财务管理学习指导,习题与项目实训第12章 答案 (1)
财务管理实务学习指导、习题与实训(第二版)习题集参考答案高教版
习题集参考答案项目一财务管理导论任务一企业经济活动和财务管理一、单项选择题1.D2.B3.B4.C5.B6.C7.C8.B9.C 10.D11.A二、多项选择题1.ABC2.BD3.CD4.ABD5.ABCD6.ABCD7.AB8.BD9.ABCD 10.BD三、判断题1.错2.错3.对4.对5.错6.错7.对8.错9.对 10.对11.对任务二财务管理的目标和环境一、单项选择题1.C2.D3.D4.A5. B6.D7.C8.C9.C 10.D11.C 12.A二、多项选择题1.ABCD2.ABCD3.ABCD4.ABC5.ACD6.ABC7. ABCD8. BCD9. AD 10. ABC11.AC 12.BCD 13.ABC 14.ABD 15.ABCD16.ABC三、判断题1.错2.错3.错4.对5.错6.错7.对8.错9.错 10.对11.对12.错13.对14.对15.错任务三财务管理的环节和体制一、单项选择题1.C2.B3.A4.D5.A6.B7.C8.B9.A 10.A 11.A 12.C 13.B二、多项选择题1.AC2.ABCD3.ACD4.ABC5.ABD6.ABC7.ABD8.CD9.AB 10.ACD 11.ABCD 12.ABCD 13.ACD三、判断题1.错2.错3.错4.错5.对6.对7.错8.对9.错10.错11.错12.对13.对14.对项目二财务管理观念任务一资金时间价值计算一、单项选择题1.D2.A3.C4.C5.A6.A7.A8.C9.D 10.B11.B 12.C 13.A 14.A 15.D 16.B二、多项选择题1.AB2.ACD3.BCD4.BD5.ABC6.ABC7.AB8.BC 9.ABD 10.AB三、判断题1.√2.√3.×4.×5.×6.×7.×8.×9.× 10.×11.√ 12.√ 13.× 14.× 15.×四、计算分析题1. 答：F =P（1+i×n）=2500×1000×(1+6.5%×5) =2500000×1.3250= 3312500(元)2. 答：P = F/(1+ i×n) =153.76 / (1+8%×3) =153.76 / 1.24=124（元）3. 答：F =P（F/P，i,n）=1280000×(F/P,12%,8) =1280000×2.4760=3169280 （元）4. 答：P =F×（P/F，i ,n）=1500000×(P/F,18%,4) =1500000×0.5158=773700（元）5. 答：P =200000×（P/F，12%，1）+250000×（P/F，12%，2）+300000×（P/F，12%，3）+280000×（P/F，12%，4）+260000×（P/F，12%，5）=200000×0.8929+25000000×0.7972+300000×0.7118+280000×0.6355+260000×0.5674 =916884（元）6. 答：（1）F =A×（F/A，i ,n）=2400×( F/A, 8%, 25) =2400×73.106=175454.40（元）（2）F =A×[（F/A，i ,n+1）-1] =2400×[（F/A，8%，25+1）-1] =2400×（79.954-1）=189489.60(元)7. 答：（1）每年年末支付租金=P×[1/（P/A ，16%，8）] =320000×[1 /（ P/A，16%，8）] =320000×[ 1 / 4.3436]=73671.61（元）(2) 每年年初支付租金=P ×[1/（P/A，i ,n-1）+1]=320000×[1/(P/A ,16%,8-1)+1]=320000×[1/(4.0386+1)]=63509.71（元）8. 答：A付款方式：P=80000×[（P/A，14%，8-1）+ 1 ] =80000×[ 4.2882 + 1 ]=423056（元）B付款方式：P= 132000×[（P/A，14% ，7）—（P/A，14%，2）] =132000×[4.2882–1.6467]=348678（元）C付款方式：P=100000 + 90000×（P/A，14%，6） =100000 + 90000×3.888=449983（元）应选择B付款方式。
财务管理课后答案 托马斯 chapter 12
Chapter 12Discussion Questions12-1. What are the important administrative considerations in the capital budgeting process?Important administrative considerations relate to: the search for and discoveryof investment opportunities, the collection of data, the evaluation of projects,and the reevaluation of prior decisions.12-2. Why does capital budgeting rely on analysis of cash flows rather than on net income?Cash flow rather than net income is used in capital budgeting analysis becausethe primary concern is with the amount of actual dollars generated. Forexample, depreciation is subtracted out in arriving at net income, but this non-cash deduction should be added back in to determine cash flow or actual dollarsgenerated.12-3. What are the weaknesses of the payback method?The weaknesses of the payback method are:a.There is no consideration of inflows after payback is reached.b.The concept fails to consider the time value of money.12-4. What is normally used as the discount rate in the net present value method?The cost of capital as determined in Chapter 11.12-5. What does the term mutually exclusive investments mean?The selection of one investment precludes the selection of other alternativeinvestments because the investments compete with one another. For example ifa company is going to build one new plant and is considering 5 cities, one citywill win and the others will lose.12-6. How does the modified internal rate of return include concepts from both the traditional internal rate of return and the net present value methods?The modified internal rate of return calls for the determination of the interestrate that equates future inflows to the investment as does the traditional internalrate or return. However, it incorporates the reinvestment rate assumption of thenet present value method. That is that inflows are reinvested at the cost ofcapital.12-7. If a corporation has projects that will earn more than the cost of capital, should it ration capital?From a purely economic viewpoint, a firm should not ration capital. The firmshould be able to find additional funds and increase its overall profitability andwealth through accepting investments to the point where marginal return equalsmarginal cost.12-8. What is the net present value profile? What three points should be determined to graph the profile?The net present value profile allows for the graphic portrayal of the net presentvalue of a project at different discount rates. Net present values are shown alongthe vertical axis and discount rates are shown along the horizontal axis.The points that must be determined to graph the profile are:a.The net present value at zero discount rate.b.The net present value as determined by a normal discount rate.c.The internal rate of return for the investment.12-9. How does an asset's ADR (asset depreciation range) relate to its MACRS category?The ADR represents the asset depreciation range or the expected physical lifeof the asset. Generally, the midpoint of the range or life is utilized. The longerthe ADR midpoint, the longer the MACRS category in which the asset isplaced. However, most assets can still be written off more rapidly than themidpoint of the ADR. For example, assets with ADR midpoints of 10 years to15 years can be placed in the 7-year MACRS category for depreciationpurposes.Chapter 12Problems1. Assume a corporation has earnings before depreciation and taxes of $90,000, depreciationof $40,000, and that it is in a 30 percent tax bracket. Compute its cash flow using theformat below.Earnings before depreciation and taxes _____Depreciation _____Earnings before taxes _____Taxes @ 30% _____Earnings after taxes _____Depreciation _____Cash flow _____12-1. Solution:Earnings before depreciation and taxes $90,000Depreciation –40,000Earnings before taxes 50,000Taxes @ 30% –15,000Earnings after taxes $35,000Depreciation +40,000Cash flow $75,0002. a. In problem 1, how much would cash flow be if there were only $10,000 indepreciation? All other factors are the same.b. How much cash flow is lost due to the reduced depreciation between problems1 and 2a?12-2. Solution:a. Earnings before depreciation and taxes $90,000Depreciation –10,000Earnings before taxes $80,000Taxes @ 30% –24,000Earnings after taxes $56,000Depreciation +10,000Cash flow $66,000b. Cash flow (problem 1) $75,000Cash flow (problem 2a) 66,000Difference in cash flow $ 9,000 3. Assume a firm has earnings before depreciation and taxes of $200,000 and no depreciation.It is in a 40 percent tax bracket.a. Compute its cash flow.b. Assume it has $200,000 in depreciation. Recompute its cash flow.c. How large a cash flow benefit did the depreciation provide?12-3. Solution:a. Earnings before depreciation and taxes $200,000Depreciation – 0Earnings before taxes 200,000Taxes @ 40% – 80,000Earnings after taxes 120,000Depreciation – 0Cash flow $120,00012-3. (Continued)b. Earnings before depreciation and taxes $200,000Depreciation –200,000Earnings before taxes 0Taxes @ 40% 0Earnings after taxes 0Depreciation 200,000Cash flow $200,000c. The $200,000 in depreciation provided a cash flow benefitof $80,000.Cash flow (b) $200,000Cash flow (a) 120,000Cash flow benefit $ 80,000 4. Bob Cole, the president of a New York Stock Exchange-listed firm, is very short termoriented and interested in the immediate consequences of his decisions. Assume a project that will provide an increase of $3 million in cash flow because of favorable taxconsequences, but carries a three-cent decline in earning per share because of a write-off against first quarter earnings. What decision might Mr. Cole make?12-4. Solution:Bob ColeBeing short term oriented, he may make the mistake of turning down the project even though it will increase cash flowbecause of his fear of investors’ negative reaction to the morewidely reported quarterly decline in earnings per share. Eventhough this decline will be temporary, investors might interpret it as a negative signal.Year Investment A Investment B1 $30,000 $40,0002 50,000 30,0003 20,000 15,0004 60,000 15,0005 —50,000Which of the two alternatives would you select under the payback method?12-5. Solution:Payback for Investment X Payback for Investment Y$100,000–$30,000 1 year $100,000–40,000 1 Year 70,000–50,000 2 years 60,000–30,000 2 years20,000–20,000 3 years 30,000–15,000 3 years15,000–15,000 4 yearsPayback Investment X = 3 yearsPayback Investment Y = 4 yearsInvestment X should be selected because of the faster payback.Year Investment X Investment Y1 $ 6,000 $15,0002 8,000 20,0003 9,000 10,0004 17,000 —5 20,000 —Which of the alternatives would you select under the payback method?12-6. Solution:Payback for Investment X Payback for Investment Y$40,000–$ 6,000 1 year $40,000–$15,000 1 year 34,000–8,000 2 years 25,000–20,000 2 years26,000–9,000 3 years 5,000/10,000 .5 years17,000–17,000 4 yearsPayback Investment X = 4.00 yearsPayback Investment Y = 2.50 yearsInvestment Y would be selected because of the faster payback.7. Referring back to problem 6, if the inflow in the fifth year for Investment X were$20,000,000 instead of $20,000, would your answer change under the payback method? 12-7. Solution:The $20,000,000 inflow would still leave the payback period for Investment X at 4 years. It would remain inferior to InvestmentY under the payback method.8. The Short-Line Railroad is considering a $100,000 investment in either of two companies.The cash flows are as follows:Year Electric Co. Water Works1................... $70,000 $15,0002................... 15,000 15,0003................... 15,000 70,0004-10 ............. 10,000 10,000a. Using the payback method, what will the decision be?b. Explain why the answer in part a can be misleading.12-8. Solution:Short-Line Railroada. Payback for Electric Co.Payback for Water Works$100,000–$70,000 1 year $100,000–$15,000 1 year 30,000–15,000 2 years 85,000–15,000 2 years15,000–15,000 3 years 70,000–70,000 3 yearsPayback (Electric Co.) = 3 yearsPayback (Water Works) = 3 yearsb. The answer in part a is misleading because the twoinvestments seem to be equal with the same payback periodof three year. Nevertheless, the Electric Co. is a superiorinvestment because it recovers large cash flows in the firstyear, while the large recovery for Water Works is not untilthe third year. The problem is that the payback method doesnot consider the time value of money.9. X-treme Vitamin Company is considering two investments, both of which cost $10,000.The cash flows are as follows:Year Project A Project B1 .................... $12,000 $10,0002 .................... 8,000 6,0003 .................... 6,000 16,000a. Which of the two projects should be chosen based on the payback method?b. Which of the two projects should be chosen based on the net present value method?Assume a cost of capital of 10 percent.c. Should a firm normally have more confidence in answer a or answer b?12-9. Solution:X-treme Vitamin Companya. Payback MethodPayback for Project A10,000=.83 years12,000Payback for Project B10,0001 year=10,000Under the Payback Method, you should select Project Abecause of the shorter payback period.12-9. (Continued)b. Net Present Value MethodProject AYear Cash Flow PV IF at 10%Present Value1 $12,000 .909 $10,9082 $ 8,000 .826 $ 6,6083 $ 6,000 .751 $ 4,506Present Value of Inflows $22,022Present Value of Outflows 10,000Net Present Value $12,022Project BYear Cash Flow PV IF at 10%Present Value1 $10,000 .909 $ 9,0902 $ 6,000 .826 $ 4,9563 $16,000 .751 $12,016Present Value of Inflows $26,062Present Value of Outflows 10,000Net Present Value $16,062 Under the net present value method, you should selectProject B because of the higher net present value.c. A company should normally have more confidence in answerb because the net present value considers all inflows as wellas the time value of money. The heavy late inflow for ProjectB was partially ignored under the payback method.10. You buy a new piece of equipment for $16,980, and you receive a cash inflow of $3,000per year for 12 years. What is the internal rate of return?12-10. Solution:Appendix DIFA $16,980PV 5.660$3,000==IRR = 14%For n = 12, we find 5.660 under the 14% column.11. Warner Business Products is considering the purchase of a new machine at a cost of$11,070. The machine will provide $2,000 per year in cash flow for eight years. Warner’s cost of capital is 13 percent. Using the internal rate of return method, evaluate this project and indicate whether it should be undertaken.12-11. Solution:Warner Business ProductsAppendix DPV IFA = $11,070/$2,000 = 5.535IRR = 9%For n = 8, we find 5.353 under the 9% column.The machine should not be purchased since its return is under13 percent.12. Elgin Restaurant Supplies is analyzing the purchase of manufacturing equipment that willcost $20,000. The annual cash inflows for the next three years will be:Year Cash Flow1................. $10,0002................. 9,0003................. 6,500a. Determine the internal rate of return using interpolation.b. With a cost of capital of 12 percent, should the machine be purchased?12-12. Solution:Elgin Restaurant Suppliesa. Step 1 Average the inflows.$10,0009,0006,500÷=$25,5003$8,500Step 2 Divide the inflows by the assumed annuity in Step 1.Investment$20,0002.353==Annuity8,500Step 3 Go to Appendix D for the 1st approximation.The value in Step 2 (for n = 3) falls between13% and 14%.Step 4 Try a first approximation of discounting back the inflows. Because the inflows are biased towardthe early years, we will use the higher rate of 14%.Year Cash Flow PV IF at 14%Present Value1 $10,000 .877 $ 8,7702 9,000 .769 6,9213 6,500 .675 4,388$20,079 Step 5 Since the NPV is slightly over $20,000, we need to try a higher rate. We will try 15%.Year Cash Flow PV IF at 15% Present Value1 $10,000 .870 $ 8,7002 9,000 .756 6,8043 6,500 .658 4,277$19,781 Because the NPV is now below $20,000, we know the IRR is between 14% and 15%. We will interpolate.$20,079 ........... PV @ 14% $20,079............. PV @ 14% –19,781 ........... PV @ 15% –20,000............. Cost$ 298 $ 7914% + ($79/$298) (1%)= 14% + .265 (1%) = 14.265% IRRThe IRR is 14.265%If the student skipped from 14% to 16%, the calculations to find the IRR would be as follows:Year Cash Flow PV IF at 16%Present Value1 $10,000 .862 $ 8,6202 9,000 .743 6,6873 6,500 .641 4,167$19,474 $20,079 ........... PV @ 14% $20,079............. PV @ 14%–19,474 ........... PV @ 16% –20,000............. Cost$ 605 $ 7914% + ($79/$605) (2%)=14% + (.131) (2%) = 14.262%This answer is very close to the previous answer, thedifference is due to rounding.b. Since the IRR of 14.265% (or 14.262%) is greater than thecost of capital of 12%, the project should be accepted.13. Aerospace Dynamics will invest $110,000 in a project that will produce the following cashflows. The cost of capital is 11 percent. Should the project be undertaken? (Note that the fourth year’s cash flow is negative.)Year Cash Flow1................. $36,0002................. 44,0003................. 38,0004................. (44,000)5................. 81,00012-13. Solution:Aerospace DynamicsYear Cash Flow PV IF at 11%Present Value1 $36,000 .901 $ 32,4362 44,000 .812 35,7283 38,000 .731 27,7784 (44,000) .659 (28,996)5 81,000 .593 48,033Present value of inflows $114,979Present value of outflows 110,000Net present value $ 4,979 The net present value is positive and the project should beundertaken14. The Horizon Company will invest $60,000 in a temporary project that will generate thefollowing cash inflows for the next three years.Year Cash Flow1................. $15,0002................. 25,0003................. 40,000The firm will also be required to spend $10,000 to close down the project at the end of the three years. If the cost of capital is 10 percent, should the investment be undertaken?12-14. Solution:Horizon CompanyPresent Value of InflowsYear Cash Flow× PV IF at 10%Present Value1 $15,000 .909 $13,6352 25,000 .826 20,6503 40,000 .751 30,040$64,325 Present Value of Outflows0 $60,000 1.000 $60,0003 10,000 .751 7,510$67,510Present Value of inflows $64,325Present Value of outflows 67,510Net present value ($ 3,185) The net present value is negative and the project should not beundertaken.Note, the $10,000 outflow could have been subtracted out ofthe $40,000 inflow in the third year and the same answerwould result.15. Skyline Corp. will invest $130,000 in a project that will not begin to produce returns untilafter the 3rd year. From the end of the 3rd year until the end of the 12th year (10 periods), the annual cash flow will be $34,000. If the cost of capital is 12 percent, should this project be undertaken?12-15. Solution:Skyline CorporationPresent Value of InflowsFind the Present Value of a Deferred AnnuityA = $34,000, n = 10, i = 12%PV A= A × PV IFA (Appendix D)PV A= $34,000 × 5.650 = $192,100Discount from beginning of the third period (end of secondperiod to present):FV = $192,100, n = 2, i = 12%PV = FV × PV IF (Appendix B)PV = $192,100 × .797 = $153,104Present value of inflows $153,104Present value of outflows 130,000Net present value $ 23,104The net present value is positive and the project should beundertaken.16. The Ogden Corporation makes an investment of $25,000, which yields the followingcash flows:Year Cash Flow1................. $ 5,0002................. 5,0003................. 8,0004................. 9,0005................. 10,000a. What is the present value with a 9 percent discount rate (cost of capital)?b. What is the internal rate of return? Use the interpolation procedure shown in thischapter.c. In this problem would you make the same decision in parts a and b12-16. Solution:Ogden Corporationa.Year Cash Flow ×PV IF @ 9% =Present Value1 $ 5,000 .917 $ 4,5852 5,000 .842 4,2103 8,000 .772 6,1764 9,000 .708 6,3725 10,000 .650 6,500Present value of inflows $27,843Present value of outflows –25,000Net present value $ 2,843b. Since we have a positive net present value, the internal rateof return must be larger than 9%. Because of uneven cashflows, we need to use trial and error. Counting the net presentvalue calculation as the first trial, we now try 11% for oursecond trial.12-16. (Continued)Year Cash Flow×PV IF @ 11% =Present Value1 $ 5,000 .901 $ 4,5052 5,000 .812 4,0603 8,000 .731 5,8484 9,000 .659 5,9315 10,000 .593 5,930Present value of inflows $26,274A two percent increase in the discount rate has eliminated overone-half of the net present value so another two percent shouldbe close to the answer.Year Cash Flow×PV IF @ 13% =Present Value1 $ 5,000 .885 $ 4,4252 5,000 .783 3,9153 8,000 .693 5,5444 9,000 .613 5,5175 10,000 .543 5,430Present value of inflows $24,831$26,274 ........... PV @ 11% $26,274............. PV @ 11%24,831 ............. PV @ 13% 25,000............. Cost$ 1,443 $ 1,274$1,27411%(2%)11%.883(2%)11% 1.77%12.77% +=+=+=$1,443Approximately the same answer can be derived byinterpolating between 12% and 13% instead of 11% and 13%.c. Yes, both the NPV is greater than 0 and the IRR is greaterthan the cost of capital.17. The Danforth Tire Company is considering the purchase of a new machine that wouldincrease the speed of manufacturing and save money. The net cost of this machine is $66,000. The annual cash flows have the following projections.Year Cash Flow1 ................ $21,0002 ................ 29,0003 ................ 36,0004 ................ 16,0005 ................ 8,000a. If the cost of capital is 10 percent, what is the net present value?b. What is the internal rate of return?c. Should the project be accepted? Why?12-17. Solution:The Danforth Tire Companya. Net Present ValueYear Cash Flow×10% PV IF Present Value1 $21,000 .909 $19,0892 29,000 .826 23,9543 36,000 .751 27,0364 16,000 .683 10,9285 8,000 .621 4,968Present value of inflows $85,975Present value of outflows –66,000Net present value $19,975b. Internal Rate of ReturnWe will average the inflows to arrive at an assumed annuity. $ 21,000 29,000 36,000 16,000 8,000$110,000/5 = $22,000We divide the investment by the assumed annuity value.IFA $66,0003 = PV $22,000Using Appendix D for n = 5, 20% appears to be a reasonable first approximation (2.991). We try 20%. Year Cash Flow × 20% PV IF = Present Value 1 $21,000 .833 $ 17,493 2 29,000 .694 20,126 3 36,000 .579 20,844 4 16,000 .482 7,712 58,000 .402 3,216 Present value of inflows $69,391Since 20% is not high enough, we try the next highest rateat 25%. Year Cash Flow × 25% PV IF = Present Value 1 $21,000 .800 $16,800 2 29,000 .640 18,560 3 36,000 .512 18,432 4 16,000 .410 6,560 58,000 .328 2,624 Present value of inflows $62,976The correct answer must fall between 20% and 25%. Weinterpolate.$69,391 ........... PV @ 20% $69,391............. PV @ 20%62,976 ............ PV @ 25% 66,000............. (Cost)$ 6,415 $ 3,3913,39120%(5%)20%.529 (5%)20% 2.645%22.65% 6,415+=+=+=c. The project should be accepted because the net present valueis positive and the IRR exceeds the cost of capital.18. You are asked to evaluate two projects for Adventures Club, Inc. Using the net presentvalue method combined with the profitability index approach described in footnote 2 on page ____, which project would you select? Use a discount rate of 12 percent.Project X (trips to Disneyland) ($10,000 investment)Project Y (international film festivals) ($22,000 investment)Year Cash Flow Year Cash Flow1 .............................. $4,000 1 ................................. $10,8002 .............................. 5,000 2 ................................. 9,6003 .............................. 4,200 3 ................................. 6,0004 .............................. 3,600 4 ................................. 7,000Adventures Club, Inc.NPV for Project X Year Cash Flow PV IF at 12% Present Value 1 $4,000 .893 $ 3,572 2 5,000 .797 3,985 3 4,200 .712 2,990 43,600 .636 2,290 Present value of inflows $12,837 Present value of outflows (Cost) –10,000 Net present value $ 2,837Present value of inflowsPr ofitability index (X)Pr esent value of outflows$12,837 1.2837$10,000===NPV for Project Y Year Cash Flow × PV IF at 12%= Present Value 1 $10,800 .893 $ 9,644 2 9,600 .797 7,651 3 6,000 .712 4,272 47,000 .636 4,452 Present value of inflows $26,019 Present value of outflows –22,000 Net present value $ 4,019Present value of inflowsPr ofitability index (Y)Pr esent value of outflows$26,019 1.1827$22,000===You should select Project X because it has the higherprofitability index. This is true in spite of the fact that it has alower net present value. The profitability index may beappropriate when you have different size investments. It tellsyou that for every dollar of outflows, the present value of theinflows is worth x dollars. For project X we get 1.2837 vs1.1827 for project Y. Project X has the higher internal rate ofreturn but project Y will add more value to the firm.19. Cablevision, Inc., will invest $48,000 in a project. The firm’s discount rate (cost of capital)is 9 percent. The investment will provide the following inflows.2 ................. 10,0003 ................. 16,0004 ................. 19,0005 ................. 20,000The internal rate of return is 15 percent.a. If the reinvestment assumption of the net present value method is used, what will bethe total value of the inflows after five years? (Assume the inflows come at the end ofeach year.)b. If the reinvestment assumption of the internal rate of return method is used, what willbe the total value of the inflows after five years?c. Generally is one investment assumption likely to be better than another?12-19. Solution:Cablevision, Inc.a. Reinvestment assumption of NPVNo. of FutureYear Inflows Rate Periods Value Factor Value1 $10,000 9% 4 1.412 $14,1202 10,000 9%3 1.295 12,9503 16,000 9% 2 1.188 19,0084 19,000 9% 1 1.090 20,7105 20,000 –0 1.000 20,000$86,788b. Reinvestment assumption of IRRNo. of FutureYear Inflows Rate Periods Value Factor Value1 $10,000 15% 4 1.749 $17,4902 10,000 15%3 1.521 15,2103 16,000 15% 2 1.323 21,1684 19,000 15% 1 1.150 21,8505 20,000 –0 1.000 20,000$95,718c. Not necessarily. However, for investments with a very highIRR, it may be unrealistic to assume that reinvestment cantake place at an equally high rate. The net present valuemethod makes the more conservative assumption ofreinvestment at the cost of capital.20. The 21st Century Corporation uses the modified internal rate of return. The firm has a costof capital of 8 percent. The project being analyzed is as follows ($20,000 investment):YearCash Flow1................. $10,0002................. 9,0003.................6,800a . What is the modified internal rate of return? An approximation from Appendix B is adequate. (You do not need to interpolate.)b .Assume the traditional internal rate of return on the investment is 14.9 percent. Explain why your answer in part a would be lower.12-20.Solution:21st Century Corporation Terminal Value (end of year 3)a. Period ofFutureGrowthFV factor (8%)Value Year 1 $10,000 2 1.166 $11,660 Year 2 9,000 1 1.080 9,720 Year 3 6,800 0 1.000 6,800Terminal Value$28,180To determine the modified internal rate of return, calculate the yield on the investment.IF PV PV (Appendix B)FV$20,000=.709728,180===Use Appendix B for 3 periods, the answer is approximately 12 percent (.712).12-20. (Continued)b. The modified internal rate of return (MIRR) is lower than thetraditional internal rate of return because with the MIRR youare assuming inflows are being reinvested at the cost ofcapital (8%) whereas with the traditional internal rate ofreturn, you are assuming inflows are being reinvested at theIRR (14.9 percent).21. Oliver Stone and Rock Company uses a process of capital rationing in its decision making.The firm’s cost of capital is 12 percent. It will invest only $80,000 this year. It hasdetermined the internal rate of return for each of the following projects.Project Project SizePercent of Internal Rate ofReturnA .......................... $15,000 14%B .......................... 25,000 19C .......................... 30,000 10D .......................... 25,000 16.5E .......................... 20,000 21F .......................... 15,000 11G .......................... 25,000 18H .......................... 10,000 17.5a. Pick out the projects that the firm should accept.b. If Projects B and G are mutually exclusive, how would that affect your overall answer?That is, which projects would you accept in spending the $80,000?12-21. Solution:Oliver Stone and Rock CompanyYou should rank the investments in terms of IRR.Project IRR Project Size Total BudgetE 21% $20,000 $ 20,000B 19 25,000 45,000G 18 25,000 70,000H 17.5 10,000 80,000D 16.5 25,000 105,000A 14 15,000 120,000F 11 15,000 135,000C 10 30,000 165,000a. Because of capital rationing, only $80,000 worth of projectscan be accepted. The four projects to accept are E, B, G andH. Projects D and A provide positive benefits also, butcannot be undertaken under capital rationing.b. If Projects B and G are mutually exclusive, you would selectProject B in preference to G. In summary, you would acceptE, B, H and D. Project D would replace G and is of the same$25,000 magnitude.22. Miller Electronics is considering two new investments. Project C calls for the purchase of acoolant recovery system. Project H represents an investment in a heat recovery system.The firm wishes to use a net present value profile in comparing the projects. Theinvestment and cash flow patterns are as follows:Project C ($25,000 Investment)Project H ($25,000 investment)Year Cash Flow Year Cash Flow1 ........................... $ 6,000 1 ............................... $20,0002 ........................... 7,000 2 ............................... 6,0003 ........................... 9,000 3 ............................... 5,0004 ........................... 13,000a. Determine the net present value of the projects based on a zero discount rate.b. Determine the net present value of the projects based on a 9 percent discount rate.c. The internal rate of return on Project C is 13.01 percent, and the internal rate of returnon Project H is 15.68 percent. Graph a net present value profile for the twoinvestments similar to Figure 12-3. (Use a scale up to $10,000 on the vertical axis,with $2,000 increments. Use a scale up to 20 percent on the horizontal axis, with5 percent increments.)d. If the two projects are not mutually exclusive, what would your acceptance orrejection decision be if the cost of capital (discount rate) is 8 percent? (Use the netpresent value profile for your decision; no actual numbers are necessary.)e. If the two projects are mutually exclusive (the selection of one precludes the selectionof the other), what would be your decision if the cost of capital is (1) 5 percent,(2) 13 percent, (3) 19 percent? Use the net present value profile for your answer.。
财务管理学习指导与练习(第2版)答案部分
附录1综合自测习题与答案《财务管理》试卷一一、单项选择题(每题1分，共25分)1.企业与受资者的财务关系体现为( )。
A.债权债务关系B.强制与无偿的分配关系C.投资与受资关系D.受资与投资关系2.没有通货膨胀时，( )的利率可以视为纯利率。
A.短期借款B.公司债券C.国库券D.金融债券3.对于因资产的流动性不好而使投资者承担了更多的不确定性因素，为此所给予投资者的补偿属于( )。
A.违约风险报酬率B.流动性风险报酬率C.期限风险报酬率D.通货膨胀补偿率4.理论上可以从量上表示资金时间价值的是( )。
A.银行同期贷款利率B.银行同期存款利率C.社会资金平均利润率D.股票股利利率5.在利息不断资本化的条件下，资金时间价值的计算基础应采用( )。
A.单利B.复利C.年金D.普通年金6.偿债基金系数是( )的倒数。
A.普通年金终值系数B.普通年金现值系数C.复利终值系数D.复利现值系数7.投资者敢于冒着风险进行投资的原因是( )。
A.可获得报酬B.可获得利润C.可获得时间价值的报酬率D.可获得风险报酬率8.当债券的票面利率小于市场利率时，债券应该( )发行。
A.平价B. 折价C. 溢价D.不能确定9.按股东权利义务的差别，股票可分为( )。
A.记名股票和无记名股票B.国家股、法人股、个人股C.普通股和优先股D.面值股和无面值股10.不能作为融资租赁的租赁方式是( )。
A.经营租赁B.售后回租C.直接租赁D.杠杆租赁11.在下列个别资本成本的计算中，不必考虑筹资费用影响因素的是( )。
A.长期借款B.长期债券C.留用利润D.普通股12.经营杠杆产生的原因是企业存在( )。
A.固定营业成本B.销售费用C. 财务费用D.管理费用13.财务杠杆系数同企业资本结构密切相关，需支付固定性资金成本的债务资金所占比重越大，企业的财务杠杆系数( )。
A.越小B.越大C.不变D.反比例变化14.每股利润无差别点是指两种筹资方案下，普通股每股利润相等时的( )。
财务管理(清华大学)第二版课本习题答案
第1章 财务管理总论【题1—1】（1）无限责任即467 000元；（2）因为600 000－36 000＝564 000＞467 000，即洪亮仍需承担467 000元，合伙人没有承担风险；（3）有限责任即263 000－90 000＝173 000元。
【题1—2】（1）若公司经营的产品增值率低则应争取一般纳税人，否则是小规模纳税人；（2）理论上的征收率＝［增值额/销售收入］×增值税率，若大于实际征收率应选择小规模纳税人，若小于则应选择一般纳税人，若相等是没有区别的。
【题1—3】25.92％ 【题1—4】应积极筹集资金回购债券。
第2章 财务管理基本价值观念 【题2—1】（1）计算该项改扩建工程的总投资额： 2000×（F/A ，12%，3）=2000×3.3744=6748.80（万元）从以上计算的结果表明该矿业公司连续三年的投资总额为6748.80万元。
（2）计算该公司在7年内等额归还银行全部借款的本息的金额：67480.80÷（P/A ，12%，7）=6748.80÷4.5638=1478.77（万元）计算结果表明，该项工程完工后，该矿业公司若分7年等额归还全部贷款的本息，则每年末应偿付1478.77万元。
（3）计算该公司以每年的净利和折旧1800万元偿还银行借款，需要多少年才能还清本息。
（P/A ，12%，n ）=6748.80÷1800=3.7493 查1元年金现值表，在12%这一栏内找出与3.7493相邻的两个年金现值系数及其相应的期数，并采用插值法计算如下：年）(29.52852.05)56(1114.46048.37493.36048.35=+==-⨯--+=n以上计算结果表明，该公司如果每年末用1800万元来归还贷款的全部本息，需要5.29年可还清。
【题2—2】10年收益于2003年年初的现值为:800000×（P/A ，6%，10）×（P/F ，6%，5）=800000×7.3601×0.7473=4400162（元）或：800000×（P/A ，6%，15）-800000×（P/A ，6%，5） =800000×9.7122-800000×4.2124=4399840（元） 【题2—3】P ＝3×（P ／A ， 6％， 6）＝3×4.9173=14.7915（万元）宋女士付给甲开发商的资金现值为：10＋14.7915＝ 24.7915 （万元）如果直接按每平方米2000元购买，宋女士只需要付出20万元，由此可见分期付款对她而言不合算。
财务管理课后习题及答案
财务管理课后习题及答案一、名词解释1．财务管理2．财务管理的目标3．股东财富最大化4．企业价值最大化二、填空题1．在多元财务目标中，有一个处于支配地位，起主导作用的目标，称之为（）其他一些处于被支配地位，对主导目标的实现有配合作用的目标，称之为（）。
2．财务管理目标的相对稳固性、（）与（）是财务管理目标的基本特征。
3．根据财务目标的层次性，可把财务目标分成整体目标、（）与（）。
4．企业的价值只有在（）与（）达到比较好的均衡时才能达到最大。
5．企业财务管理的原则通常包含系统原则、（）、（）、（）优化原则。
6．财务预测的方法要紧有（）与（）两类。
7．财务决策的方法要紧有（）、数学微分法、线性规划法、（）与（）。
8．财务操纵的方法包含（）、（）与（）三种。
四、单项选择题1．我国财务管理的最优目标是( )。
A．总产值最大化B．利润最大化C．股东财富最大化D．企业价值最大化2．企业同其所有者之间的财务关系反映的是( )。
A．经营权与所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系3．企业同其债权人之间的财务关系反映的是( )。
A．经营权与所有权关系B．债权债务关系C．投资与受资关系D债务债权关系4根据财务目标的多元性，能够把财务目标分为( )。
A产值最大化目标与利润最大化目标B主导目标与辅助目标C整体目标与分部目标D筹资目标与投资目标5影响企业价值的两个最基本因素是( )。
A时间与利润B利润与成本C风险与报酬D风险与贴现率五、多项选择题1企业的财务活动包含( )。
A企业筹资引起的财务活动B企业投资引起的财务活动C企业经营引起的财务活动D企业分配引起的财务活动E企业管理引起的财务活动2企业的财务关系包含( )。
A企业同其所有者之间的财务关系B企业同其债权人之间的财务关系C企业同被投资单位的财务关系D企业同其债务人的财务关系E企业与税务机关之间的财务关系3根据财务目标的层次性，可把财务目标分成( )。
《财务管理》课后习题详细完整版参考答案
《财务管理》课后实训参考答案项目一任务二1. 不同财务管理目标的优缺点。
答：第一，利润最大化的优点是促进企业提高劳动生产率，降低产品成本，有利于企业资源的合理配置和经济效益的提高；利润指标比较具体客观，很容易计算与取得，很容易被企业管理者接受；缺点是它一个绝对指标，没有考虑投入与产出的关系；没有考虑货币时间价值，没有有效的考虑风险与收益之间的关系，导致企业财务决策短期行为。
第二，每股收益最大化的优点是可以在不同资本数额规模的企业或同一企业不同时期之间进行比较；缺点是(1)仍然没有考虑每股盈余取得的时间性。
(2)仍然没有考虑每股盈余的风险性。
(3) 仍然不能避免企业的短期行为。
第三，股东财富最大化的优点是第一考虑了风险因素，因为通常股价会对风险作出敏感的反应；在一定程度上能避免企业的短期行为，因为不仅目前的利润会影响股票价格，与其未来的利润同样会影响股价；对上市公司而言，股东财富最大化目标比较容易量化，便于考核和奖励。
缺点是该目标通常只可以作为股份有限公司的目标，不适宜独资企业和合伙企业，因为后者不存在股价等问题；股价受很多因素的影响，有些外在因素在很大程度上不属于管理当局可控范围之内，理财人员的行为不能有效地影响股东财富；另外，股东财富最大化目标强调更多的是股东利益，而对其他相关者利益重视不够。
第四，企业价值最大化的优点是考虑了资金的时间价值，风险与报酬的关系，能将企业长期、稳定的发展和持续的获利能力放在首位，能克服企业在追求利润短期行为，用价值代替了价格，克服了过多受外界市场因素的干扰有效的避免了企业的短期行为；它的优点是该目标过于理论化，不易操作，对于非上市公司，只有对企业进行专门的评估才能确定其价值，而评估企业价值很难做到客观和准确。
2．沃尔玛的财务管理目标是什么？对其成功有何影响？答：沃尔玛的财务管理目标是相关者利益最大化。
沃尔玛在其经营战略和经营策略中追求股东利益、顾客利益、员工利益、供应商利益，以及社会利益等几个反面利益相关者的利益最大化，并最终达到利益相关者财富最大化。
财务管理习题与实训(第二版)答案
第一章总论【练习题答案及解析】一、单项选择题1．Ｃ【解析】企业的资金随着生产经营活动的进行不断地改变形态，经过供应、生产、销售三个过程，周而复始的进行循环和周转。
企业资金只有不断地循环和周转才能既保存自己的价值又实现其价值的增值。
2．D【解析】金融市场的分类，按照期限划分可以将金融市场分为短期金融市场和长期金融市场；按照金融工具的属性分为基础性金融市场与金融衍生品市场；按照证券交易的方式和次数分为初级市场和次级市场；按照交割的方式分为现货市场、期货市场和期权市场。
3．C【解析】本题的考点是财务管理的特点。
财务管理是资金的管理，财务管理的内容紧围绕资金，包括筹资管理、投资管理、资金营运管理、分配管理。
4．D【解析】本题要考核的是财务关系的基本含义。
企业在组织财务活动过程中与有关各方发生的经济利益关系称为财务关系。
5．B【解析】纯利率是没有风险和通货膨胀情况下的均衡点利率，即资金时间价值的相对数表示。
6．D【解析】本题考核的是财务管理目标相关表述优缺点的比较。
财务管理目标有三种主要表述，每种表述有其自身的优缺点。
对于股票上市企业，虽可通过股票价格的变动揭示企业价值，但股价是受多种因素影响的结果，特别在即期市场上的股价不一定能够直接揭示企业的获利能力。
7．D【解析】本题考核的是财务管理的含义。
财务管理是企业各项经济管理工作中的一种工作，其工作的主要内容就是组织企业财务活动，处理各方面财务关系。
8．C【解析】本题考核的是财务管理目标三种表述的比较。
企业价值最大化目标中所指的企业价值不是账面资产的总价值，而是企业全部资产的市场价值，它反映了企业潜在或预期获利能力。
9．B【解析】投资者与企业发生的财务关系中，有对企业的净资产享有的分配权。
10．B【解析】财务决策是指财务人员在财务目标的总体要求下，通过专门的方法从各种备选方案中选出最佳方案。
在市场经济条件下，财务管理的核心是财务决策。
11．Ｃ【解析】企业价值是通过市场评价而确定的企业买卖价格，是企业全部资产的市场价值，它反映了企业潜在或预期的获利能力。
财务会计习题与实训(第四版答案)12第十二章收入费用利润(答案)
第十二章收入、费用和利润567题一、单项选择题部分题目解析：7.出售商品收入80 000+出租固定资产收入15 000=95 000元8. 60 0009,收发存货造成得存货盘盈应计入“管理费用”10. A预计产品质量保证损失记入“销售费用”，C专设售后服务网点得职工薪酬记入“销售费用”，D企业负担的生产职工得养老保险费记入“生产成本”1LC收到政府作为资本性投入得财政拨款，属于投入资本记入“实收资本”12.政府补助二100+80=180万元，政府减免得税收不属于政府补助。
15.营业利润二主营业务收入+其他业务收入-主营业务成本-其他业务成本-税金及附加- 管费用-销售费用-财务费用-信用减值损失-资产减值损益+其他收益+资产处置收益（- 资产处置损失）+公允价值收益（-公允价值损失）-投资收益（-投资损失）二2000-1500-80-60-70-30+100-40+45=365万元。
营业外收入、营业外支出、所得税费用与营业利润无关。
16.存货跌价损失记入资产减值损失；B坏账损失记入资产减值损失；C接受捐赠资产发生的相关费用记入捐赠资产价值。
19.新收入准则，现金折扣冲减收入。
24.70000+ （500000-500000*15%） =49500025.830000-（830000-30000）*25%=63000033.120 0 00+120 0 00*1396- (120000+120000*13%) *1%=13424434. 100*2. 5-15-25=210现金折扣冲减主营业务收入。
36.(1800-200+6) *25%=40L 5 万元37.200*60%-80=40 万元38.税金及附加=35+ (38+35) *10%=42. 3 万元。
二、多项选择题LB出售固定资产的收取的价款记入“固定资产清理”2.出售专利权的收入记入“资产处置损益”，C处置营业用房的净收益记入“资产处置损益”12.按新收入准则，给予的现金折扣不再确认为财务费用A不正确。
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第十二章利润分配参考答案一、填空1．净利润（即税后利润） 给投资者分红2． “谁投资谁收益” 投资与收益对等3． 弥补以前年度亏损 提取法定盈余公积金 公益金后的余额 年初未分配利润贷方余额4． 与股利有关的事项5． 法律因素 企业因素 股东意愿6． 股利支付率 剩余股利政策 固定股利政策 固定股利支付率政策 正常股利加额外股利政策7． 现金股利 股票股利 财产股利和负债股利 现金股利和股票股利8．股利宣告日 每股股利、股权登记日、除息日 股利支付日9． 有权领取股利的股东资格登记截止 领取股利的权利与股票相互分离的 即向股东发放股利的10．发行在外的流通股票库藏股二、判断题1．√ 2．√ 3．× 4．√ 5．√6．× 7．× 8．× 9．× 10．×三、单项选择题1、B2、D3、D4、B5、Ｃ6、Ａ7、Ｃ8、Ａ9、D 10、D 11、B 12、B 13、B 14、D 15、Ａ16、Ｃ17、Ａ18、Ｃ19、Ｃ20、B四、多项选择题1、ＡＢＣＤ2、ＡＢＣ3、ＡＢＣＤ4、ＡＢ5、ＡＢＣ6、ＡＢ7、ＢＣＤ8、ＡＢＣ9、ＡＢＣ 10、ＡＢＤ11、ＡＢ 12、ＣＤ 13、ＡＢＣＤ 14、ＡＢＤ 15、ＡＢＣＤ16、ＡＢＤ 17、ＡＢＣ 18、ＢＤ 19、ＡＣ 20、ＡＢＣ五、名词解释1． 股利分配政策：股利分配政策是指企业管理层对与股利有关的事项所采取的方针策略。
股利分配在公司制企业经营理财决策中，始终占有重要地位。
2．．剩余股利政策：剩余股利政策主张，企业未来有良好的投资机会时，根据企业设定的最佳资本结构，确定未来投资所需的权益资金，先最大限度地使用留用利润来满足投资方案所需的权益资本，然后将剩余部分作为股利发放给股东。
3．固定股利政策：固定股利政策表现为每股股利支付额固定的形式。
其基本特征是，不论经济情况如何，也不论企业经营好坏，不降低股利的发放额，将企业每年的每股股利支付额，稳定在某一特定水平上保持不变。
4．固定股利支付率政策：固定股利支付率政策，是将每年盈利的某一固定百分比作为股利分配给股东。
5．正常股利加额外股利政策：正常股利加额外股利政策是介于固定股利与固定股利支付率之间的一种股利政策。
其特征是：企业一般每年都支付较低的固定股利，当盈利增长较多时，再根据实际情况加付额外股利。
6．现金股利：现金股利是指企业以现金的方式向股东支付股利，也称为红利。
现金股利是企业最常见的、也是最易被投资者接受的股利支付方式。
7．股票股利：股票股利是指应分给股东的股利以额外增发股票形式来发放。
以股票作为股利，一般都是按在册股东持有股份的一定比例来发放，对于不满一股的股利仍采用现金发放。
8．股利宣告日：股利宣告日是指董事会将股东大会决议通过的分红方案（或发放股利情况）予以公告的日期。
在公告中将宣布每股股利、股权登记日、除息日和股利支付日等事项。
9．股票分割：股票分割，又称股票拆细，即将一张较大面值的股票拆成几张较小面值的股票。
10．股票回购：股票回购，是指上市公司出资将其发行在外的流通股票以一定价格购买回来予以注销或作为库藏股的一种资本运作方式。
六、思考题1． 答：（1）弥补以前年度亏损。
（2）提取法定盈余公积金。
（3）提取法定公益金。
（4）支付优先股股息。
（5）提取任意盈余公积金。
（6）支付普通股股利。
2．答：一般认为，企业股利政策的影响因素主要有法律因素、企业因素、股东意愿及其他因素等几个方面：（1）法律因素。
为了保障债权人、投资者和国家三方的利益，有关法规对企业的股利分配有如下限制：①资本保全限制：资本保全限制规定，企业不能用资本发放股利。
②资本积累限制：资本积累限制规定，企业必须按税后利润的一定比例和基数，提取法定公积金和法定公益金。
企业当年出现亏损时，一般不得给投资者分配利润。
③偿债能力限制：偿债能力限制是指企业必须按时足额偿付各种到期债务。
如果企业已经无力偿付到期债务或因支付股利将使其失去偿债能力，则企业不能支付现金股利。
（2）企业因素。
企业资金的灵活周转，是企业生产经营得以正常进行的必要条件。
因此企业长期发展和短期经营活动对现金的需求，便成为对股利的最重要的限制因素。
其相关因素主要有：资产的流动性、投资机会、筹资能力、盈利的稳定性、资本成本等。
（3）股东意愿。
股东在避税、规避风险、稳定收入和股权稀释等方面的意愿，也会对企业的股利政策产生影响。
毫无疑问，企业的股利政策不可能使每个股东财富最大化，企业制定股利政策的目的在于，对绝大多数股东的财富产生有利影响。
（4）其他因素。
影响股利政策的其他因素主要包括，不属于法规规范的债务合同约束、政府对机构投资者的投资限制以及因通货膨胀带来的企业对重置实物资产的特殊考虑等。
3．答：股利分配政策的核心问题是确定支付股利与留用利润的比例，即股利支付率问题，常用的股利政策主要有以下几种类型：（1）剩余股利政策。
剩余股利政策主张，企业未来有良好的投资机会时，根据企业设定的最佳资本结构，确定未来投资所需的权益资金，先最大限度地使用留用利润来满足投资方案所需的权益资本，然后将剩余部分作为股利发放给股东。
（2）固定股利政策。
固定股利政策表现为每股股利支付额固定的形式。
其基本特征是，不论经济情况如何，也不论企业经营好坏，不降低股利的发放额，将企业每年的每股股利支付额，稳定在某一特定水平上保持不变，只有企业管理当局认为企业的盈利确已增加，而且未来的盈利足以支付更多的股利时，企业才会提高每股股利支付额。
（3）固定股利支付率政策。
固定股利支付率政策，是将每年盈利的某一固定百分比作为股利分配给股东。
实行这一政策的企业认为，只有维持固定股利支付率，才能使股利与公司盈利紧密结合，体现多盈多分、少盈少分、不盈不分的原则，这样才算真正做到公平的对待每一股东。
（4）正常股利加额外股利政策。
正常股利加额外股利政策是介于固定股利与固定股利支付率之间的一种股利政策。
其特征是：企业一般每年都支付较低的固定股利，当盈利增长较多时，再根据实际情况加付额外股利。
这种股利政策适用于盈利与现金流量波动不够稳定的企业，因而也被大多数企业所采用。
4．答：企业通常以多种形式发放股利，股利支付形式一般有现金股利、股票股利、财产股利和负债股利，其中最为常见的是现金股利和股票股利。
在现实生活中，我国上市公司的股利分配广泛采用一部分股票股利和一部分现金股利的做法，其效果是股票股利和现金股利的综合。
5。
5．答：公司必须事先确定与股利支付相关的时间界限，这个时间界限包括：（1）股利宣告日。
股利宣告日是指董事会将股东大会决议通过的分红方案（或发放股利情况）予以公告的日期。
在公告中将宣布每股股利、股权登记日、除息日和股利支付日等事项。
（2）股权登记日。
股权登记日是指有权领取股利的股东资格登记截止日期。
只有在股权登记日前在公司股东名册上有名的股东，才有权分享当期股利，在股权登记日以后列入名单的股东无权领取股利。
（3）除息日。
除息日是指领取股利的权利与股票相互分离的日期。
在除息日前，股利权从属与股票，持有股票者即享有领取股利的权利；从除息日开始，股利权与股票相分离，新购入股票的人不能享有股利。
在我国，由于采用次日交割方式，则除息日与登记日差一个工作日。
（4）股利发放日。
即向股东发放股利的日期。
6．答：（1）股票分割会使公司股票每股市价降低，使更多的资金实力有限的潜在股东变成持股的股东，可以促进股票的流通和交易。
（2）股票分割可以向投资者传递公司发展前景良好的信息，有助于提高投资者对公司的信心。
（3）股票分割可以为公司发行新股做准备。
在新股发行之前，利用股票分割降低股票价格，可以促进新股的发行。
（4）股票分割有助于公司并购政策的实施，增加对被并购方的吸引力。
（5）股票分割带来的股票流通性的提高和股东数量的增加，会在一定程度上加大对公司股票恶意收购的难度。
7．答：（1）动机：在证券市场上，股票回购的动机主要可概括为以下几点：①现金股利的替代②提高每股收益③改变公司的资本结构④传递公司的利好信息以稳定或提高公司的股价⑤巩固既定控制权或转移公司控制权⑥防止敌意收购⑦满足认股权的行使⑧满足企业兼并与收购的需要（2）对上市公司的不利影响：①股票回购需要大量资金支付，容易导致公司资金紧张，资产流动性降低，影响公司的后续发展；②公司进行股票回购，无异于部分股东退出和公司资本的减少，在一定程度上削弱了对债权人利益的保障；③股票回购可能使公司的发起人股东更注重创业利润的兑现，而忽视了公司的长远发展，损害公司的根本利益；④股票回购容易导致公司操纵股价。
公司回购自己的股票，容易导致其利用内幕消息进行炒作，或操纵财务信息，加剧公司行为的非规范化，投资者蒙受损失。
8．答：股票回购包括以下三种方式：（1）公开市场回购。
公开市场回购，是指公司在股票的公开交易市场上以等同于任何潜在投资者的地位，按照公司股票当前市场价格回购股票。
（2）要约回购。
要约回购，是指公司在特定期间向市场发出的以高出当前市场价格的某一价格，回购既定数量股票的要约。
（3）协议回购。
协议回购，是指公司以协议价格直接向一个或几个主要股东回购股票。
七、计算与分析题1、答案：（1）因为2+3+5+8-20=-2，所以不交不分。
（2）应交所得税=（10-2）*0.33=2.64 ；提两金=（8-2.64）*0.15=0.8042、答案：应交所得税=（100-15）*0.33=28.05；提两金=（85-28.05-10）*0.15=7.0425可供投资者分配利润=85-28.05-10-7.0425=39.90753、答案：留存利润=120*0.6=72；发放股利=100-72=28；对外筹资=120-72=284、答案：100/1-0.5=2005、答案：股本余额=5000（1+10%）=5500；资本公积余额=2000+500*3=3500盈余公积余额=1000；未分配利润=4500-500*4=25006、答案：两金=500*0.15=75；现金股利=（200+500-75）*0.3=187.57、答案：2000（1+0.2）*0.1=2408、答案：股利支付总额=1000（1+0.1）*0.2=220；股利支付率=220/900=24.44%9、答案：留存收益=2000（1-0.45%）=1100；现金股利=1500-1100=400；外部筹资=2000-1100=90010、答案（1）1000*0.33=330；（2）（1000-330）*0.15=100.5（3）留存收益=700*0.5=350现金股利=1000-330-350=32011、答案：（1）900（1-0.33）=603；（2）603*0.15=90.45；（3）3000*0.1=300（4）350+603*0.85-300=562.5512、答案：（1）15000*0.15=2250（2）50000（1+0.1）*0.1=5500（3）股本余额=50000（1+0.1）=55000；资本公积余额=60000+5000*1=65000盈余公积余额=25000+2250=27250；未分配利润余额=15000+15000*0.85-5000*2-5500=12250。