財(cái)務(wù)管理分析英文版

一、判斷題（10火2’）(T)1、Acompany'sreturnonequitywillalwaysieqlorexceeditsr^urnonassets.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、Acompany'sassts-t—equityratioalwaysequalsone>1usitsliabilitiesto—equityratio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、Acompany'sco1lecionperiodkouldaWaysbelessthanitspayblesperiod.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、Acompany'scurrentrdiomustalwaysbelargerthanitsaci—test-adio)一個(gè)公司的流動(dòng)比率一定大于速動(dòng)比率。(F)5、Economicearningsaremorevolatilethan,ccountingearnngs。經(jīng)濟(jì)利潤(rùn)比會(huì)計(jì)利潤(rùn)更加變動(dòng)不定.(F)6、Ignoringtaxesand,tractionscosts,unrealizedpapergainsarelessvaluablethanrealizedacshearnings.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、Acompany'sustainablegrowthrateisthehighestgrwthrateinsalesitcanattainwittouissuingnewstock.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、Thestockmarketisareadysourceonfewcapit1awhenacompanyisincurringheavylosses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、Sharerpeurchasesuusallyincreaseaerningspersahre。股票回購(gòu)?fù)ǔＴ黾用抗墒找妗?T)10、Companiesoftenbuybacktteirstockbcausemanagersbelievetiesharesareundervalued.因?yàn)楣芾碚呦嘈殴善北坏凸懒?所以公司經(jīng)常買回它們的股票。(F)l1、On1yrapidlygrowingfirmshavegrowthmanagementprob1ems.只有快速增長(zhǎng)的公司才有增長(zhǎng)管理的問題。(F)21、Increasinggrowthincreasesstcokprice。提高增長(zhǎng)增加股票價(jià)格。二、名詞解釋(5*3’)l、Thebalanceshet P6Abalancesheetisafinancia1snapshot,takenatapointintime,ofalltheassetsthecompanyownsanda1ltheclaimsagainstthoseassets。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)。2、EBITP15EBITisearningsbeforeinterestandtaxes,ausefulandwidelyusedmeasureofbusiness'sincombeforeitisdividedamongcreditors,owners,andthetaxman。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)局繳納稅款之前的利潤(rùn)。TOC\o"1-5"\h\z3、ReturnonEquity P36ROEisameasureofearningsperdol1arofinvestedequitycapitalorequivalentlyofthepercentagereturntoownersontheirinvestment．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.4、ReturnonAssets P39ROAismeasureprofitasapercentageofthemoneyprovidedby ownersandcreditors。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)。5、Thecurrentratio P51Thecurrentratiocomparestheassetsthatwillturnintocashwithintheyeartotheliabilitiesthatmustbepaidwithintheyear.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)。6、Theacid－test P51Quickratioistheratioofliquidassetstocurrent1iabilities。Itisameasureofcorporateliquidityassetscanberealizedimmediate1yusedtorepaycurrent1iabilities。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。7、Proformafinancia1 statements（模擬財(cái)務(wù)報(bào)表） P87Aproformastatementissimplyapredictionofwhatthecompany'sfinancialstatementswill1ooklikeattheendoftheforecastperiod。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。8、Percent—of-Sa1esForecasting（銷售百分比預(yù)測(cè)法） P88Onewaytotiemanyoftheincomestatementandbalancesheetfigurestofuturesa1es。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。9、Sustainablegrowthrate（可持續(xù)增長(zhǎng)率） P119Thisisthemaximumrateatwhichcompanysa1escanincreasewithoutdepletingfinancia1resources.．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。10、Productdiversification（產(chǎn)品多元化） P130Companiescouldreduceriskbycombiningtheincomestreamsofbusinessesindifferentproductmarkets.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)。11、OPM P198Enterprisesmakefulluseoftheadvantageofscale,Enhancetheabilitywithsuppliersforasupply。Willbeusedintheinventoryandaccountsreceivablefundsandcapitalcoststosuppliers.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。12、Financialflexibility（財(cái)務(wù)彈性）P218Theconcernthattoday’sdecisionnotjeopardizefuturefinancingoptions。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：Whydoyousupposefinancialstatementsareconstructedonanaccrualbasisratherthanacashbasiswhencashaccountingissomucheasiertounderstand？（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？）Becausetheaccountant'sprimarygoalistomeasureearnings,notcashgenerated.She seesearnings as afundamentalindicatorofviability,notcashgene ration. Amorebalancedperspective ist hatoverthelongrunsuccessfulcompanies mustbe bothprofitable andsolven t , thatis,theymustbeprofitableandhavecash inthe banktopaytheirbillswhen due, Thismeansthatyoushouldpayattentiontobothearningsandcashflows.（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：IsROEaReliableFinancialYardstick?（ROE是不是值得信賴的衡量指標(biāo)？）NO.ROEsuffersfromthreecriticaldeficienciesasameasureoffinancialperformance,whichIwillrefertoasthetimingproblem，theriskproblem，andthevalueproblem.（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、ROEispreciselytheopposite:backwardlookingandfocused onasingleyear.（ROE反映的是過去并著眼于當(dāng)個(gè)期間.）2、ROEnecessarilyincludesonlyoneyear’searnings,itfailstocapturethefullimpactofmultiperioddecisions.（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、ROElooksonlyatreturnwhileignoringrisk，itcanbeaninaccurateyardstickoffinancialperformance.

（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、ROEmeasuresthereturnonshareholders'investment；however,theinvestmentfigureusedisthebookvalueofshareholders'equity,notthemarketvalue.（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：Isearningsyieldausefulmeasureoffinancialperformance?（盈利收益率是衡量財(cái)務(wù)業(yè)績(jī)的有效尺度嗎?）No0Theproblemisthatacompany'sstockpriceisverysensitivetoinvestorexpectationsaboutthefuture.（不是0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0）1、Abrightfuture,ahighstockprice,andalowearningsyieldgotogether.Ahighearningsyieldisnotanindicatorofsuperiorperformance;in fact,itismorethereverse.（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0）2、Theearningsyieldsuffersfromaseveretimingproblemofitsown thatinvalidatesitasaperformancemeasure0（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0）P126問：WhattoDoWhenActualGrowthExceedsSustainableGrowth?（當(dāng)時(shí)機(jī)增長(zhǎng)超過可持續(xù)增長(zhǎng)時(shí)怎么辦？）1、Thefirststepistodeterminehowlongthesituationwillcontinue.Ifthecompanyreachesmaturity, itcanprobablybesolvedbyfurtherborrowing.（第一步是判斷這種狀況將要持續(xù)多久0假如公司接近成熟期,通過再多借款就可以解決0）2、Forlonger—termsustainablegrowthproblems,somecombinationofthefollowingstrategieswillbenecessary0（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）（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）（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?！保〆edsActualGrowth?②Increasefinancialleverage③Reducethedividendpayout④Pruneawaymarginalactivities⑤Outsourcesomeorallofproduction⑥Increaseprices⑦M(jìn)ergewitha“cashcow"P133問：WhattoDoWhenSustainableGrowthExc（當(dāng)可持續(xù)增長(zhǎng)超過實(shí)際增長(zhǎng)怎么辦？）1、Iftemporary,managementcansimplycontinueaccumulatingresourcesinanticipationoffuturegrowth.（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0）2、Whenthedifficultyislongerterm,theissuebecomeslackofgrowthisuniquetothecompany,themanagementmustlookcarefullyatitsownperformancetoidentifyandremovetheinternalconstraintsoncompanygrowth.（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0）3、Whenacompanyisunabletogeneratesufficientgrowthfromwithin,ithasthreeoptions：ignoretheproblem,returnthemoneytoshareholders,orbuygrowth.（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)0）P217問：Whatdothesemusingsabouttherelativeimportanceoftaxesandfinancialdistresscostsimplyabouthowtofinanceabusiness?(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、Theabilityofthecompanytoutilizeadditionalinteresttaxshieldsoverthelifeofthedebt.(公司在整個(gè)債務(wù)年限內(nèi)利用稅盾的能力。)2、Theincreasedprobabilityofbankruptcycreatedbyaddedleverage.(由提高財(cái)務(wù)杠桿產(chǎn)生的新增的破產(chǎn)風(fēng)險(xiǎn)。)3、Thecosttothefirmifbankruptcyoccurs。(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：Answerthequestionsbelowbasedonthefollowinginformation.Taxesare35percentandalldollarsareinmillions.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.CompanyXCompanyZEarningsbeforeinterestandtaxes$400$420Debt(at10%interest)2001200Equity800300問：a.Calculateeachcompany'sROE,ROA,andROIC譯：計(jì)算每間公司的ROE、ROA和ROIC答:CompanyXCompanyZROE（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：ROEx=Netincome/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:ROEz=Netincome/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:ROAx=Netincome/assets=(400-2O0*10%)*(1—35%)/1000=25%譯：Z公司資產(chǎn)收益率=凈利潤(rùn)/資產(chǎn)答:ROAz=Netincome/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—Taxrate)/(Interestbearingdebt+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—Taxrate)/(Interestbearingdebt+Equity)=420%(1—35%)/(1200+300)=18%問：b。WhyiscompanyZ’sROEsomuchhigherthanX's?DodethismeanZisabettercompany?Whyorwhynot?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:BecausecompanyZhasahigherfinancialleveragethancompanyX。ItdoesnotmeanthatcompanyZisthebettercompanybecausecompanyZ'shigherfinancialleveragemakesitaveryuncertainenterpriseanditismuchriskerthancompanyX.財(cái)務(wù)杠桿=資產(chǎn)/所有者權(quán)益X=(200+800)/800=1.25 Z=(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.WhyiscompanyX'sROAhigherthanZ's?Whatdoesthistellyouaboutthetwocompanies?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：ThisisalsoduetoZ'shigherfinancial1everage.ROApena1izesleveredcompaniesbycomparingthenetincomeavailabletoequitytothecapitalprovidedbyownersandcrediorsoItdoesnotmeanthatZisaworsecompanythanX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.Howdothetwocompanies'ROICscompare?Whatdoesthissuggestaboutthetwocompanies？譯：如何比較這兩家的ROIC?對(duì)于這兩家公司有什么建議？答：ROICabstractsfromdifferencesin1everagetoprovideadirectcomparisonoftheearningpowerofthetwocompanies,assets.Onthismetric,XisthesuperiorperformeroBeforedrawinganyfirmconc1usions,however，itisimportanttoaskhowthebusinessrisksfacedbythecompaniescompareandwhethertheobservedratiosreflect1ong—runcapabilitiesortransitoryevents.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:Giventhefollowinginformation,completethebalancesheetshownbe1ow.譯:根據(jù)以下信息，完成資產(chǎn)負(fù)債表Collectionperiod應(yīng)收賬款回收期50daysDayssalesincash現(xiàn)金的的銷售天數(shù)15days

Currentratio流動(dòng)比率2.4Inventoryturnover存貨周轉(zhuǎn)率6timesLiabilitiestoassets資產(chǎn)負(fù)債比80%Payablesperiod應(yīng)付賬款周轉(zhuǎn)天數(shù)28days(Allsalesareoncredit.Allcalculationsassumea365—dayyear.Payablesperiodisbasedoncostofgoodssold)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)Current：流動(dòng)Cash現(xiàn)金Accountsreceivable應(yīng)收賬款I(lǐng)nvent。ry存貨Totalcurrentassets全部流動(dòng)資產(chǎn)Netfixedassets凈固定資產(chǎn)Totalassets全部資產(chǎn)Liabilitiesandshareholders'equity負(fù)債和所有者權(quán)益Currentliabilities流動(dòng)負(fù)債Accountspayable應(yīng)付賬款Short—termdebt短期借款Totalcurrentliabilities全部流動(dòng)負(fù)債Long—termdebt長(zhǎng)期借款Shareholders'equity所有者權(quán)益Totalliabilitiesandequity全部負(fù)債和所有者權(quán)益答:1。Sales/365=(Cash/Dayssalesincash)銷售收入/365=(現(xiàn)金/銷售的現(xiàn)金)=500000/15=33333.Accountsreceivable=Collectionperiod*Creditsales應(yīng)收賬款=應(yīng)收賬款回收期*每天的銷售收入$500,0001，666，6671,000,0003$500,0001，666，6671,000,0003,166,6671,833,333＄5,00000,0$460,274859,1701,319,4442,680,5561,000,000$5,000,00perday=Collectionperiod*(Slaes/365).Costofgoodssold=Inventoryturnover*Endinginventory商品銷售成本=存貨周轉(zhuǎn)率*期末存貨=6＊1000000=60000004。Accountspayable=Payablesperiod*(Costofgoodssold/365)應(yīng)付賬款=應(yīng)付賬款回收期＊(商品銷售成本/365)=28*6000000/365=4602745.Currentliabilities=Currentassets/Currentratio流動(dòng)負(fù)債=流動(dòng)資產(chǎn)/流動(dòng)比率=3166667/2.4=13194446。Totalliabilities=Assets*Liabilitiestoassets全部負(fù)債=資產(chǎn)＊資產(chǎn)負(fù)債比率=5000000*0.8=40000007。Shareholders'equity=Totalassets-Totalliabilities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:Usingacomputerspreadsheet,theinformationpresentedbelow,andthemodifiedequationsdeterminedinquestion4above,extendtheforecastforR&ESupplies

containedinTable3.5through2007.IsR&E’sexternalfinancingrequiredin2007higherorlowerthanin2006?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&ESuppliesAssumptionsfor2007($thuus￡inds)Growthrateinnetsales30.0%Taxrate45.0%Costofgoodsold/netsales86.0%Dividen(Vearningsaftertax50.0%General,selling.andadministrfitiveexpense/netsfiles11.0%Currentassets/netsales29*0%Long-termdebt56。Netfixedassets270Currentportionlong-termdebt100Currentliabilities/netsales1444%Interestrate10.0%PreI'orinaI'orecasti'or SkippliesIncomeStatemenlT<etsalesCostofgoodssoId<jrossprofit$33.49528^8074.689Generaseilinguandad.ii^inistrativ^eexpense3^685Iiilerestexi5en.se327Etiroiiigsilz>dorcry*<57STax305Etiroing lax.373OivicLejitcLspaid.1.87AddLtionmtoretataT.ed.earningsS1.I如匕 1\h-l=o:i.k1.冬2714Zel127口率以。S4，：UTT31lliulliliticH84總2mI torm5GO1scfiiilyrl'oL<il 1iLios<SZsociniLy囂7二"8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%)=25766x1.3=33496(2)銷售成本/銷售凈額=86%銷售成本=銷售凈額x86%=33496x0。86=28807(3)毛利=銷售凈額一銷售成本=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=銷售凈額x11%=33496x0。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)x10%=(560+100+X)x10%=66+0.1X(6)稅前利潤(rùn)=毛利一行政、銷售與管理費(fèi)用一利息費(fèi)用=4689—3685—(66+0。1X)=938—0。1X(7)所得稅=稅前利潤(rùn)乂45%=(938-0.1X)x0o45=422-0.045X(8)稅后利潤(rùn)=稅前利潤(rùn)一所得稅=938-0。1X—(422-0.045X)=516—0.055X(9)股利/稅后利潤(rùn)=50%可知股利=稅后利潤(rùn)x50%=(516-0.055X)x50%=258-0.0275X10)留存收益=稅后利潤(rùn)一股利=516—0。055X-(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%⑴流動(dòng)資產(chǎn)=銷售凈額x29%=33496x29%=9714(2)流動(dòng)負(fù)債=銷售凈額x14.4%=33496x14。4%=4823(3)權(quán)益=股利+06年的股東權(quán)益=258—0.0275X+1808=2066—0.0275X(4)資產(chǎn)合計(jì)=流動(dòng)資產(chǎn)+固定資產(chǎn)凈值=9714+270=9984(5)負(fù)債與股東權(quán)益合計(jì)=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,0.9275乂=2535,X=2606.68-2607(2607-1548=1059-1000)利息費(fèi)用=66+0o1X=66+2607x0.1=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%=372x50%=186留存收益=稅后利潤(rùn)-股利=372—186=186權(quán)益=2066—0。0275X=2O66—Oo0275x2607=1994p143課后第3題3.問：PCAInternational,Inc。，isoneoflargestcolorportrait(肖像)photographychains(連鎖店)inNorthAmerica。Thecompanyphotographs,develops,andsellsportraitpackagesthroughstudiosoperatedinKmartstores。Followingareselectedfinancialdataforthecompanyfortheperiod1991-1995。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.19911992199319941995Profitmargin(%)4。5.3Retentionratio(%)78。465.753.947。871.9Assetturnover4。33。Financialleverage5。64.22.02。01.8Growthrateinsales(%)6。98.0(6。2)(2。9)(0。1)問:a。Ca1culatePCA'ssustainablegrowthrateineachyear.譯：計(jì)算PCA公司每一年的可持續(xù)增長(zhǎng)率.答：19911992199319941995g*(%)90。647。09.66.916.591年g*=4。8%*78.4%*4.3*5.6=90.6%92年g*=5.5%*65.7%*3.1*4.2=47。0%93年g*=3.3%*53.9%*2.7*2.0=9。6%94年g*=3.0%*47.8%*2。4*2.0=6.9%95年g*=5.3%*71.9%*2。4*1.8=16.5%問：b。Comparingthecompany'ssustainablegrowthratewithitsactualgrowthrateinsales,whatgrowthproblemsdidPCAfaceoverthisperiod?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'ssustainablegrowthrateineveryyearexceededitsactualgrowthratebyawidemargin。Thecompanywasgeneratingmorecashfromoperationsthanitcouldproductive1yemployItschallengewaswhattodowiththeexcesscash。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.Howdidthecompanycopewiththeseproblems?譯:公司是怎樣應(yīng)付這些問題的?答:PCAcopedwithactualgrowthbelowsustainablelevelsintwoways。Italloweditsassetturnovertofallfrom4。3timesin1991to2。4timesin1995,anditsharplyreduceditsdebtfrom5。6timesin1991to1.8timesin1995.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.InMarch1995,PCAannounceda$7.5millionstockbuyback,aboutequa1insizetoearningsthatyear.Fromagrowthmanagementperspective,wasthisawisemove？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：StockrepurchasemadesenseforPCA.Theyappeartohave1ittleproductiveuseforthemoneytheyearnwithinthefirm,sotheyshouldreturnittotheowners,eitherasdividendsorintheformofasharerepurchase。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：UnionFidelityCompany(UFC)hasthefollowingratiosfortheyears1999through2003：UnionFidelity公司(b01999—2003年間的財(cái)務(wù)比率如下：1999 2000。2001 20022003Profitmargin(%)利潤(rùn)率 38。5。 37。937機(jī)3。 38。538。.7

Retentionratio(%)留存收益比率Retentionratio(%)留存收益比率1。00。0 100。0100。。0100.0Assetturnover資產(chǎn)周轉(zhuǎn)率e 0.2 0.2 0.3Financialleverage財(cái)務(wù)杠桿 1.3 1.4。 1。41.83.5。Growthrateinsales(%)銷售增長(zhǎng)率53。2 36.4 46.549。問:A.CaIculateUFC'ssustainablegrowthrateineachyear.譯:計(jì)算RHI公司每一年的可持續(xù)增長(zhǎng)率。答：1991 20002001-2002 2003可持續(xù)增長(zhǎng)率實(shí)際增長(zhǎng)率10.010。6b 15.717 。。3 20.953。2 36.4 46.5 49.340.100.00。.33 40.660。3問：B.DoesUFChaveagrowthprob1em?譯：UFC公司是否出現(xiàn)增長(zhǎng)問題?答：1owerthanitsactualgrowthrate.UFCdoesUFCdoeshaveasustainablegrowthproblem.Itssustainab1egrowthrateismuch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.HowdidUFCcopewithitssustainablegrowthprob1em?譯:UFC公司如何應(yīng)付它的可持續(xù)增長(zhǎng)問題？答:Theincreaseinassetturnoverandfinancialleverageishelpingincreasethesustainablegrowthrate.Butthespreadbetweenthetworatesisstillsubstantialin2003。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。CalculateUFC'ssustainablegrowthratein2003assumingtheassetturnoverincreasesto0。4andthefinancialleveragedecreasesto1。6times.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:Asthefinancia1vicepresident