財(cái)務(wù)管理分析英文版

1、精選資料一、判斷題 (10*2 )( T )1 、 A company s return on equity will always equal or exceed its return on assets. 一個(gè)公司的權(quán)益收益率總是大于或等于其資產(chǎn)收益率。( T)2 、 A company s assets -to-equity ratio always equals one plus its liabilities-to-equity ratio. 一個(gè)公司的資產(chǎn)權(quán)益比總是等于 1 加負(fù)債權(quán)益比。( F )3 、 A company s collection period should a

2、lways be less than its payables period. 一個(gè)公司的應(yīng)收賬款回收期總是小于其應(yīng)付賬款付款期。( T )4 、 A company s current radio must always be larger than its acid -test-radio. 一個(gè)公司的流動(dòng)比率一定大于速動(dòng)比率。( F )5 、 Economic earnings are more volatile than accounting earnings. 經(jīng)濟(jì)利潤(rùn)比會(huì)計(jì)利潤(rùn)更加變動(dòng)不定。( F )6 、 Ignoring taxes and transactions costs

3、 , unrealized paper gains are less valuable than realized cash earnings.若不考慮稅收和交易成本，未實(shí)現(xiàn)的紙上盈利不如已實(shí)現(xiàn)的現(xiàn)金盈利有價(jià)值。( F)7 、 A company s sustainable growth rate is the highest growth rate in sales it can attain withoutissuing new stock.一家公司的可持續(xù)增長(zhǎng)率是他在不增發(fā)新股情況下所能取得的最高的銷售增長(zhǎng)率。( F )8 、 The stock market is a ready so

4、urce of new capital when a company is incurring heavy losses 當(dāng)一家公司蒙受慘重?fù)p失時(shí)，股票市場(chǎng)即為它隨時(shí)可動(dòng)用的新的資本來源。( T )9 、 Share repurchases usually increase earnings per share. 股票回購(gòu)?fù)ǔＴ黾用抗墒找妗? T)10 、 Companies often buy back their stock because managers believe the shares are undervalued. 因?yàn)楣芾碚呦嘈殴善北坏凸懒?，所以公司?jīng)常買回它們的股票。(

5、F )11 、 Only rapidly growing firms have growth management problems. 只有快速增長(zhǎng)的公司才有增長(zhǎng)管理的問題。( F )12 、 Increasing growth increases stock price. 提高增長(zhǎng)增加股票價(jià)格。二、名詞解釋 (5*3 )、 The balance sheetP6A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the c

6、laims against those assets.資產(chǎn)負(fù)債表相當(dāng)于一張財(cái)務(wù)快照，它反映了企業(yè)在某一時(shí)點(diǎn)上擁有的全部資產(chǎn)和與之相對(duì)的全部要求權(quán)。、EBITP15EBIT is earnings before interest and taxes , a useful and widely used measure of business s income before it is divided among creditors , owners , and the taxman.息稅前利潤(rùn)是一項(xiàng)十分有用且被廣泛應(yīng)用的利潤(rùn)度量指標(biāo)， 度量在向債權(quán)人支付利息、 向所有者支付股利和向 稅務(wù)當(dāng)局繳納

7、稅款之前的利潤(rùn)。 TOC o 1-5 h z 、 Return on EquityP36ROE is a measure of earnings per dollar of invested equity capital or equivalently of the percentage return to owners on their investment.凈資產(chǎn)收益率是他們的投資每一美元收益投資股權(quán)資本的回報(bào)率 .、 Return on AssetsP39ROA is measure profit as a percentage of the money provided by owne

8、rs and creditors.ROA 是用來衡量每單位資產(chǎn)創(chuàng)造多少凈利潤(rùn)的指標(biāo)。、 The current ratioP51The current ratio compares the assets that will turn into cash within the year to the liabilities that must be paid within the year.流動(dòng)比率比較的是能在一年內(nèi)變現(xiàn)的資產(chǎn)與一年內(nèi)必須償還的債務(wù)。、 The acid-testP51Quick ratio is the ratio of liquid assets to current lia

9、bilities. It is a measure of corporate liquidity assets can be realized immediately used to repay current liabilities.速動(dòng)比率是指速動(dòng)資產(chǎn)對(duì)流動(dòng)負(fù)債的比率。它是衡量企業(yè)流動(dòng)資產(chǎn)中可以立即變現(xiàn)用于償還流動(dòng)負(fù)債的能力。、 Pro forma financial statements（模擬財(cái)務(wù)報(bào)表） P87A pro forma statement is simply a prediction of what the company s financial statements wi

10、ll looklike at the end of the forecast period.模擬財(cái)務(wù)報(bào)表就是預(yù)計(jì)公司在預(yù)測(cè)期結(jié)束時(shí)其財(cái)務(wù)報(bào)表看起來會(huì)是什么樣。、 Percent-of-Sales Forecasting（銷售百分比預(yù)測(cè)法） P88One way to tie many of the income statement and balance sheet figures to future sales. 一種將利潤(rùn)表和資產(chǎn)負(fù)債表中的數(shù)字與未來的銷售聯(lián)系起來的方法。、 Sustainable growth rate（可持續(xù)增長(zhǎng)率） P119This is the maximum ra

11、te at which company sales can increase without depleting financial resources.可持續(xù)增長(zhǎng)率指在不需要耗盡財(cái)務(wù)資源的情況下，公司銷售所能增長(zhǎng)的最大比率。、 Product diversification（產(chǎn)品多元化） P130Companies could reduce risk by combining the income streams of businesses in different productmarkets.公司可以通過對(duì)不同產(chǎn)品市場(chǎng)上生產(chǎn)經(jīng)營(yíng)的收益流量的組合來降低風(fēng)險(xiǎn)。、 OPMP198Enterpr

12、ises make full use of the advantage of scale , Enhance the ability with suppliers for a supply.Will be used in the inventory and accounts receivable funds and capital costs to suppliers.企業(yè)充分利用做大規(guī)模的優(yōu)勢(shì)， 增強(qiáng)與供應(yīng)商的討價(jià)還價(jià)能力 , 將占用在存貨和應(yīng)收賬款的資金及其資金成本轉(zhuǎn) 嫁給供應(yīng)商。、 Financial flexibility（財(cái)務(wù)彈性） P218The concern that toda

13、y s decision not jeopardize future financing options.它所關(guān)心的事情是今天的決策不會(huì)危害到未來的籌資抉擇 .三、簡(jiǎn)答題 （3*5 ）P31 問： Why do you suppose financial statements are constructed on an accrual basis rather than a cash basis when cash accounting is so much easier to understand?（為什么盡管收付實(shí)現(xiàn)制更加淺顯易懂，財(cái)務(wù)報(bào)表卻是以權(quán)責(zé)發(fā)生制而非收付實(shí)現(xiàn)制為基礎(chǔ)編制？）Bec

14、ause th e accountant s primary goal is to measure earnings , not cash generated. She seesearnings as a fundamental indicator of viability , not cash generation. A more balanced perspective is that over the long run successful companies must be both profitable and solvent , that is , they must be pro

15、fitable and have cash in the bank to pay their bills when due, This means that you should pay attention to both earnings and cash flows.（因?yàn)闀?huì)計(jì)師的主要目的是計(jì)量利潤(rùn)，而非現(xiàn)金。會(huì)計(jì)師認(rèn)為切實(shí)可行的衡量指標(biāo)是利潤(rùn)，而不是產(chǎn)生的現(xiàn)金。 從一個(gè)更為全面的角度看，就長(zhǎng)期而言，成功的公司必定兼具盈利性和流動(dòng)性，即，一方面有良好的盈利能力， 另一方面?zhèn)鶆?wù)到期時(shí)有足夠的銀行存款來償還。因此，既要注重利潤(rùn)，也要關(guān)注現(xiàn)金流量。 ）P52 問： Is ROE a Reliab

16、le Financial Yardstick?（ ROE 是不是值得信賴的衡量指標(biāo)？） NO.ROE suffers from three critical deficiencies as a measure of financial performance,which I will refer to as the timing problem,the risk problem,and the value problem.（不是。作為財(cái)務(wù)業(yè)績(jī)指標(biāo)的 ROE 存在三個(gè)方面的不足，將其稱為時(shí)效問題、風(fēng)險(xiǎn)問題和 價(jià)值問題。）1、ROE is precisely the opposite:backwa

17、rd looking and focused on a single year.（ROE 反映的是過去并著眼于當(dāng)個(gè)期間。 ）2、ROE necessarily includes only one year s earnings,it fails to capture the full impact of multiperiod decisions.（ROE 指考慮一年的盈利，所以它無法揭示多期決策所產(chǎn)生的全部影響。）3 、 ROE looks only at return while ignoring risk,it can be an inaccurate yardstick of fina

18、ncial performance.（ROE 注重收益而忽視風(fēng)險(xiǎn)，所以它作為財(cái)務(wù)業(yè)績(jī)的衡量尺度可能不準(zhǔn)確。）4 、ROE measure s the return on shareholders investment;however,the investment figure used is the book value of shareholders equity,not the market value.ROE 衡量股東的投資所取得的收益率，但是投資所使用的是股東權(quán)益的賬面價(jià)值而非 市場(chǎng)價(jià)值。 ）P55 問： Is earnings yield a useful measure of fi

19、nancial performance? （盈利收益率是衡量財(cái)務(wù)業(yè)績(jī)的有效尺度嗎？）No.The problem is that a company s stock price is very sensitive to investor expectations about the future.不是。問題在于一個(gè)公司的股票價(jià)格對(duì)投資者的未來預(yù)期相當(dāng)敏感。 ）1、A bright future,a high stock price,and a low earnings yield go together.A high earnings yield is not an indicator of

20、superior performance;in fact,it is more the reverse.（美好的前景，高的股票價(jià)格和低的收益率相聯(lián)系。高的盈利收益率不是公司業(yè)績(jī)卓越的 指標(biāo)，實(shí)際上恰恰相反。 ）2、The earnings yield suffers from a severe timing problem of its own that invalidates it as a performance measure.（它自身存在嚴(yán)重的時(shí)效問題，這使得它喪失了衡量業(yè)績(jī)的功能。 ）P126 問： What to Do When Actual Growth Exceeds Sust

21、ainable Growth? （當(dāng)時(shí)機(jī)增長(zhǎng)超過可持續(xù)增長(zhǎng)時(shí)怎么辦？）1、The first step is to determine how long the situation will continue.If the company reaches maturity , it can probably be solved by further borrowing.（第一步是判斷這種狀況將要持續(xù)多久。假如公司接近成熟期，通過再多借款就可以解決。 ）2、For longer-term sustainable growth problems,some combination of the fo

22、llowing strategies will be necessary.（對(duì)于長(zhǎng)期的可持續(xù)增長(zhǎng)問題，以下策略的某些組合是必不可少的）Sell new equityIn crease finan cial leverageReduce the divide nd payoutPrune away marginal activitiesOutsource some or all of product ionIn crease pricesMerge with a“ cash cow ”（發(fā)售新股）（提高財(cái)務(wù)杠桿）（減少股利支付率）（非核心業(yè)務(wù)的剝離）（尋求外購(gòu)）（提高價(jià)格）（兼并“現(xiàn)金?！保㏄1

23、33 問： What to Do When Sustainable Growth Exceeds Actual Growth? （當(dāng)可持續(xù)增長(zhǎng)超過實(shí)際增長(zhǎng)怎么辦？）1、If temporary,management can simply continue accumulating resources in anticipation of future growth.（如果這種現(xiàn)象是暫時(shí)的，管理者應(yīng)將多余的現(xiàn)金積累起來。 ）2、When the difficulty is longer term,the issue becomes lack of growth is unique to the

24、company，themanagement must look carefully at its own performance to identify and remove the internal constraints on company growth.（如果困難是長(zhǎng)期的，這個(gè)問題是企業(yè)自身的原因，管理者應(yīng)檢討自身的經(jīng)營(yíng)方式，找出 內(nèi)部妨礙企業(yè)快速增長(zhǎng)的因素并予以消除。 ）3、When a company is unable to generate sufficient growth from within,it has three options:ignore the problem

25、,return the money to shareholders,or buy growth.（當(dāng)企業(yè)無法從內(nèi)部挖掘增長(zhǎng)的潛力時(shí)，有三種選擇：忽視問題的存在，將多余資金回饋給股東，購(gòu)買增長(zhǎng)。 ）P217I可： What do these musings about the relative importanee of taxes and financial distress costsimply about how to finance a bus in ess?（關(guān)于稅收和財(cái)務(wù)困境成本之間相對(duì)重要性的沉思暗示有關(guān)融資業(yè)務(wù)如何處理？）1、The ability of the company

26、to utilize additional interest tax shields over the life of the debt. TOC o 1-5 h z （公司在整個(gè)債務(wù)年限內(nèi)利用稅盾的能力。）2、The in creased probability of ban kruptcy created by added leverage.（由提高財(cái)務(wù)杠桿產(chǎn)生的新增的破產(chǎn)風(fēng)險(xiǎn)。）3、 The cost to the firm if bankruptcy occurs.（假如破產(chǎn)產(chǎn)生，它會(huì)給公司帶來的成本。）四、業(yè)務(wù)題（50 ）P31課后第5題P79課后第5題P80課后第7題7、問： An

27、swer the questions below based on the following information.Taxes are 35 percent and all dollars are in milli ons.譯：計(jì)算下表回答以下問題，所得稅是35%，所有美元以十億位單位。Compa ny XCompa ny ZEarnings before in terest and taxes$400$420Debt（at 10% in terest）2001200Equity800300問：a. Calculate each company s ROE,ROA,and ROIC譯：計(jì)算

28、每間公司的 ROE、ROA和ROIC答：Compa ny XCompa ny ZROE(凈資產(chǎn)收益率)31%65%ROA (資產(chǎn)收益率)25%13%ROIC (資本回報(bào)率)26%18%譯：X公司凈資產(chǎn)收益率=凈利潤(rùn)/權(quán)益答：ROE x =Net in come/equity=(400-200*10%)*(1-35%)/800=31%譯：Z公司凈資產(chǎn)收益率=凈利潤(rùn)/權(quán)益答：ROE z =Net in come/equity=(420-1200*10%)*(1-35%)/300=65%譯：X公司資產(chǎn)收益率=凈利潤(rùn)/資產(chǎn)答：ROA x =Net in come/assets=(400-200*10%

29、)*(1-35%)/1000=25%譯：Z公司資產(chǎn)收益率=凈利潤(rùn)/資產(chǎn)答：ROA z =Net in come/assets=(420-1200*10%)*(1-35%)/1500=13%譯：X公司資本回報(bào)率=息稅前利潤(rùn)* (1-稅率)/ (有息負(fù)債+權(quán)益)答：ROICx=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=400*(1-35%)/(200+800)=26%譯：Z公司資本回報(bào)率=息稅前利潤(rùn)*( 1-稅率)/ (有息負(fù)債+權(quán)益)答：ROICz=EBIT*(1-Tax rate)/(I nterest beari ng debt+Equ

30、ity)=420*(1-35%)/(1200+300)=18%問： b. Why is companyZ s ROE so much higher than X s? Dode this mean Z is a bettercompa ny?Why or why not?譯：為什么Z公司的ROE遠(yuǎn)遠(yuǎn)高于X公司的ROE ?這是否意味著公司Z更好？如果是，為什么？答：Because compa ny Z has a higher finan cial leverage tha n compa ny X.It does not mean that company Z is the better co

31、mpany becauseco mpany Z s higher financialleverage makes it a very uncertain enterprise and it is much risker than company X.財(cái)務(wù)杠桿=資產(chǎn)/所有者權(quán)益X= ( 200+800 )/800=1.25Z=( 1200+300)/300=5譯：因?yàn)閆公司比X公司有更高的財(cái)務(wù)杠桿，但這并不意味著Z公司比X公司好。因?yàn)閆公司的高財(cái)務(wù)杠桿使得它有更多的不確定因數(shù)，要比X公司承擔(dān)更大的風(fēng)險(xiǎn)。問：c. Why is company X s ROA higher than Z s? Wh

32、at does this tell you about the two companies?譯：為什么X公司的ROA高于Z公司？對(duì)于這兩家公司，這說明了什么？答：This is also due to Z s higher financial leverage .ROA pen alizes levered compa nies by compari ngthe net in come available to equity to the capitalprovided by owners and crediors .It does not mean that Z is a worse com

33、pa ny tha n X譯：這也是因?yàn)閆公司的財(cái)務(wù)杠桿比較高的緣故。ROA將所產(chǎn)生的凈利潤(rùn)與所有者和債權(quán)人共同提供的資本進(jìn)行對(duì)比，這對(duì)財(cái)務(wù)杠桿高的公司不利，但這并不意 味著Z公司是比X差的公司。問：d. How do the two companiesROICs compare? What does this suggest about the two companies?譯：如何比較這兩家的ROIC ?對(duì)于這兩家公司有什么建議？答：ROIC abstracts from differe nces in leverage to provide a direct comparis on oft

34、he earning power ofthe two companies assets. On this metric,X is the superior performer.Before drawing any firm con clusi on s,however,it is importa nt to ask how the bus in ess risks faced by the compa nies compareand whether the observed ratios reflect long-run capabilities or tran sitory even ts.

35、譯：資本回報(bào)率(ROIC )剔除融資策略上的差異，將兩個(gè)公司資產(chǎn)的獲得能力直接進(jìn)行比較。按照這個(gè)尺度，X公司的業(yè)績(jī)更好一些。不過，在得出嚴(yán)密結(jié)論之前，還有必要考慮一下兩個(gè)公司所面臨的經(jīng)營(yíng)風(fēng)險(xiǎn)，以及所觀 察到的比率反映的是公司的長(zhǎng)期能力還是短期活動(dòng)。P81課后第11題11、問： Given the following information ,complete the balanee sheet shown below. 譯：根據(jù)以下信息，完成資產(chǎn)負(fù)債表Collectio n period應(yīng)收賬款回收期50 daysDays sales in cash現(xiàn)金的的銷售天數(shù)15 daysCurre n

36、t ratio流動(dòng)比率2.4Inven tory turnover存貨周轉(zhuǎn)率6 timesLiabilities to assets資產(chǎn)負(fù)債比80%Payables period應(yīng)付賬款周轉(zhuǎn)天數(shù)28 days(All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost ofgoods sold）譯：（假定所有銷售均為賒銷，按365/年計(jì)算，應(yīng)付賬款付款期按銷售成本計(jì)算。）Assets資產(chǎn)Curre nt:流動(dòng)Cash現(xiàn)金Acco unts receivable

37、應(yīng)收賬款I(lǐng)nven tory 存貨Total curre nt assets全部流動(dòng)資產(chǎn)Net fixed assets 凈固定資產(chǎn)Total assets 全部資產(chǎn)Liabilities and shareholdersCurre nt liabilities流動(dòng)負(fù)債Accou nts payable應(yīng)付賬款Short-term debt短期借款Total curre nt liabilities全部流動(dòng)負(fù)債$500,0001,666,6671,000,0003,166,6671,833,333$5,00000,0 負(fù)債和所有者權(quán)益$460,274859,1701,319,444Lon g-

38、term debt長(zhǎng)期借款2,680,556Shareholders equity 所有者權(quán)益1,000,000Total liabilities and equity全部負(fù)債和所有者權(quán)益$5,000,00答：1.Sales/365=(Cash/Days sales in cash)銷售收入/365=(現(xiàn)金/銷售的現(xiàn)金)=500000/15=33333Accounts receivable=Collection period*Credit sales per day=Collection period*(Slaes/365) 應(yīng)收賬款=應(yīng)收賬款回收期*每天的銷售收入=應(yīng)收賬款回收期* (銷售收

39、入/365 )=50*33333=1666667Cost of goods sold=Inven tory turno ver *Ending inven tory商品銷售成本=存貨周轉(zhuǎn)率*期末存貨=6*1000000=6000000Acco unts payable=Payables period*(Cost of goods sold/365)應(yīng)付賬款=應(yīng)付賬款回收期* (商品銷售成本/365 )=28*6000000/365=460274Curre nt liabilities=Curre nt assets/Curre nt ratio流動(dòng)負(fù)債=流動(dòng)資產(chǎn)/流動(dòng)比率=3166667/2.

40、4=1319444Total liabilities=Assets*Liabilities to assets全部負(fù)債=資產(chǎn)*資產(chǎn)負(fù)債比率=5000000*0.8=40000007.Shareholders equity=Total assets - Total liabilities所有者權(quán)益=全部資產(chǎn)-全部負(fù)債=5,000,000-4,000,000=1000000P113課后第5題5、 問： Using a computer spreadsheet ,the information presented below, and the modified equations determ in

41、ed in questi on 4 above, exte nd the forecast for R&E Supplies contained in Table 3.5 through 2007. Is R&E s external financing required in 2007 higher or lower than in 2006?已知條件在書上 99頁的表格，2006年數(shù)據(jù)在書上92頁譯：運(yùn)用計(jì)算機(jī)電子表格和以下信息，以及問題4中修改過的公式，將表3-5中R&E供應(yīng)公司的預(yù)測(cè)值擴(kuò)展到2007年。2007年R&E公司的外部融資需要量與2006年相比，孰高孰低？R&E Suppli

42、es Assumptions for 20ft7($tliousiin(k)Grow th rate in n社t嶗汕1社蓉30.0%Tax mte45.0%Cost of good sold / net86.0%Dividend/caruiugs rtfter 愉工50,0%Generalellmg,and administratiseexpense / net11.0%(urrent assets/ net sules29）Long-torni debt560Net fixed assets270Cumin portion long-t(?rm debt100CuriTnt liabili

43、ties/ net sales144%Interest rute10,0%a tor K工E Sxipp2)07Invonie StaXi.11 mc-iit TOC o 1-5 h z Net sFiles3CT os* t of good占 bo Id2 8, 80 1Oross profit*4=58 9liiTg, iiiKl iicliiiiiiisircilive oipensci5Interest expense32 7Earniti&tax.C?7STa-X305Efimin號(hào)無er tfiTt3 V 3Iivicdemd-s pail18 7/Xilitions to ret

44、txind cariiing sS i 8 7J)u.lunoo 呂11(torrn cloHtJZciuityTolnl& s hnreTioMcrs* oquilyTxUina.1 l?ino.noingF Kcc.iuirol答：由題目知：(1 ) 07年銷售凈增長(zhǎng)率=30%銷售凈額=上年的銷售凈額X( 1+30% ) =25766 X 1.3=33496(2)銷售成本/銷售凈額=86%銷售成本=銷售凈額X86%=33496 X 0.86=28807(3 )毛利=銷售凈額-銷售成本=33496-28807=4689(4 )行政、銷售與管理費(fèi)用/銷售凈額=11%行政、銷售與管理費(fèi)用 =銷售

45、凈額X11%=33496 X 0.11=3685(5)設(shè)外部資金需要量為 X由題目知，長(zhǎng)期負(fù)債=560，長(zhǎng)期負(fù)債即將到期部分 =100,利率=10%則利息費(fèi)用=(長(zhǎng)期負(fù)債+長(zhǎng)期負(fù)債即將到期部分 +X )X 10%= ( 560+100+X )X 10%=66+0.1X(6)稅前利潤(rùn)=毛利-行政、銷售與管理費(fèi)用(7 )所得稅=稅前利潤(rùn)X45%= 938-0.1X(8 )稅后利潤(rùn)=稅前利潤(rùn)-所得稅=938-0.1X- =516-0.055X(9 )股利/稅后利潤(rùn)=50%可知股利=稅后利潤(rùn)X 50%= 516-0 .055X)10)留存收益=稅后利潤(rùn)-股利=516-0.055X-利息費(fèi)用=4689-

46、3685-(66+0.1X ) =938-0.1X)X 0.45=422 -0.045X(422-0.045X)X 50%=258-0.0275X(258-0.0275X) =258-0.0275X由題目可知：流動(dòng)資產(chǎn)/銷售凈額=29%，固定資產(chǎn)凈值=270，流動(dòng)負(fù)債/銷售凈額=14.4%(1)流動(dòng)資產(chǎn)=銷售凈額X 29%=33496 X 29%=9714流動(dòng)負(fù)債=銷售凈額X 14.4%= 33496 X 14.4%=4823權(quán)益=股利 +06 年的股東權(quán)益=258-0.0275X+1808=2066-0.0275X資產(chǎn)合計(jì)=流動(dòng)資產(chǎn)+固定資產(chǎn)凈值=9714+270=9984負(fù)債與股東權(quán)益合計(jì)

47、 =流動(dòng)負(fù)債+長(zhǎng)期負(fù)債+權(quán)益=4823+560+2066-0.0275X=7449-0.0275X(6)外部資金需求量=資產(chǎn)合計(jì)-負(fù)債與股東權(quán)益合計(jì)X=9984-(7449-0.0275X)得出，0.9275X=2535, X=2606.68 2607 (2607 -1548 = 1059 1000)利息費(fèi)用=66+0.1X=66+2607 X 0仁327稅前利潤(rùn)=938-0.1X=677所得稅=422-0.045X=305稅后利潤(rùn)=稅前利潤(rùn)-所得稅=677-305=372股利=稅后利潤(rùn)X50%=372 X 50%=186留存收益=稅后利潤(rùn)-股利=372-186=186權(quán)益=2066-0.02

48、75X=2066-0.0275 X 2607=1994p143課后第3題問：PCA International ,lnc. ,is one of largest color portrait(肖像) photography chains(連鎖店)inNorth America. The compa ny photographs, develops ,and sells portrait packages through studiosoperated in Kmart stores. Following are selected financial data for the companyfo

49、r the period1991-1995.譯：PCA國(guó)際有限公司是北美最大的彩色攝影連鎖店之一。公司通過設(shè)在Kmart商場(chǎng)內(nèi)的工作室提供攝影、沖洗和畫像裝裱等一攬子服務(wù)。以下為該公司在1991-1995年間的財(cái)務(wù)數(shù)據(jù)摘要。19911992199319941995Profit margi n(%)3.05.3Rete ntio n ratio(%)78.465.753.947.871.9Asset turno ver2.42.4Finan cial leverage2.01.8Growth rate in sales(%)6.98.0(6.

50、2)(2.9)(0.1)問： a.Calculate PCA s susta in able growth rate in each year. 譯：計(jì)算PCA公司每一年的可持續(xù)增長(zhǎng)率。答：19911992199319941995g*(%)90.647.09.66.916.5年 g*=4.8%*78.4%*4.3*5.6=90.6%年 g*=5.5%*65.7%*3.1*4.2=47.0%年 g*=3.3%*53.9%*2.7*2.0= 9.6%年 g*=3.0%*47.8%*2.4*2.0= 6.9%年 g*=5.3%*71.9%*2.4*1.8=16.5%問： b .Compari ng

51、the compa ny s susta in able growth rate with its actual growth rate in sales, whatgrowth problems did PCA face over this period?譯：比較公司的可持續(xù)增長(zhǎng)率與實(shí)際銷售增長(zhǎng)率，這段時(shí)期PCA所面臨什么增長(zhǎng)問題？答：PCA s susta in able growth rate in every year exceeded its actual g rowth rate by a wide margi n. The compa ny was gen erati ngmor

52、e cash fromoperati onstha n it couldproductively employ Its challe nge was what to do with the excess cash。譯：每一年里，PCA的可持續(xù)增長(zhǎng)率都以較大的幅度超過其實(shí)際增長(zhǎng)率。公司從生產(chǎn)經(jīng)營(yíng)中產(chǎn)出的現(xiàn)金比它所 能夠有效地動(dòng)用的現(xiàn)金還多，公司的挑戰(zhàn)在于如何處理這些盈余的資金。問：c. How did the company cope with these problems?譯：公司是怎樣應(yīng)付這些問題的？答：PCA coped with actual growth below susta in

53、able levels in two ways. It allowed its asset turnover tofall from 4.3 times in 1991 to 2.4 times in 1995, and it sharply reduced its debt from 5.6 times in1991 to 1.8 times in 1995.譯：PCA通過兩條途徑處理實(shí)際增長(zhǎng)率低于可持續(xù)增長(zhǎng)率的問題：1、PCA允許它的資產(chǎn)周轉(zhuǎn)率從91年的4.3倍降到95年的2.4倍；2、迅速減少債務(wù)使財(cái)務(wù)杠桿從91年的5.6倍降到95年的1.8倍。問： d.In March 1995,PC

54、A announced a $7.5 million stock buy back, about equal in size to earnings that year. From a growth management perspective ,was thisa wise move?譯：1995年3月，PCA公司公告買回750萬美元的股票，這一金額大約等于那一年公司盈利的規(guī)模。從增長(zhǎng) 管理的角度來看，這是不是一個(gè)聰明的舉動(dòng)？答：Stock repurchase made sense for PCA. They appear to have little productive use for

55、 the money they earn within the firm, so they should return it to the owners, either as dividends or in the form of a share repurchase.譯： 對(duì)于 PCA 而言，股票回購(gòu)是有意義的。在公司內(nèi)似乎沒有能有效地用所賺取的錢的地方，所以，公司應(yīng)該 將錢還給它的股東，無論是以股利還是股票回購(gòu)的方式。p145 課后第 5 題問： Union Fidelity Company(UFC)has the following ratios for the years 1999 t

56、hrough 2003:Union Fidelity公司 (UFC)1999-2003年間的財(cái)務(wù)比率如下：19992000200120022003Profit margin (%)利潤(rùn)率38.537.937.338.538.7Retention ratio (%)留存收益比率100.0100.0100.0 100.0100.0Asset turnover資產(chǎn)周轉(zhuǎn)率0.30.3Financial leverage財(cái)務(wù)杠桿1.51.8Growth rate in sales (%)銷售增長(zhǎng)率53.236.446.549.340.6問： A Calculate U

57、FC s sustainable growth rate in each year 譯：計(jì)算 RHI 公司每一年的可持續(xù)增長(zhǎng)率。答：19912000200120022003可持續(xù)增長(zhǎng)率10.010.615.717.320.9實(shí)際增長(zhǎng)率53.236.446.549.340.6問： B . Does UFC have a growth problem? 譯： UFC 公司是否出現(xiàn)增長(zhǎng)問題 ?its答：UFC does have a sustainable growth problem . Its sustainable growth rate is much lower than actual g

58、rowth rate.譯： UFC 公司確實(shí)存在可持續(xù)增長(zhǎng)問題。它的可持續(xù)增長(zhǎng)率遠(yuǎn)低于實(shí)際增長(zhǎng)率。問： C How did UFC cope with its sustainable growth problem?譯： UFC 公司如何應(yīng)付它的可持續(xù)增長(zhǎng)問題 ?答：The increase in asset turnover and financial leverage is helping increase the sustainable growth rate .But the spread between the two rates is still substantial in 200

59、3.譯： 提高資產(chǎn)周轉(zhuǎn)率和財(cái)務(wù)杠桿有助于提高可持續(xù)增長(zhǎng)率。 不過直到 2003 年， 可持續(xù)增長(zhǎng)率和持續(xù)增長(zhǎng)率之間 的差距仍然存在。問： D . Calculate UFCs sustainable growth rate in 2003 assuming the asset turnover increases to0.4 and the financial leverage decreases to 1.6 times.譯：假設(shè) UFC 公司的資產(chǎn)周轉(zhuǎn)率提高到 0.4 ，而財(cái)務(wù)杠桿降低為 1.6 倍，計(jì)算其在 2003 年的可持續(xù)增長(zhǎng)率。 答：g*=PRAT(A)=0.387*1.0*0.4*1.6=24.8%P235 課后第 11 題11 、問： As the