财务管理实训教程第五版姜毅课后参考答案

答案模块一财务比率综合分析1.短期偿债能力2020年2021年2022年营运资本91181740801.07E+101.23E+10流动比率1.591.591.63速动比率1.381.391.42现金比率1.310.951.04现金流量比率0.210.210.212.长期偿债能力资产负债率49%49%48%产权比率0.940.960.92权益乘数1.941.961.92利息保障倍数-5.88-17.42-10.90现金流量利息保障倍数-10.52-24.85-11.59现金流量债务比0.320.260.233.营运能力应收账款周转率227.32246.94存货周转率4.884.99流动资产周转率1.040.99非流动资产周转率1.611.68总资产周转率0.630.624.盈利能力分析营业净利率8%11%12%资产利润率5%7%权益净利率10%13%5.增长能力分析资产增长率12%8%净资产增长率11%10%销售收入增长率9%7%净利润增长率40%17%模块二、杜邦财务分析燕京啤酒青岛啤酒2020年2021年2022年2020年2021年2022年营业净利率2.61%2.45%4.16%8.38%10.79%11.83%总资产周转率0.580.640.630.62总资产净利率1.50%1.46%5.28%6.72%资产负债率24.94%28.05%31.06%48.53%48.90%47.78%权益乘数1.331.391.451.941.961.92净资产收益率2.05%2.07%10.31%13.01%模块三、本量利分析实训五本量利分析——保本点、成本结构与产品定价本案例属于单品种保本或盈利情况的本量利分析，具体分析如下。（1）可行性分析（试用本量利分析常印冰淇淋厂是否应开业）：①成本资料：单位变动成本：材料：214元其中：淀粉100白砂糖30奶粉56食用香精2包装纸棍25水费1生产工人工资（计件）28变动性制造费用26其中：水费2电费15煤炭费5氨4单位变动成本合计268元固定成本：固定性制造费用：129000元其中：生产管理人员工资36000(2150012)技术人员工资24000(200012)设备租金45000车间仓库租金24000(200012)其他固定性费用：12000卫生费、税金12000（100012）固定成本合计：141000元②单价：350元(0351000)③年销售量：日生产能力100012＝12000支<需求量所以每天尽最大生产能力仍供不应求，全年最高销量可达12000300=3600000支，年销售量相当于3600锅（12300）保本量=固定成本/（单价－单位变动成本）=141000/（350－268）=1720锅年销售量3600保本量1720，而且远远大于保本量，所以该冰淇淋厂可以开业。安全边际率=（36001720）/3600=52.2%实训六本量利分析——两种成本法下的利润表编制（1）变动成本法损益表单位：元期期间项目第一年第二年第三年合计营业收入200000200000200000600000变动成本900009000090000270000边际贡献110000110000110000330000固定成本：固定性制造费用20000200002000060000固定管理费用和销售费用500005000050000150000小计700007000070000210000营业利润400004000040000120000完全成本法损益表单位：期期间项目第一年第二年第三年合计营业收入200000200000200000600000营业成本：期初存货成本0021333当期产品成本：11000012800092000330000可供销售产品成本110000128000113333期末存货成本0213330销售成本110000106667113333330000毛利900009333386667270000管理费用和销售费用500005000050000150000营业利润400004333336667120000（2）由上面的计算结果可以看到：当产量等于销量，且无期初存货时，两种成本计算方法下计算的利润完全相同；当产量大于销量，且无期初存货时，按变动成本法计算的利润小于按完全成本法计算的利润；当产量小于销量，按变动成本法计算的利润大于按完全成本法计算的利润；模块五证券价值评估实训一货币时间价值的衡量实训1.1个人储蓄业务1.查找现行人民币存款基准利率，如表5.5所示。表5-5 金融机构人民币存款基准利率AB1项目年利率（%）2一、活期存款0.203二、定期存款41.整存整取53个月1.2566个月1.4571年1.5582年1.8593年2.20105年2.25112.零存整取、整存零取、存本取息121年1.25133年1.45145年1.45153.定活两便按一年以内定期整存整取

同档次利率打六折执行16三、通知存款171天0.45187天1.00注：上述是2023-09-01银行公布的实际利率，若有调整，以银行公布的实际利率为标准。2.略3.（1）表5-6 整存整取个人储蓄业务计算表DEFGHIM1存款期限种类本金期限利率单利计息复利计息2本利和利息本利和33个月800000.251.25%8025025080250.0046个月800000.51.45%8058058080580.0051年8000011.55%81240124081240.0062年8000021.85%82960296082987.3873年8000032.20%85280528085397.0185年8000052.25%89000900089414.22在Excel中绘制单利与复利计息下不同期限的本利和折线图如图5-1所示。图5-1单利与复利计息下不同期限的本利和（2）采用中国建设银行理财计算器计算3年期单利计息存款结果如图5-2所示，其他期限计算与此相同。（3）表5-7 1年期、到期转存储蓄业务计算表ABC1本金800002利率1.55%3转存期5.004本利和86395.20=FV(B2,B3,,-B1)4.表5-8 零存整取储蓄业务计算表——单利计息ABC1零存金额5002存期（年）33存期（月）364年利率1.45%5到期利息合计402.38=B1*B4/12*(B3*(B3+1))/26本利和18402.38=B1*B3+B5表5-9 零存整取储蓄业务计算表——复利计息DEF1（1）复利计息下本利和的计算2零存金额5003存期（年）34存期（月）365年利率1.45%6月利率0.12%7本利和18408.11=FV(E5/12,E4,-E2,,1)8到期利息合计408.11=E7-E2*E49（2）到期拟取出本利和20000元时的零存金额10拟到期的本利和2000011每月零存金额543.24=PMT(E6,E4,,-E10,1)12（3）到期拟取出本利和20000元时的存款期13拟到期的本利和2000014存款月数39.04=NPER(E6,-E2,,E13,1)实训1.2个人住房贷款业务1.现行人民币贷款基准利率如表5-10所示。表5-10 金融机构人民币贷款基准利率AB1项目年利率（%）2一、短期贷款31年以内（含1年）4.354二、中长期贷款51至5年（含五年）4.7565年以上4.907三、个人住房公积金贷款8首套5年以下（含5年）2.60%95年以上3.10%10第二套5年以下（含5年）不低于3.025115年以上不低于3.5752.略3.利用Excel电子表格计算等额本息法和等额本金法两种还款方式下，每月的还款额、应还本金、应还利息以及贷款余额如下。DEFGHIJ1公积金贷款利率3.10%财务函数应用2还款期月还款额应还本金应还利息贷款余额PMTPPMTIPMT301200000.00416715.403615.403100.001196384.60526715.403624.743090.661192759.85636715.403634.113081.301189125.75746715.403643.493071.911185482.25856715.403652.913062.501181829.35966715.403662.343053.061178167.001076715.403671.803043.601174495.201186715.403681.293034.111170813.911296715.403690.803024.601167123.1113106715.403700.333015.071163422.7714116715.403709.893005.511159712.8815126715.403719.482995.921155993.4016136715.403729.092986.321152264.3217146715.403738.722976.681148525.6018156715.403748.382967.021144777.2219166715.403758.062957.341141019.1620176715.403767.772947.631137251.3921186715.403777.502937.901133473.8822196715.403787.262928.141129686.6223206715.403797.052918.361125889.5724216715.403806.852908.551122082.7225226715.403816.692898.711118266.0326236715.403826.552888.851114439.4827246715.403836.432878.971110603.0528256715.403846.342869.061106756.7029266715.403856.282859.121102900.4230276715.403866.242849.161099034.1831286715.403876.232839.171095157.9532296715.403886.242829.161091271.7033306715.403896.282819.121087375.4234316715.403906.352809.051083469.0735326715.403916.442798.961079552.6336336715.403926.562788.841075626.0737346715.403936.702778.701071689.3738356715.403946.872768.531067742.4939366715.403957.072758.331063785.4340376715.403967.292748.111059818.1441386715.403977.542737.861055840.6042396715.403987.812727.591051852.7843406715.403998.122717.291047854.6744416715.404008.442706.961043846.2245426715.404018.802696.601039827.4246436715.404029.182686.221035798.2447446715.404039.592675.811031758.6548456715.404050.032665.381027708.6249466715.404060.492654.911023648.1350476715.404070.982644.421019577.1651486715.404081.502633.911015495.6652496715.404092.042623.361011403.6253506715.404102.612612.791007301.0154516715.404113.212602.191003187.8055526715.404123.832591.57999063.9756536715.404134.492580.92994929.4857546715.404145.172570.23990784.3158556715.404155.882559.53986628.4459566715.404166.612548.79982461.8260576715.404177.382538.03978284.4561586715.404188.172527.23974096.2862596715.404198.992516.42969897.2963606715.404209.832505.57965687.466715.404209.832505.5764616715.404220.712494.69961466.7565626715.404231.612483.79957235.1366636715.404242.552472.86952992.5967646715.404253.512461.90948739.0868656715.404264.492450.91944474.5969666715.404275.512439.89940199.0870676715.404286.562428.85935912.5271686715.404297.632417.77931614.8972696715.404308.732406.67927306.1673706715.404319.862395.54922986.3074716715.404331.022384.38918655.2875726715.404342.212373.19914313.076715.404342.212373.1976736715.404353.432361.98909959.6477746715.404364.672350.73905594.9778756715.404375.952339.45901219.0279766715.404387.252328.15896831.7780776715.404398.592316.82892433.1881786715.404409.952305.45888023.2382796715.404421.342294.06883601.8983806715.404432.762282.64879169.1284816715.404444.222271.19874724.9185826715.404455.702259.71870269.2186836715.404467.212248.20865802.0087846715.404478.752236.66861323.256715.404478.752236.6688856715.404490.322225.09856832.9489866715.404501.922213.49852331.0290876715.404513.552201.86847817.4791886715.404525.212190.20843292.2692896715.404536.902178.51838755.3793906715.404548.622166.78834206.7594916715.404560.372155.03829646.3895926715.404572.152143.25825074.2396936715.404583.962131.44820490.2797946715.404595.802119.60815894.4798956715.404607.682107.73811286.7999966715.404619.582095.82806667.216715.404619.582095.82100976715.404631.512083.89802035.70101986715.404643.482071.93797392.22102996715.404655.472059.93792736.751031006715.404667.502047.90788069.251041016715.404679.562035.85783389.691051026715.404691.652023.76778698.051061036715.404703.772011.64773994.281071046715.404715.921999.49769278.361081056715.404728.101987.30764550.261091066715.404740.311975.09759809.951101076715.404752.561962.84755057.391111086715.404764.841950.56750292.556715.404764.841950.561121096715.404777.151938.26745515.401131106715.404789.491925.91740725.911141116715.404801.861913.54735924.051151126715.404814.271901.14731109.791161136715.404826.701888.70726283.091171146715.404839.171876.23721443.911181156715.404851.671863.73716592.241191166715.404864.211851.20711728.041201176715.404876.771838.63706851.261211186715.404889.371826.03701961.891221196715.404902.001813.40697059.891231206715.404914.661800.74692145.236715.404914.661800.741241216715.404927.361788.04687217.871251226715.404940.091775.31682277.781261236715.404952.851762.55677324.921271246715.404965.651749.76672359.281281256715.404978.471736.93667380.801291266715.404991.341724.07662389.471301276715.405004.231711.17657385.241311286715.405017.161698.25652368.081321296715.405030.121685.28647337.961331306715.405043.111672.29642294.851341316715.405056.141659.26637238.711351326715.405069.201646.20632169.501361336715.405082.301633.10627087.211371346715.405095.431619.98621991.781381356715.405108.591606.81616883.191391366715.405121.791593.61611761.401401376715.405135.021580.38606626.381411386715.405148.281567.12601478.101421396715.405161.581553.82596316.511431406715.405174.921540.48591141.591441416715.405188.291527.12585953.311451426715.405201.691513.71580751.621461436715.405215.131500.28575536.491471446715.405228.601486.80570307.891481456715.405242.111473.30565065.781491466715.405255.651459.75559810.131501476715.405269.231446.18554540.901511486715.405282.841432.56549258.071521496715.405296.491418.92543961.581531506715.405310.171405.23538651.411541516715.405323.891391.52533327.521551526715.405337.641377.76527989.881561536715.405351.431363.97522638.461571546715.405365.251350.15517273.201581556715.405379.111336.29511894.091591566715.405393.011322.39506501.081601576715.405406.941308.46501094.141611586715.405420.911294.49495673.231621596715.405434.911280.49490238.311631606715.405448.951266.45484789.361641616715.405463.031252.37479326.331651626715.405477.141238.26473849.191661636715.405491.291224.11468357.891671646715.405505.481209.92462852.421681656715.405519.701195.70457332.721691666715.405533.961181.44451798.761701676715.405548.261167.15446250.501711686715.405562.591152.81440687.911721696715.405576.961138.44435110.951731706715.405591.371124.04429519.591741716715.405605.811109.59423913.781751726715.405620.291095.11418293.481761736715.405634.811080.59412658.671771746715.405649.371066.03407009.301781756715.405663.961051.44401345.341791766715.405678.591036.81395666.751801776715.405693.261022.14389973.481811786715.405707.971007.43384265.511821796715.405722.72992.69378542.801831806715.405737.50977.90372805.301841816715.405752.32963.08367052.971851826715.405767.18948.22361285.791861836715.405782.08933.32355503.711871846715.405797.02918.38349706.691881856715.405811.99903.41343894.701891866715.405827.01888.39338067.691901876715.405842.06873.34332225.631911886715.405857.15858.25326368.471921896715.405872.28843.12320496.191931906715.405887.45827.95314608.741941916715.405902.66812.74308706.071951926715.405917.91797.49302788.161961936715.405933.20782.20296854.961971946715.405948.53766.88290906.431981956715.405963.89751.51284942.541991966715.405979.30736.10278963.242001976715.405994.75720.66272968.492011986715.406010.23705.17266958.262021996715.406025.76689.64260932.492032006715.406041.33674.08254891.172042016715.406056.93658.47248834.232052026715.406072.58642.82242761.652062036715.406088.27627.13236673.382072046715.406104.00611.41230569.392082056715.406119.77595.64224449.622092066715.406135.57579.83218314.052102076715.406151.42563.98212162.622112086715.406167.32548.09205995.312122096715.406183.25532.15199812.062132106715.406199.22516.18193612.842142116715.406215.24500.17187397.602152126715.406231.29484.11181166.312162136715.406247.39468.01174918.922172146715.406263.53451.87168655.392182156715.406279.71435.69162375.682192166715.406295.93419.47156079.752202176715.406312.20403.21149767.552212186715.406328.50386.90143439.052222196715.406344.85370.55137094.202232206715.406361.24354.16130732.952242216715.406377.68337.73124355.282252226715.406394.15321.25117961.132262236715.406410.67304.73111550.462272246715.406427.23288.17105123.232282256715.406443.83271.5798679.392292266715.406460.48254.9292218.912302276715.406477.17238.2385741.742312286715.406493.90221.5079247.842322296715.406510.68204.7272737.162332306715.406527.50187.9066209.662342316715.406544.36171.0459665.302352326715.406561.27154.1453104.032362336715.406578.22137.1946525.812372346715.406595.21120.1939930.602382356715.406612.25103.1533318.352392366715.406629.3386.0726689.022402376715.406646.4668.9520042.572412386715.406663.6351.7813378.942422396715.406680.8434.566698.102432406715.406698.1017.300244合计1611696.661200000.00411696.66利用Excel财务函数PMT、PPMT和IPMT计算第5最后一个月的还款额、应还本金及应还利息分别为：I63=PMT($F$1/12,240,-B16),J63=PPMT($F$1/12,D63,240,-$H$3),K63=IPMT($F$1/12,D63,240,-$H$3)，其他以此类推。表5-12 个人住房贷款分期付款时间表（等额本金法）MN0PQ1公积金贷款利率3.10%2还款期月还款额应还本金应还利息贷款余额301200000418100.0050003100.001195000528087.0850003087.081190000638074.1750003074.171185000748061.2550003061.251180000858048.3350003048.331175000968035.4250003035.4211700001078022.5050003022.5011650001188009.5850003009.5811600001297996.6750002996.67115500013107983.7550002983.75115000014117970.8350002970.83114500015127957.9250002957.92114000016137945.0050002945.00113500017147932.0850002932.08113000018157919.1750002919.17112500019167906.2550002906.25112000020177893.3350002893.33111500021187880.4250002880.42111000022197867.5050002867.50110500023207854.5850002854.58110000024217841.6750002841.67109500025227828.7550002828.75109000026237815.8350002815.83108500027247802.9250002802.92108000028257790.0050002790.00107500029267777.0850002777.08107000030277764.1750002764.17106500031287751.2550002751.25106000032297738.3350002738.33105500033307725.4250002725.42105000034317712.5050002712.50104500035327699.5850002699.58104000036337686.6750002686.67103500037347673.7550002673.75103000038357660.8350002660.83102500039367647.9250002647.92102000040377635.0050002635.00101500041387622.0850002622.08101000042397609.1750002609.17100500043407596.2550002596.25100000044417583.3350002583.3399500045427570.4250002570.4299000046437557.5050002557.5098500047447544.5850002544.5898000048457531.6750002531.6797500049467518.7550002518.7597000050477505.8350002505.8396500051487492.9250002492.9296000052497480.0050002480.0095500053507467.0850002467.0895000054517454.1750002454.1794500055527441.2550002441.2594000056537428.3350002428.3393500057547415.4250002415.4293000058557402.5050002402.5092500059567389.5850002389.5892000060577376.6750002376.6791500061587363.7550002363.7591000062597350.8350002350.8390500063607337.9250002337.9290000064617325.0050002325.0089500065627312.0850002312.0889000066637299.1750002299.1788500067647286.2550002286.2588000068657273.3350002273.3387500069667260.4250002260.4287000070677247.5050002247.5086500071687234.5850002234.5886000072697221.6750002221.6785500073707208.7550002208.7585000074717195.8350002195.8384500075727182.9250002182.9284000076737170.0050002170.0083500077747157.0850002157.0883000078757144.1750002144.1782500079767131.2550002131.2582000080777118.3350002118.3381500081787105.4250002105.4281000082797092.5050002092.5080500083807079.5850002079.5880000084817066.6750002066.6779500085827053.7550002053.7579000086837040.8350002040.8378500087847027.9250002027.9278000088857015.0050002015.0077500089867002.0850002002.0877000090876989.1750001989.1776500091886976.2550001976.2576000092896963.3350001963.3375500093906950.4250001950.4275000094916937.5050001937.5074500095926924.5850001924.5874000096936911.6750001911.6773500097946898.7550001898.7573000098956885.8350001885.8372500099966872.9250001872.92720000100976860.0050001860.00715000101986847.0850001847.08710000102996834.1750001834.177050001031006821.2550001821.257000001041016808.3350001808.336950001051026795.4250001795.426900001061036782.5050001782.506850001071046769.5850001769.586800001081056756.6750001756.676750001091066743.7550001743.756700001101076730.8350001730.836650001111086717.9250001717.926600001121096705.0050001705.006550001131106692.0850001692.086500001141116679.1750001679.176450001151126666.2550001666.256400001161136653.3350001653.336350001171146640.4250001640.426300001181156627.5050001627.506250001191166614.5850001614.586200001201176601.6750001601.676150001211186588.7550001588.756100001221196575.8350001575.836050001231206562.9250001562.926000001241216550.0050001550.005950001251226537.0850001537.085900001261236524.1750001524.175850001271246511.2550001511.255800001281256498.3350001498.335750001291266485.4250001485.425700001301276472.5050001472.505650001311286459.5850001459.585600001321296446.6750001446.675550001331306433.7550001433.755500001341316420.8350001420.835450001351326407.9250001407.925400001361336395.0050001395.005350001371346382.0850001382.085300001381356369.1750001369.175250001391366356.2550001356.255200001401376343.3350001343.335150001411386330.4250001330.425100001421396317.5050001317.505050001431406304.5850001304.585000001441416291.6750001291.674950001451426278.7550001278.754900001461436265.8350001265.834850001471446252.9250001252.924800001481456240.0050001240.004750001491466227.0850001227.084700001501476214.1750001214.174650001511486201.2550001201.254600001521496188.3350001188.334550001531506175.4250001175.424500001541516162.5050001162.504450001551526149.5850001149.584400001561536136.6750001136.674350001571546123.7550001123.754300001581556110.8350001110.834250001591566097.9250001097.924200001601576085.0050001085.004150001611586072.0850001072.084100001621596059.1750001059.174050001631606046.2550001046.254000001641616033.3350001033.333950001651626020.4250001020.423900001661636007.5050001007.503850001671645994.585000994.583800001681655981.675000981.673750001691665968.755000968.753700001701675955.835000955.833650001711685942.925000942.923600001721695930.005000930.003550001731705917.085000917.083500001741715904.175000904.173450001751725891.255000891.253400001761735878.335000878.333350001771745865.425000865.423300001781755852.505000852.503250001791765839.585000839.583200001801775826.675000826.673150001811785813.755000813.753100001821795800.835000800.833050001831805787.925000787.923000001841815775.005000775.002950001851825762.085000762.082900001861835749.175000749.172850001871845736.255000736.252800001881855723.335000723.332750001891865710.425000710.422700001901875697.505000697.502650001911885684.585000684.582600001921895671.675000671.672550001931905658.755000658.752500001941915645.835000645.832450001951925632.925000632.922400001961935620.005000620.002350001971945607.085000607.082300001981955594.175000594.172250001991965581.255000581.252200002001975568.335000568.332150002011985555.425000555.422100002021995542.505000542.502050002032005529.585000529.582000002042015516.675000516.671950002052025503.755000503.751900002062035490.835000490.831850002072045477.925000477.921800002082055465.005000465.001750002092065452.085000452.081700002102075439.175000439.171650002112085426.255000426.251600002122095413.335000413.331550002132105400.425000400.421500002142115387.505000387.501450002152125374.585000374.581400002162135361.675000361.671350002172145348.755000348.751300002182155335.835000335.831250002192165322.925000322.921200002202175310.005000310.001150002212185297.085000297.081100002222195284.175000284.171050002232205271.255000271.251000002242215258.335000258.33950002252225245.425000245.42900002262235232.505000232.50850002272245219.585000219.58800002282255206.675000206.67750002292265193.755000193.75700002302275180.835000180.83650002312285167.925000167.92600002322295155.005000155.00550002332305142.085000142.08500002342315129.175000129.17450002352325116.255000116.25400002362335103.335000103.33350002372345090.42500090.42300002382355077.50500077.50250002392365064.58500064.58200002402375051.67500051.67150002412385038.75500038.75100002422395025.83500025.8350002432405012.92500012.920244合计157355012000003735504.利用Excel财务函数PMT、PPMT和IPMT分别计算表5-11中单元格I63：K63、I75：K75、I87：K87的内容，具体见表5-11。5.利用中国建设银行网上个人贷款计算器计算结果分别如下图所示。实训二债券价值评估自行查找债券相关信息，并练习计算，答案略。实训三股票价值评估实训3.1股票预期收益率的估计：江苏国泰计算结果如表5-21的所示。表5-21 江苏国泰(002091)收益率估价ABCDEF1报告期每股收益（元）10股分红（元）每股股利（元）股利支付率股利增长率220060.662.500.2537.88%320070.502.000.2040.00%25.00%420080.531.500.1528.30%33.33%520090.611.500.1524.59%0.00%620100.591.200.1220.34%25.00%720110.551.500.1527.27%-20.00%820120.531.200.1222.64%25.00%920130.471.200.1225.53%0.00%1020140.571.500.1526.32%-20.00%1120150.675.000.5074.63%-70.00%1220160.752.000.2026.67%150.00%1320170.502.000.2040.00%0.00%1420180.652.000.2030.77%0.00%1520190.602.000.2033.33%0.00%1620200.632.500.2539.68%-20.00%1720210.792.500.2531.65%0.00%1820221.072.500.2523.36%0.00%19股利增长率均值7.75%20（1）各年维持10股分红1.80元的股利政策212023年6月2日收盘价7.6322预期收益率3.28%23（2）各年股利预期按平均股利增长率稳定增长242023年5月31日收盘价7.8525预期收益率11.46%实训3.2稳定增长股票估价模型：中国银行

计算结果如表5-23的所示。表5-23 中国银行（601988）股票估价——稳定增长股ABCDE1报告期每股收益（元）10股分红（元）每股股利（元）股利支付率220060.180.4000.0422.22%320070.221.0000.145.45%420080.251.3000.1352.00%520090.311.4000.1445.16%620100.391.4600.14637.15%720110.451.5500.15534.44%820120.501.7500.17535.00%920130.561.9600.19635.00%1020140.611.9000.1931.15%1120150.561.7500.17531.25%1220160.541.6800.16831.11%1320170.561.7600.17631.43%1420180.591.8400.18431.19%1520190.611.9100.19131.31%1620200.611.9700.19732.30%1720210.702.2100.22131.57%1820220.732.3200.23231.78%19平均股利支付率34.68%202022年净资产收益率11.49%21预期增长率（因素分析法）7.51%22投资必要收益率计算过程23无风险收益率3.76%24市场组合（上证综指）收益率1.225中国银行β系数11.50%26投资必要收益率13.05%27中国银行股票价值3.70Excel中绘制每股收益与每股股利之间的变化趋势下图所示。图中国银行每股收益与每股股利变化趋势图实训3.3两阶段股票估价模型：明德生物计算结果如表5-24的所示。表5-24 明德生物（002932）股票价值评估——两阶段股票价值评估模型ABCDEF1投资必要收益率计算过程2高增长时期稳定增长时期3无风险收益率4.25%4.25%4市场风险溢价8%8%5普利制药β系数1.150.96投资必要收益率13.45%11.45%7（1）高增长时期股利现值8年份每股收益（元）股利支付率每股股利（元）股利现值（元）9027.513.45%3.71018.00%29.7013.45%4.003.52231128.00%32.0813.45%4.323.35311238.00%34.6413.45%4.663.19201348.00%37.4113.45%5.033.03861458.00%40.4113.45%5.442.892715小计16.0016（2）稳定增长时期股利现值1765%5.7120.00%1.148.3018（3）股票内在价值19合计24.30模块六风险与收益实训一实际收益率与风险的衡量学生自行选取两家上市公司的股票数据练习，答案略。实训二预期收益率与风险的衡量实训2.1单项资产预期收益率与风险的衡量根据实训条件与要求计算结果如Excel电子表格6-6所示。表6-6 A、B、C三种股票的预期收益率与风险ABCDEFG1类别收益率概率预期收益率方差标准差