the creditor's equity of the security level. This ratio is lower, the rights and interests of creditors that

40、ensure degree is higher, the smaller of the risks.(3) The multiple of interest safeguard is to show enterprise interest pre-tax profits and interest expense ratio. The greater the multiple, explain the ability of the enterprise to pay interest expense is stronger. 8. analysis of profitability9.The l

41、oan financingadvantages:The loan financing is different from common stock financing, compared with the latter, the loan financing has the following advantages:(1)The loan financing is enterprise's liabilities ,not the the money capital. The creditors usually only priority in the shareholder char

42、ging interest and principal right back, not share enterprise surplus profit, no enterprise operation and anagement of the voting rights, and will not change and spread of the enterprise control power structure.(2)The loan financing costs low. Enterprise get loans or issue bonds. Interest rate is fix

43、ed, the due debt servicing. Issue stock funds, cause of investment risk, equirements of the return rate is high.(3)The loan financing bring leverage effect and has the tax savings function for investment owners.Leverage effect mainly reflects in lower capital costs and improve rights aspects such as

44、 return on capital; Tax savings function for debt interest reflect the financial costs included in taxable income deductible, so as to decrease relatively payable income tax. Interest in pre-tax profits more than the cost of debt, under the premise of debt limit, the bigger the tax savings the more

45、obvious effect.10.Stock financing Advantages: (1)no need to pay the principal; (2) no fixed interest burden, financial risk is low;(3)can enhance the strength of enterprises. Faults: (1)the higher cost of capital. common stock investment the risk is very big, so investors are demanding higher yields

46、, increase the financing companys cost of capital; the dividend payment by net profit, financing company cant get the benefits of tax offset; the issue of common stock procedure complications, issuance expenses generally higher than other financing way (2) control easily scattered.11. According to the calculation results can be seen: borrowing stock fundraising financing and compared, the comprehensive capital cost is lower, the company worth more, profitability, stronger, more per share dividend; D