1、Chapter 1Goal OF FirmN0.2, 3, 4, 5, 10.2. Not-for-Profit Firm Goals Suppose you were the financial manager of a not-for-profit business (a not-for-profit hospital, perhaps). What kinds of goals do you think would be appropriate?答：所有者權益的市場價值的最大化 。3. Goal of the Firm Evaluate the following statement:

2、Managers should not focus on the current stock value because doing so will lead to an overemphasis on short-term profits at the expense of long-term profits.答：錯誤；因為現在的股票價值已經反應了短期和長期的的風險、時間以及未來現金流量。4. Ethics and Firm Goals Can the goal of maximizing the value of the stock conflict with other goals, s

3、uch as avoiding unethical or illegal behavior? In particular, do you think subjects like customer and employee safety, the environment, and the general good of society fit in this framework, or are they essentially ignored? Think of some specific scenarios to illustrate your answer.答：有兩種極端。一種極端，所有的東

4、西都被定價。因此所有目標都有一個最優水平，包括避免不道德或非法的行為，股票價值最大化。另一種極端，我們可以認為這是非經濟現象, 最好的處理方式是通過政治手段。一個經典的思考問題給出了這種爭論的答案：公司估計提高某種產品安全性的成本是30 萬美元。然而，該公司認為提高產品的安全性只會節省20 萬美元。請問公司應該怎么做呢?”5. International Firm Goal Would the goal of maximizing the value of the stock differ for financial management in a foreign country? Why o

5、r why not?答：財務管理的目標都是相同的，但實現目標的最好方式可能是不同的 ( 因為不同的國家有不同的社會、政治環境和經濟制度)10. Goal of Financial Management Why is the goal of financial management to maximize the current value of the company s stock? In other words, why isn t the goal to maximize the future value?答：最大化現在公司股票的價格和最大化未來股票價格是一樣的。股票的價值取決于公司未來

6、所有的現金流量。從另一方面來看，支付大量的現金股利給股東，股票的預期價格將會上升。Chapter 21. Building a Balance Sheet Sankey, Inc., has current assets of $4,900, net fixed assets of $25,000, current liabilities of $4,100, and long- term debt of $10,300. What is the value of the shareholders equity accountfor this firm? How much is net wor

7、king capital?=25000-10300=14700答： 所有者權益 =資產-負債 the shareholders ' equity account凈運營資本 噬動資產-流動負債net working capital=4900-4100=800損益表銷售額435 000成本216 000折舊40 000息稅前利潤179 000利息費用21 000稅前利潤158 000稅收（35%>55 300凈利潤102 700答:2. Building an Income Statement Shelton, Inc., has sales of $435,000, costs o

8、f $216,000, depreciation expense of $40,000, interest expense of $21,000, and a tax rate of 35 percent. What is the net income for the firm? Suppose the company paid out $30,000 in cash dividends. What is the addition to retained earnings?息稅前利潤=銷售額-成本-折舊 稅前利潤=息稅前利潤-利息費用 稅收=稅前利潤x35%凈利潤=稅前利潤-稅收凈利潤=股利+

9、留存收益，即留存收益=凈利潤-股利=102700-30000=727004. Calculating Taxes The Stefani Co. had $198,000 in taxable income. Using the rates from Table 2.3 inthe chapter, calculate the company' s income taxes. What is the average tax rate? What is the marginal taxrate?(表 2.3 P23 )答： 0.15 x 50000 = 75000.25 x (75000

10、-5000) = 62500.34 x (100000-75000) = 85000.39 x (198000-100000) = 38220稅款總額=7500+6250+8500+38220=60470平均稅率=60470/198000=0.3054邊際稅率=0.3913. Building an Income Statement During the year, the Senbet Discount Tire Company had gross sales of $925,000. The firm ' s cost of goods sold and selling expen

11、ses were $490,000 and $220,000, respectively. Senbet also had notes payable of $740,000. These notes carried an interest rate of 4 percent. Depreciation was $120,000. Senbet ' s tax rate was 35 percent.a. What was Senbet' s net income?b. What was Senbet' s operating cash flow?答:損益表銷售額925

12、 000成本490 000銷售費用220 000折舊120 000凈利潤為42510息稅前利潤95 000經營現金流量=息稅前利潤+折舊-稅收利息費用29 600=192110稅前利潤65 400稅收（35%22 890凈利潤42 51017. Marginal versus Average Tax Rates (Refer to Table 2.3.) Corporation Growth has $82,500 in taxable income, and Corporation Income has $8,250,000 in taxable income.a. What is the

13、tax bill for each firm?b. Suppose both firms have identified a new project that will increase taxable income by $10,000. How much in additional taxes will each firm pay? Why is this amount the same?答：a.成長公司應納稅額=5000OX 15%+25000 25%+10000 34%=17150盈利公司應納稅額=5000OX 15%+25000 25%+25000 34%+235000 39%+81

14、65000 34%=2890000b.10000X34%=3400邊際稅率都為34%因為所有新產生的現金流量都按邊際稅率征稅。22. Financial Statements Draw up an income statement and balance sheet for this company for 2014 and 2015.20142015 1Sales$ 生402510,091DepriciationIJSO1351Cose ofsold3,13S3t672Other eitpentes767641Interest630724Cash&244Accounts receiw

15、able652773&2Shprt-temn note payable9S3B?5Long-term debt”11 32&0N et fixed assets4134642邛2Accounts payable5,1775.022Inventory1 L6O41 1,916DivkJ印出1,1471261資產負債和所有者權益2014201520142015流動資產流動負債現金49316244應付票據953895應收賬款65277352應付賬款51795022存貨1160411926小計61325917小計2306225522固定資產長期負債1615219260凈固定資產4134

16、642332所有者權益4212442677資產總額6440867854負債和所有者權益總額26440867854損益表20142015利息630724銷售額940210091股禾U11471261銷售成本32353672息稅前利潤40504427折舊13501351稅前利潤34203703其他費用767641稅收（34%1162.81259.02凈利潤2257.22443.98留存收益1110.21182.98Chapter 34. Sustainable Growth In the chapter, we used Rosengarten Corporation to demonstrate

17、 how to calculate EFN. The ROE for Rosengarten is about 7.3 percent, and the plowback ratio is about 67 percent. If you calculate the sustainable growth rate for Rosengarten, you will find it is only 5.14 percent. In our calculation for EFN, we used a growth rate of 25 percent. Is this possible? （Hi

18、nt: Yes. How?） （可持續增長在本章的我們使用 Rosengarten 公司演示了如何計算EFN 外匯融資需求。其 ROE 權益報酬率約為7.3%，再投資率約為67%。如果你計算其可持續增長率，你會發現它只有5.14%。我們在計算EFN 時，采用的增長率是25%。這可能嗎？提示：是。怎么做？）答：可能；可持續發展公式的兩個假設條件是公司都不想賣股權，財務政策是固定的。由于ROE銷售利潤率X總資產周轉率X權益權數，因此可以采取提高外部股權、提高銷售利潤率（經營效率）、提高總資產周轉率 （資產使用效率） 、提高權益乘數 （增加負債權益比，融資政策）或者改變股利政策提高留存比率的方法來實

19、現高于可持續增長率的速度增長。 （課本 P86-89 ）6. Common-Size Financials One tool of financial analysis is common-size financial statements. Why do you think common-size income statements and balance sheets are used? Note that the accountingstatement of cash flows is not converted into a common-size statement. Why do

20、you think this is ? （同比 財務報表：財務分析的一種工具是常用的財務報表。為什么你認為同比收入報表和資產負債表被使用？請 注意，現金流量會計報表沒有轉換成同比報表。你認為這是為什么？） 答：共同比利潤表為財務經理提供公司的比率分析。例如，共同比利潤表可以顯示，產品銷售成本對銷售 額增加的彈性。共同比資產負債表能展現出公司依靠債券的融資增加。沒有共同比現金流量表的理由：不 可能有分母。Common-size financial statements provide the financial manager with a ratio analysis of the compa

21、ny . The common-size income statement can show ,for example , that cost of goods sold as a percentage of sales is increasing . The common-size balance sheet can show a firm' s increasing reliance on debt as a form of financing . Common-size statements of cash flows are not calculated fora simple

22、 reason: There is no possible denominator. （同比財務報表提供財務經理對公司的比率分析。例如，同比收入報表可以顯示銷 售百分比的銷售成本在增加。同比資產負債表可以顯示企業作為一種融資方式越來越依賴債務。現金流量 的一般規模報表不是用簡單的理由來計算的：沒有可能的分母。 ）8. Comparing ROE and ROA Both ROA and ROE measure profitability. Which one is more useful for comparing two companies? Why? （ ROA和ROE比較ROA和ROE衡

23、量盈利的能力。哪一個更能比較兩個 公司？為什么？）答： ROE;ROA1衡量每一美元所帶來凈利潤的指標；ROEW量該年度股東的匯報，ROE1真正的業績衡量底線。由于公司的目標是股東財富最大化，所以在對兩家公司進行對比時ROE更有用。9. Ratio Analysis Consider the ratio EBITD/Assets. What does this ratio tell us? Why might it be more useful than ROA in comparing two companies? （考慮 EBITD/Assets 的比率。這個比率告訴我們什么？為 什么比較

24、兩家公司時，它比 ROA 更有用呢？）答： EBITD / 資產比顯示了該公司的經營業績（ 息前稅前折舊前） 。該比例顯示公司的成本控制。雖然稅金是成本，折舊和攤銷費用也被認為是成本，但這些不易控制。相反的，折舊和待攤費用會因為會計方法的 選擇而改變。該比例只用于跟經營活動相關的成本，比ROAM好的度量管理績效。4. EFN The most recent financial statements for Heine, Inc., are shown here:Balance SheetIncome StatementSalesS40200AssetsCosts2 7 30 口Taxable

25、income3 12,900TotalTaxesNet income$ BSI4$I用5.000Debt $ 39,000Equity 106.000$I459UO Total $I45QDOAssets and costs are proportional to sales. Debt and equity are not. A dividend of $3,500 was paid, and thecompany wishes to maintain a constant payout ratio. Next year' s sales are projected to be $4

26、5,426. Whatexternal financing is needed?(課本P92.4類似 資產和成本與銷售收入成正比。負債和所有者權益卻不是。支付了 3500美元的股利，而該公司希望保持一個穩定的股利支付率。下一年的銷售額預計為45426美元。外部融資需求是多少？)答：45426/40200=1.13 ,故增長率為 0.13股利支付率=現金股利/凈利潤=3500/8514=0.4115. Sales and Growth預計股利=0.411x8514x1.13=3955Income StatementStatement Balance SheetSales45426AssetsDe

27、bt39000Costs30849EquityTaxableincome14577Accumulatedretainedearnings111665.82Taxes (34%)4956.18Total163850Total150665.82Net Income9620.82新增留存收益=凈利潤-股利=9620.82-3955=5665.82Accumulated retained earnings=106000+5665.82=111665.82EFN=163850-150665.82=13184.18The most recent financial statements for Wise

28、Co. are shown here:Income StatementBalance StieetSalesCosts$43.0002150QCurrent assetsFtxed assets$ 27.0001 18.000Long-term debtEquity$ 62,000mcome$21500Total$及5000ToulTaxes (34%)7川0Nf'T inrorneAssets and costs are proportional to sales. The company maintains a constant 30 percent dividend payout

29、 ratio and a constant debt equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued?(資產和成本與銷售額成正比。該公司保持著30%勺股利支付率和固定的負債權益比。如果沒有新的股票發行，銷售量的最大增長是多少？)答：股利支付率=現金股利/凈利潤=0.3 現金月哪J =14190x0.3=4257留存比率=1-股利支付率=1-0.3=0.7留存收益=留存收益增加額/凈禾J潤=0.7留存收益增加額=14190x0.7=

30、9933沒有新的股票發行意味著股東權益不變，ROE奇禾J潤 /權益總額=14190/83000=0.17096可持續增長率=(ROE x b ) / ( 1-ROE x b )=0.17096x0.7/1-0.17096x0.7=0.13594Sales=43000x0.13594=5845.4309. External Funds Needed Dahlia Colby, CFO of Charming Florist Ltd., has created the firm' s pro formabalance sheet for the next fiscal year. Sale

31、s are projected to grow by 10 percent to $360 million. Current assets, fixed assets, and short-term debt are 20 percent, 75 percent, and 15 percent of sales, respectively.Charming Florist pays out 30 percent of its net income in dividends. The company currently has $105million of long-term debt and

32、$46 million in common stock par value. The profit margin is 9 percent.a. Construct the current balance sheet for the firm using the projected sales figure.b. Based on Ms. Colby' s sales growth forecast, how much des Charming Florist need inexternal funds for the upcoming fiscal year?c. Construct

33、 the firm' s pro forma balance sheet for the next fiscal year and confirm the external fundsneeded that you calculated in part (b).13. External Funds Needed The Optical Scam Company has forecast a sales growth rateof 15 percent for next year. The current financial statements are shown here:a. Us

34、ing the equation from the chapter, calculate the external funds needed for next year.b. Construct the firm s pro fboarmlaance sheet for next year and confirm the external funds needed that you calculated in part (a).c. Calculate the sustainable growth rate for the company.d. Can the company eliminat

35、e the need for external funds by changing its dividend policy?What otheroptions are available to the company to meet its growth objectives?QP14. Days Sales in Receivables A company has net income of $314,000 a profit margi n of 8.9 percent, and an accounts receivable balance of $152,800. Assuming 80

36、 percent of sales are on credit, what is the company ' s days ' sales in receivables?應收賬款日銷售凈額為314000美元，利潤率為 8.9% 應收賬款余額為 152800 美元。假設80%的銷售額是信用的，那么公司的應收款日銷售額是多少？)QP15. Ratios and Fixed Assets The Whisenhunt Company has a ratio of long-term debt to long-term debt and equity of .29 and a curr

37、ent ratio of 1.20. Current liabilities are $1,280, sales are $6,140, profit margin is 8.9 percent, and ROE is 17.6 percent. What is the amount of the firmet fisxend assets?QP16. Calculating the Cash Coverage Ratio Panda Inc. s net income for the most recent year was $9,620. The tax rate was 34 perce

38、nt. The firm paid $2,380 in total interest expense and deducted $3,170 in depreciation expense. What was the company s cash coverage ratio for the year?Chapter 41、 貸款 100 萬， 15 年， 年利率 6%， 等額情況下， 月供多少？前三個月的月供中本金和利息分別是多少？答：A=P i(1+i) n/(1+i) n-1=P(A/p,i,n)A=1000 0000.005 ( 1+0.005) 180/ ( 1+0.005 ) 18

39、0-1=8438.5683第一個月 本金 A=F i /(1+i)n-1=F(A/F,i,n) =1000 000 0.005 /(1+0.005)180-1=3438.5683利息 =8438.5683-3438.5683=5000第二個月本金A=( 1000 000 -3438.5683 ) 0.005 /(1+0.005)179-1=3455.7611利息 =8438.5683-3455.7611=4982.8071第三個月本金A=( 1000 000 -3438.5683-3455.7611) 0.005 /(1+0.005)178-1=3473.0399利息 =8438.5683-3

40、473.0399=4965.52842、 貸款 100 萬， 15 年，年利率6%，等額還本情況下，前三個月的月供、本金、利息分別是多少？答：每月應還本金1000 000/180=5555.5556第一個月利息1000 000x0.005=5000月供 5555.5556+5000=10555.5556第二個月利息( 1000 000 -5555.5556 ) x0.005=4972.2223月供 5555.5556+4972.2223=10527.7778第三個月利息( 1000 000-2x5555.5556 ) x0.005=4944.4444月供 5555.5556+4944.4444

41、=10500.000043、假如還了 5年以后，利率變為8%前三個月的月供、本金、利息分別是多少? 答：等額還本還了 5 年 5x122x5555.556=333 333.336本金還剩 1000 000-333 333.336=666 666.664每月應還本金 666 666.664/(10x12)=5555.5556第一個月利息 666 666.664x0.007=4444.444月供 5555.5556+4444.444=10000.0004第二個月利息(666 666.664-5555.5556)x0.007=4627.778月供 5555.5556+4627.778=10183.3

42、33第三個月利息 4588.889月供 10144.4444、還了 6年，準備一次性還清，還本多少？等額本息(1 000 000x(1+15x6%) ) -(6x12x8438.5683)=1292423.9Chapter 51 .試比較下面兩項目方案的優劣？i=10%年份方案A方案B0-1000-100012005002200500330030043003005100030061500300累計靜態凈現金流量25001200計算NPV IRR、動靜態投資回收期、 PI問題：(1)在貼現率i =14%,分別計算比較方案 A與方案B的動態回收期。(2)方案A與方案B的IRR分別是？(3)在貼現率

43、分別為i=10%與i=33%時，方案A與方案B的NPV分別是？(4)在貼現率分別為i=10%與i=33%時，方案A與方案B的PI分別是？(5)計算方案 A與方案B的Incremental IRR ?(6)方案A與方案B的優劣如何必較？答：(現金流量表)NPV (凈現值)=-1000+200/(1+0.1)+ 200/(1+0.1)2+300/(1+0.1) 3+300/(1+0.1)+1000/(1+0.1) 5+1500/(1+0.1) 6=1245.04NPV=653.69(1)現金流量圖折現系數=1/ (1+i) n EXCEL/NPV=0(3) NPV/EXCEL(4) PI=未來現金

44、流量的現值/初始投資成本(P231)(5) EXCEL(6)在貼現率i=14%時,A方案動態回收期為4.56年，而B方案為2.88年。(僅從動態回 收期看，方案A可取。)如下表：年份方案A方案B方案A各年 現值方案B各年 現值投資回收期A投資回收期B0-1000-1000-1000-1000-1000-10001200500175439-825-5612200500154385-671-1773300300202202-468264300300178178-2915100030051915622961500300683137方案A與方案B的IRR分別是：32.9376%與33.4639%。(僅

45、從IRR看，方案B可取。) 在貼現率i-10%時，方案 A與方案B的NPV另J是：1245.04 與653.69;在貼現率i=33%時，方案 A與方案B的NPV另J是：-1.86 與± 8.28.在貼現率i=10%時，方案 A與方案B的PI分別是2.245與1.654;在貼現率為i=33%時，方案 A與方案B的PI分別是0.998與1.008.比選方案 A與方案B的方法是計算Incremental IRR. Incremental IRR= 32.1655%。(如果與貼現率10畸目比，方案A可取。)綜上，方案 A與方案B的比選要看 Ranking Criterion 而定奪。2 .T

46、o Buy or Not to Buy We are considering the purchase of a $200,000 computer-based inventory management system. It will be depreciated straight-line to zero over its four-year life. It will be worth $30,000 at the end of that time. The system will save us $60,000 before taxes in inventory related cost

47、s. The relevant tax rate is 39 percent. Because the new setup is more efficient than our existing one, we can carry less total inventory, thereby freeing up $45,000 in net working capital. What is the NPV at 16 percent? What is the IRR on this investment? (P259例10-3買還是不要買 我們正在考慮購買一套價值200 000美元的計算機輔助

48、存貨管理系統。在其4年的使用期限內將采用直線法折舊至0.4年后，該系統的市場價值為30 000美元。這套系統將為我們節省60 000美元稅前存貨成本。相關的稅率為39%因為新的系統水平下比我們現有的系統更加有效，使得我們能夠減少庫存總量，從而減少45 000美元的凈營運資本。在16%勺貼現率水平下凈現值多少？這項投資的DCF報酬率(IRR)是多少？)答：稅后成本節省為 60 000x(1-0.39)=36 600 每年折舊=200 000/4=50 000 折舊稅盾=50 000x0.39=19 500 每年的現金流量=360 600+195 00=56 100各系統稅后殘值為 30 000x

49、 ( 1-0.39 ) =18 30001234Operating cash flow （經營現金 流量）56 10056 10056 10056 100ChangeinNWC （凈營運 資本變動）45 000-45 000CapitalSpending (資 本性支出)-200 00018 300Total cash flow(總現金流 量)-155 00056 10056 10056 10029 4003.Chapter 71. How to calculate $189、$1295、$5942 .VariablePessimisticExpected or BestOptimisticM

50、arket size (per year)5.00010,00020.000Market share20%30%50%Price$ 1.9 million$2 milliori$2.2 milllorVariable cost (per plane)$ 1.2 nnilliori$ 1 million$一8 millionFixed cost (per year)$1.891 million$1,791 million$1,741 millionInvestment$1.900 million$1 ,500 nmllion$1.000 millionPessimisticExpected or

51、 BestOptimisticMarket百芝電-$ 1,802Wp Tllaf The Other M he firin Artimplyni ihM * r<rtl Oft 由考 prcjcct can o1?wr irxomrinfjnm. thereby nfrdwcing 拄 overjll taxes “ firm, 189Revenues ( Market size x Market share x Price)-Variable costs( Market size x Market share x Variable cost per)-Fixed costs-Depre

52、ciationPretax profitTax(34%)$1,517$8,154Market shiir 已 6%*1.5175,942Price853Ir5l72,844Variable costIB91517±844Fixed costL295LSI7L62SInvestment1.2081.517LW310 000 x 0.3 x 2 = 6 00010 000 x 0.3 x 1.2 = 3 60017911 500 / 5 = 300309309 x 0.34 = 105.06Under sensitivity analysis, one input 段 vancd whi

53、le all other inputs are assumed to meet their expectation. For example, an NPV of 51.002 occurs when the pessimistic forecast of 5,000 is used for market size while all other variables are set ar their expired forecasts from Table 7.2.Net profit309 105.06 = 203.94OCF( NI + Depreciation)203.94 + 300

54、= 503.941295Revenues ( Market size x Market share x Price)10 000 x 0.3 x 2 = 6 000- Variable costs( Market size x Market share x Variable cost per)10 000 x 0.3 x 1 = 3 000- Fixed costs1891- Depreciation1 500 / 5 = 300Pretax profit809Tax(34%)809 x 0.34 = 275.06Net profit809 275.06 = 533.94OCF( NI + D

55、epreciation)533.94 + 300 = 833.945942Revenues ( Market size x Market share x Price)10 000 x 0.5 x 2 = 10 000- Variable costs( Market size x Market share x Variable cost per)10 000 x 0.5 x 1 = 5 000- Fixed costs1791- Depreciation1 500 / 5 = 300Pretax profit2909Tax(34%)Net profitOCF( NI + Depreciation)2909 x 0.34 = 989.06 2909 989.06 = 1919.94 1919.94 + 300 = 2219.942. In the Solar Electronics Corporation's Jet Engine example, try to calculate the break-even