财务成本管理问题解答(一)VIP免费

第1页共7页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共7页'《财务成本管理》问题解答(一)1.问:教材中有哪些文字或数字错误需要更正?答:(1)第259页第2行,"价值低于价格",应改为"价格低于价值"。(2)第265页第14-15行,"前一种方法"应改为"后一种方法";"后一种方法"应改为"前一种方法"。(3)第277页表10-11,第11年的"负债合计"数"1653.46",应改为"1483.17"。(4)第280页第17行,"每股净投资"应改为"每股股权净投资"。(5)第281页表10-15,第2006年的"加:营运资本增加"项"3.5168",应改为“1.1944”。受此数字影响的其他数据,都需要更改,见下表的黑体字。年份2000200120022003200420052006一无限收入增长率20%20%20%20%20%6%每股收入202428.834.5641.472049.766452.7524营运资本40%40%40%40%40%40%40%/收入营运资本89.611.5213.82416.588819.906621.1010营运资1.33331.61.922.3042.76483.31781.1944本增加净利润44.85.766.91208.29449.953310.5505资本支出3.74.445.3286.39367.67239.20689.7592减：折旧1.72.042.4482.93763.52514.23014.4840加：营运1.33331.61.922.3042.76483.31781.1944第2页共7页第1页共7页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共7页资本增加=净投资3.333344.85.766.91208.29446.4696×(1一负0.90.90.90.90.90.90.9债比例)股权净投资3.003.604.325.18406.22087.46505.8227股权自由1.00001.20001.44001.72802.07362.48834.7278现金流量折现系数0.9174310.8416800.7721830.7084250.649931(9%)每股现金1.10091.21201.33431.46901.6172流量现值预测期价值6.73227.63后续期价值147.95股权价145.68值合计与该表有关的文字也应一并修改:第282页第9-13行应改为,后续期第一年自由现金流量后续期价值＝―――――――――――――――(资本成本-永续增长率)=5.8227/(8.07694%-6%)=227.63(元)后续期价值的现值=227.63×O.649931=147.95(元)计算股票价值:价值合计=6.73十147.95=154.68(元/股)(6)第282页第25行,"趋近于零",应改为"趋近于1"。(7)第284页表10-16,原表数字有误,正确的数字如下:年200020012002200320042005200620072008200920102011份增长33.0033.0033.0033.0033.0027.0022.2016.8%11.4%6.00%6.00%第3页共7页第2页共7页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共7页%%%%%%%率累计增长率27.6%55.93%82.12%102.88%15.06%127.96%每股2.53.32504.42235.88167.822510.403913.275416.222618.948021.108122.374523.7170收益资本1.21.59602.12272.82323.75484.99396.37227.78689.095010.131910.73980.0000支出折0.7"0.93101.23821.64682.19032.91313.71714.54235.30545.91036.26490.0000|日收1013.300017.689023.546431.290141.615853.101864.890375.791984.432289.498194.8680入营运45.32007.07569.410512.516016.646321.240725.956130.316833.772935.799337.9472资本营运资11.32001.75562.33493.10554.13034.59444.71544.36063.45612.02642.1480本增加净投1.98502.64013.51134.67006.21117.96008.15027.67776.50132.1480资股权自由1.34001.78222.37083.15254.19296.02628.262610.797813.430315.873321.5691现金第4页共7页第3页共7页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共7页流量1.251.251.251.251.251.221.191.161.131.11.1国库券7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%7.0%利率股票补5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%偿率股权资13.875%13.875%13.875%13.875%13.875%13.710%13.545%13.380%13.215%13.050%13.050%本成本折现0.87820.77120.67720.59470.52220.45930.40450.35670.31510.2787系数现1.1771.3741.6051.8752.1902.7673.3423.8524.2324.434值高成长18.6181.1771.3741.6051.8752.190期现值转换期18.6182.7673.3423.8524.2324.424现第5页共7页第4页共7页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第5页共7页'值后续期85.275305.9440现值每股112.114价值与该表有关的数字,也应一并修改:第283页第9-14行应改为,高增...