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注册会计师全国统一考试《财务成本管理》试题及答案(2011年)


carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducationa l success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mo bilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning , make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement th e education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulat ions, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the village, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

2011 年注册会计师考试《财务成本管理》试题及参考答案(更新完毕)

【相关链接】: 2011 年注会《财务成本管理》考试考试结束,考的怎样? 【第二届“东奥杯”大型有奖征文活动】关于“我的家庭”“我的考试”“我的爱情” ... 【注会考后北京同城活动】终于考完解脱了,还不赶紧放松下!

本试题卷使用的现值及终值系数表如下: (1)复利现值系数表

期数

5%

6%

7%

8%

1

0.9524 0.9434 0.9346 0.9259

2

0.9070 0.8900 0.8734 0.8573

3

0.8638 0.8396 0.8163 0.7938

9% 0.9174 0.8417 0.7722

10% 0.909l 0.8264 0.7513

11% 0.9009 0.8116 0.7312

12% 0.8929 0.7972 0.7118

4

0.8227 0.7921 0.7629 0.7350 0.7084 0.6830 0.6587 0.6355

5

0.7835 0.7473 0.7130 0.6806 0.6499 0.6209 0.5935 0.5674

6

0.7462 0.7050 0.6663 0.6302 0.5963 0.5645 0.5346 0.5066

7

0.6651 0.6227 0.5835 0.5470 0.5132 0.4817 0.4523

0.7107

8

0.6768 0.6274 0.5820 0.5403 0.5019 0.4665 0.4339 0.4039

9

0.6446 0.5919 0.5439 0.5002 0.4604 0.4241 0.3909 0.3606

10

0.6139 0.5584 0.5083 0.4632 0.4224 0.3855 0.3522 0.3220

(2)普通年金现值系数表

期数

5%

6%

7%

8%

9%

10%

11%

12%

l

0.9524 0.9434 0.9346 0.9259 0.9174 0.909l 0.9009 0.8929

2

1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.7125 1.690l

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fund amental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hi nki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Party rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

3

2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4437 2.4018

4

3.5460 3.4651 3.3872 3.312l 3.2397 3.1699 3.1024 3.0373

5

4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 3.6959 3.6048

6

5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.2305 4.1114

7

5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.7122 4.5638

8

6.4632 6,2098 5.9713 5.7466 5.5348 5.3349 5.1461 4.9676

9

7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 5.5370 5.3282

10

7.7217 7.3601 7.0236 6.710l 6.4177 6.1446 5.8892 5.6502

(3)复利终值系数表

期数

5%

6%

7%

8%

9%

10%

1 1% 12%

1

1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100 1.1200

2

1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.2321 1.2544

3

1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 1.3676 1.4049

4

1-2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.5181 1.5735

5

1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 1.685l 1.7623

6

1.3401 1.4185 1.5007 1.5809 1.6771 1.7716 1.8704 1.9738

7

1.4071 1.5036 1.6058 1.7738 1.8280 1.9487 2.0762 2.2107

8

1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 2.3045 2.4760

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

9

1.5513 1.6895 1.8385 1.9990 2.1719 2.3579 2.5580 2.773l

10

1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 2.8394 3.1058

一、单项选择题(本题型共 10 小题,每小题 1 分,共 10 分,每小题只有一个正确答案,请

从每小题的备选答案中选出一个你认为最正确的答案,在答题卡相应位置上用 2B 铅笔填涂

相应的答案代码,答案写在试卷上无效。)

1.机会成本概念应用的理财原则是(

)。

A.风险——报酬权衡原则

B.货币时间价值原则

C.比较优势原则

D.自利行为原则

【答案】D

【解析】P15

2.下列关于投资组合的说法中,错误的是(

)。

A.有效投资组合的期望收益与风险之间的关系,既可以用资本市场线描述,也可以用证券市

场线描述

B.用证券市场线描述投资组合(无论是否有效地分散风险)的期望收益与风险之间的关系的

前提条件是市场处于均衡状态

C.当投资组合只有两种证券时,该组合收益率的标准差等于这两种证券收益率标准差的加权

平均值

D.当投资组合包含所有证券时,该组合收益率的标准差主要取决于证券收益率之间的协方差

【答案】C

【解析】P109~114

3.使用股权市价比率模型进行企业价值评估时,通常需要确定一个关键因素,并用此因素的

可比企业平均值对可比企业的平均市价比率进行修正。下列说法中,正确的是(

)。

A.修正市盈率的关键因素是每股收益

B.修正市盈率的关键因素是股利支付率

C.修正市净率的关键因素是股东权益净利率

D.修正收入乘数的关键因素是增长率

【答案】C

【解析】P186

4.某公司股票的当前市价为 l0 元,有一种以该股票为标的资产的看跌期权,执行价格为 8

元,到期时间为三个月,期权价格为 3.5 元。下列关于该看跌期权的说法中,正确的是

(

)。

A.该期权处于实值状态

B.该期权的内在价值为 2 元

C.该期权的时间溢价为 3.5 元

D.买入一股该看跌期权的最大净收入为 4.5 元

【答案】C

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

【解析】P236

5.下列关于股利分配理论的说法中,错误的是(

)。

A.税差理论认为,当股票资本利得税与股票交易成本之和大于股利收益税时,应采用高现

金股利支付率政策

B.客户效应理论认为,对于高收入阶层和风险偏好投资者,应采用高现金股利支付率政策

C.“一鸟在手”理论认为,由于股东偏好当期股利收益胜过未来预期资本利得,应采用高

现金股利支付率政策

D.代理理论认为,为解决控股股东和中小股东之间的代理冲突,应采用高现金股利支付率

政策

【答案】B

【解析】P298

6.下列关于普通股发行定价方法的说法中,正确的是(

)。

A.市盈率法根据发行前每股收益和二级市场平均市盈率确定普通股发行价格

B.净资产倍率法根据发行前每股净资产账面价值和市场所能接受的溢价倍数确定普通股发

行价格

C.现金流量折现法根据发行前每股经营活动净现金流量和市场公允的折现率确定普通股发

行价格

D.现金流量折现法适用于前期投资大、初期回报不高、上市时利润偏低企业的普通股发行

定价

【答案】D

【解析】P318

7.如果企业采用变动成本法核算产品成本,产品成本的计算范围是(

)。

A.直接材料、直接人工

B.直接材料、直接人工、间接制造费用

C.直接材料、直接人工、变动制造费用

D.直接材料、直接人工、变动制造费用、变动管理及销售费用

【答案】C

【解析】P449

8.某企业只生产一种产品,生产分两个步骤在两个车间进行,第一车间为第二车间提供半

成品,第二车间将半成品加工成产成品。月初两个车间均没有在产品。本月第一车间投产

100 件,有 80 件完工并转入第二车间,月末第一车间尚未加工完成的在产品相对于本步骤

的完工程度为 60%;第二车间完工 50 件,月末第二车间尚未加工完成的在产品相对于本步

骤的完工程度为 50%。该企业按照平行结转分步法计算产品成本,各生产车间按约当产量

法在完工产品和在产品之间分配生产费用。月末第一车间的在产品约当产量为(

)件。

A.12

B.27

C.42

D.50

【答案】C

【解析】P444

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

9.下列成本估计方法中,可以用于研究各种成本性态的方法是(

)。

A.历史成本分析法

B.工业工程法

C.契约检查法

D.账户分析法

【答案】B

【解析】P501

10.下列关于经济增加值的说法中,错误的是(

)。

A.计算基本的经济增加值时,不需要对经营利润和总资产进行调整

B.计算披露的经济增加值时,应从公开的财务报表及其附注中获取调整事项的信息

C.计算特殊的经济增加值时,通常对公司内部所有经营单位使用统一的资金成本

D.计算真实的经济增加值时,通常对公司内部所有经营单位使用统一的资金成本

【答案】D

【解析】P547

二、多项选择题(本题型共 12 小题,每小题 2 分,共 24 分。每小题均有多个正确答案,请

从每小题的备选答案中选出你认为正确的答案,在答题卡相应位置上用 2B 铅笔填涂相应的

答案代码。每小题所有答案选择正确的得分;不答、错答、漏答均不得分。答案写在试题卷

上无效。)

1.假设其他条件不变,下列计算方法的改变会导致应收账款周转天数减少的有()。

A.从使用赊销额改为使用销售收入进行计算

B.从使用应收账款平均余额改为使用应收账款平均净额进行计算

C.从使用应收账款全年日平均余额改为使用应收账款旺季的日平均余额进行计算

D.从使用已核销应收账款坏账损失后的平均余额改为核销应收账款坏账损失前的平均余额

进行计算

【答案】AB

【解析】P46

2.在企业可持续增长的情况下,下列计算各相关项目的本期增加额的公式中,正确的有

(

)。

A.本期资产增加=(本期销售增加/基期销售收入)×基期期末总资产

B.本期负债增加=渊 SeAx 销售净利率×利润留存率×(基期期末负债/基期期末股东权益)

C.本期股东权益增加=基期销售收入×销售净利率 X 利润留存率

D.本期销售增加=基期销售收入×(基期净利润/基期期初股东权益)X 利润留存率

【答案】AD

【解析】P81

3.假设其他因素不变,下列事项中,会导致折价发行的平息债券价值下降的有(

)。

A.提高付息频率

B.延长到期时间

C.提高票面利率

D.等风险债券的市场利率上升

【答案】ABD

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

【解析】P125

4.下列关于计算加权平均资本成本的说法中,正确的有(

)。

A.计算加权平均资本成本时,理想的做法是按照以市场价值计量的目标资本结构的比例计

量每种资本要素的权重

B.计算加权平均资本成本时,每种资本要素的相关成本是未来增量资金的机会成本,而非

已经筹集资金的历史成本

C.计算加权[email=-T-@S]-T-@S[/email],务本成本时,需要考虑发行费用的债务应与不需

要考虑发行费用的债务分开,分别计量资本成本和权重

D.计算加权平均资本成本时,如果筹资企业处于财务困境,需将债务的承诺收益率而非期

望收益率作为债务成本

ABC

【答案】ABC

【解析】P147

5.在其他因素不变的情况下,下列事项中,会导致欧式看涨期权价值增加的有 (

)。

A.期权执行价格提高

B.期权到期期限延长

C.股票价格的波动率增加

D.无风险利率提高

【答案】CD

【解析】P238

6.下列关于 MM 理论的说法中,正确的有(

)。

A.在不考虑企业所得税的情况下,企业加权平均资本成本的高低与资本结构无关,仅取决

于企业经营风险的大小

B.在不考虑企业所得税的情况下,有负债企业的权益成本随负债比例的增加而增加

C.在考虑企业所得税的情况下,企业加权平均资本成本的高低与资本结构有关,随负债比

1 歹 0 的增力口而增力口

D.一个有负债企业在有企业所得税情况下的权益资本成本要比无企业所得税情况下的权益

资本成本高

【答案】AB

【解析】P275

7.从财务角度看,下列关于租赁的说法中,正确的有(

)。

A.经营租赁中,只有出租人的损益平衡租金低于承租人的损益平衡租金,出租人才能获利

B.融资租赁中,承租人的租赁期预期现金流量的风险通常低于期末资产预期现金流量的风



C.经营租赁中,出租人购置、维护、处理租赁资产的交易成本通常低于承租人

D.融资租赁最主要的财务特征是租赁资产的成本可以完全补偿

【答案】ABC

【解析】P339

8.某企业采用随机模式控制现金的持有量。下列事项中,能够使最优现金返回线上升的有

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

(

)。

A.有价证券的收益率提高

B.管理人员对风险的偏好程度提高

C.企业每目的最低现金需要量提高

D.企业每日现金余额变化的标准差增加

【答案】CD

【解析】P383

9.某企业的临时性流动资产为 120 万元,经营性流动负债为 20 万元,短期金融负债为 100

万元。下列关于该企业营运资本筹资政策的说法中,正确的有(

)。

A.该企业采用的是配合型营运资本筹资鼓策

B.该企业在营业低谷时的易变现率大于 l

C.该企业在营业高峰时的易变现率小于 1

D.该企业在生产经营淡季,可将 20 万元闲置资金投资于短期有价证券

【答案】BCD

【解析】P398

10.下列关于作业成本法与传统的成本计算方法(以产量为基础的完全成本计算方法)比较的

说法中,正确的有(

o

A.传统的成本计算方法对全部生产成本进行分配,作业成本法只对变动成本进行分配

B.传统的成本计算方法按部门归集间接费用,作业成本法按作业归集间接费用

C.作业成本法的直接成本计算范围要比传统的成本计算方法的计算范围小

D.与传统的成本计算方法相比,作业成本法不便于实施责任会计和业绩评价

【答案】BD

【解析】P457

11.下列关于全面预算中的利润表预算编制的说法中,正确的有(

)。

A.“销售收入”项目的数据,来自销售预算

B.“销货成本”项目的数据,来自生产预算

C.“销售及管理费用”项目的数据,来自销售及管理费用预算

D.“所得税费用”项目的数据,通常是根据利润表预算中的“利润”项目金额和本企业适

用的法定所得税税率计算出来的

【答案】AC

【解析】P535

12.某企业只生产一种产品,当年的税前利润为 20 000 元。运用本量利关系对影响税前利

润的各因素进行敏感分析后得出,单价的敏感系数为 4,单位变动成本的敏感系数为一 2.5,

销售量的敏感系数为 l.5,固定成本的敏感系数为.0.5。下列说法中,正确的有(

)。

A.上述影响税前利润的因素中,单价是最敏感的,固定成本是最不敏感的

B.当单价提高 l0%时,税前利润将增长 8 000 元

C.当单位变动成本的上升幅度超过 40%时,企业将转为亏损

D.企业的安全边际率为 66.67%

【答案】ABCD

【解析】P517

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

三、计算分析题(本题型共 4 小题。其中第 1 小题可以选用中文或英文解答,如使用中文解 答,该小题最高得分为 8 分;如果作用英文解答,须全部使用英文,该小题最高得分为 13 分。第 2 小题至第 4 小题须使用中文解答,每小题 8 分。本题型最高得分为 37 分。要求列 出计算步骤。除非有特殊要求,每步骤运算得数精确到小数点后两位,百分数、概率和现值 系数精确到万分之一。在答题卷上解答,答案写在试题卷上无效。) 1.A 公司是一家处于成长阶段的上市公司,正在对 2010 年的业绩进行计量和评价,有关资 料如下: (1)A 公司 2010 年的销售收入为 2 500 万元,营业成本为 1 340 万元,销售及管理费用为 500 万元,利息费用为 236 万元。 (2)A 公司 2010 年的平均总资产为 5 200 万元,平均金融资产为 100 万元,平均经营负债 为 100 万元,平均股东权益为 2 000 万元。 (3)目前资本市场上等风险投资的权益成本为 12%,税前净负债成本为 8%;2010 年 A 公司 董事会对 A 公司要求的目标权益净利率为 15%,要求的目标税前净负债成本为 8%。 (4)A 公司适用的企业所得税税率为 25%。
要求: (1)计算 A 公司的净经营资产净利率、权益净利率。 (2)计算 A 公司的剩余经营收益、剩余净金融支出、剩余权益收益。 (3)计算 A 公司的披露的经济增加值。计算时需要调整的事项如下:为扩大市场份额,A 公司 2010 年年末发生营销支出 200 万元,全部计入销售及管理费用,计算披露的经济增加 值时要求将该营销费用资本化(提示:调整时按照复式记账原理,同时调整税后经营净利润 和净经营资产)。 (4)与传统的以盈利为基础的业绩评价相比,剩余收益基础业绩评价、经济增加值基础业 绩评价主要有什么优缺点? 【答案】(1)税后经营净利润=(2500-1340-500)×(1-25%)=495(万元) 税后利息支出=236×(1-25%)=177(万元) 净利润=(2500-1340-500-236)×(1-25%)=318(万元) (或者净利润=495-177=318(万元)) 平均经营资产=5200-100=5100(万元) 平均净经营资产=5100-100=5000(万元) 净经营资产净利率=495/5000=9.9% 权益净利率=318/2000=15.9% 【解析】P67 (2)平均净负债=5000-2000=3000(万元) 加权平均必要报酬率=15%×(2000/5000)+8%×(1-25%)×(3000/5000)=9.6% 剩余经营收益=495-5000×9.6%=15(万元) 剩余净金融支出=177-3000×8%×(1-25%)= -3(万元) 剩余权益收益=318-2000×15%=18(万元) 【解析】P544 (3)加权平均资本成本=12%×(2000/5000)+8%×(1-25%)×(3000/5000)=8.4% 披露的经济增加值=495+200×(1-25%)-(5000+200/2) ×8.4%=216.6(万元) 【解析】P546

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives
(4)剩余收益基础业绩评价的优点: ①剩余收益着眼于公司的价值创造过程。剩余收益理念的核心是获取超额收益,即为股东创 造价值。 ②有利于防止次优化。基于剩余收益观念,可以更好的协调公司各个部门之间的利益冲突, 促使公司的整体利益最大化。 剩余收益基础业绩评价的缺点: ①不便于不同规模的公司和部门的业绩比较。剩余收益指标是一个绝对数指标,因此不便于 不同规模的公司和部门的比较,使其有用性下降。 ②依赖于会计数据的质量。如果资产负债表和损益表的数据不可靠,剩余收益也不会可靠, 业绩评价的结论也就不可靠。 【解析】P544 经济增加值基础业绩评价的优点: ①经济增加值最直接与股东财富的创造相联系。 ②经济增加值不仅仅是一种业绩评价指标,它还是一种全面财务管理和薪金激励体制的框 架。经济增加值的吸引力主要在于它把资本预算、业绩评价和激励报酬结合起来了。 ③经济增加值还是股票分析家手中的一个强有力的工具。 经济增加值基础业绩评价的缺点: ①由于经济增加值是绝对数指标,它的缺点之一是不具有比较不同规模公司业绩的能力。 ②经济增加值也有许多和投资报酬率一样误导使用人的缺点,例如处于成长阶段的公司经济 增加值较少,而处于衰退阶段的公司经济增加值可能较高。 ③不利于建立一个统一的规范。而缺乏统一性的业绩评价指标,只能在一个公司的历史分析 以及内部评价中使用。 【解析】P547
2.B 公司是一家生产企业,其财务分析采用改进的管理用财务报表分析体系。该公司 2009 年、2010 年改进的管理用财务报表相关历史数据如下:

项目
资产负债表项目(年末): 净负债 股东权益 净经营资产 利润表项目(年度): 销售收入 税后经营净利润 减:税后利息费用

金额 2010 年
600 1 600t 2 200
5 400 440 48

2009 企
400 1 000 1 400
4 200 252 24

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

净利润

392

228

要求: (1) 假设 B 公司上述资产负债表的年末金额可以代表全年平均水平,请分别计算 B 公司 2009 年、2010 年的净经营资产净利率、经营差异率和杠杆贡献率。 (2) 利用因素分析法,按照净经营资产净利率差异、税后利息率差异和净财务杠杆差异 的顺序,定量分析 2010 年权益净利率各驱动因素相比上年的变动对权益净利率相比上年的 变动的影响程度(以百分数表示)。 (3) B 公司 2011 年的目标权益净利率为 25%。假设该公司 2011 年保持 2010 年的资本结 构和税后利息率不变,净经营资产周转次数可提高到 3 次,税后经营净利率至少应达到多少 才能实现权益净利率目标? 【答案】(1)

项目

2010 年

2009 年

净经营资产净利率

=440/2200=20%

=252/1400=18%

税后利息率

=48/600=8%

=24/400=6%

经营差异率

20%-8%=12%

18%-6%=12%

净财务杠杆

=600/1600=37.5%

=400/1000=40%

杠杆贡献率

=12%×37.5%=4.5%

12%×40%=4.8%

(2) 上年数=18%+(18%-6%)×40%=22.8% 替代净经营资产净利率:=20%+(20%-6%)×40%=25.6% 替代税后利息率:=20%+(20%-8%)×40%=24.8% 替代净财务杠杆:=20%+(20%-8%)×37.5%=24.5% 净经营资产净利率变动对权益净利率的影响=25.6%-22.8%=2.8% 税后利息率变动对权益净利率的影响=24.8%-25.6%=-0.8% 净财务杠杆变动对权益净利率的影响=24.5%-24.8%=-0.3% (3)25%=净经营资产净利率+(净经营资产净利率-8%)×37.5% 净经营资产净利率=20.36% ∵税后经营净利率=税后经营净利润/销售收入,而净经营资产净利率=税后经营净利润/净经 营资产 ∴税后经营净利率=净经营资产净利率×净经营资产/销售收入=净经营资产净利率/(销售收 入/净经营资产/)=20.36%/3=6.79% (或者 20.36%=税后经营净利率×3,税后经营净利率=6.79%)

【解析】P67~69

3.C 公司是 2010 年 1 月 1 日成立的高新技术企业。为了进行以价值为基础的管理,该公司 采用股权现金流量模型对股权价值进行评估。评估所需的相关数据如下:
(1)C 公司 2010 年的销售收入为 l 000 万元。根据目前市场行情预测,其 2011 年、

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

2012 年的增长率分别为 l0%、8%;2013 年及以后年度进入永续增长阶段,增长率为 5%。 (2)C 公司 2010 年的经营性营运资本周转率为 4,净经营性长期资产周转率为 2,净
经营资产净利率为 20%,净负债/股东权益=1/1。公司税后净负债成本为 6%,股权资本 成本为 12%。评估时假设以后年度上述指标均保持不变。
(3)公司未来不打算增发或回购股票。为保持当前资本结构,公司采用剩余股利政策 分配股利。 要求: (1)计算 c 公司 2011 年至 2013 年的股权现金流量。 (2)计算 C 公司 2010 年 12 月 31 日的股权价值。 【答案】 (1)

项目

2010 年

2011 年

2012 年

2013 年

销售收入 1000

1000×1.1=1100 1100×1.08=1188 1188×1.05=1247.4

经营营运资



1000/4=250

净经营性长 1000/2=500
期资产

净经营资产 250+500=750 =750×1.1=825

税后经营净 750×20%=150 =150×1.1=165
利润

165×1.08=178.2 =178.2×1.05=187.11

股东权益 750×1/2=375 =375×1.1=412.5 412.5×1.08=445.5 =445.5×1.05=467.78

净负债

375

412.5

445.5

467.78

税后利息 = 净 负 债 × =375×6%=22.5 =412.5×6%=24.75 税后利息率

=445.5×6%=26.73

=467.775×6%=28.07

净利润=税 后经营净利
127.5 润-税后利 息

140.25

151.47

159.04

股东权益的 增加

=412.5-375 =37.5

=445.5-412.5 =33

=467.78-445.5 =22.28

股权现金流 =净利润-股 东权益的增 加
(2)
项目

102.75

118.47

2010 年 2011 年 2012 年

136.76 2013 年

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

股权现金流量 复利现值系数 预测期股权现金 186.19 流量现值 后续期股权现金
1557.5 流量价值 股权价值合计 1743.69 【解析】172~175

102.75 0.8929 91.75

118.47 0.7972 94.44

136.76 0.7118

136.76/(12%-5%)=1953.71

4.D 公司只生产一种产品,采用标准成本法计算产品成本,期末对材料价格差异采用“调

整销货成本与存货法”进行处理,将材料价格差异按照数量比例分配至已销产品成本和存货

成本,对其他标准成本差异采用“结转本期损益法”进行处理。7 月份有关资料如下:

(1)公司生产能量为 1 000 小时/月,单位产品标准成本如下:

直接材料(6 千克×26 元/千克)

156 元

直接人工(2 小时×12 元/小时)

24 元

变动制造费用(2 小时×6 元/小时)

12 元

固定制造费用(2 小时×4 元/小时)

8元

单位产品标准成本

200 元

(2)原材料在生产开始时一次投入,其他成本费用陆续发生。公司采用约当产量法在

完工产品和在产品之间分配生产费用,月初、月末在产品的平均完工程度均为 50%。

(3)月初在产品存货 40 件,本月投产 470 件,本月完工 450 件并转入产成品库;月初

产成品存货 60 件,本月销售 480 件。

(4)本月耗用直接材料 2 850 千克,实际成本 79 800 元;使用直接人工 950 小时,支

付工资 ll 590 元;实际发生变动制造费用 5 605 元,固定制造费用 3 895 元。

(5)月初在产品存货应负担的材料价格差异为 420 元,月初产成品存货应负担的材料

价格差异为 465 元。

要求:

(1)计算 7 月末在产品存货的标准成本、产成品存货的标准成本。

(2)计算 7 月份的各项标准成本差异(其中固定制造费用按三因素分析法计算)。

(3)计算 7 月末结转标准成本差异后的在产品存货成本、产成品存货成本(提示:需要结转到

存货成本的成本差异应分两步进行分配,首先在本月完工产品和期末在产品存货之间进行分

配,然后在本月销售产品和期末产成品存货之间进行分配)。

【答案】

(1)月末在产品=40+470-450=60(件)

在产品存货的标准成本=60×156+60×50%×(24+12+8)=10680(元)

月末产成品存货=60+450-480=30(件)

产成品存货的标准成本=200×30=6000(元)

(2)

材料价差=(79800/2850-26)×2850=5700(元)

材料量差=(2850-6×470)×26=780(元)

实际生产约当量=450+60×50%-40×50%=460(件)

直接人工工资率差异=(11590/950-12)×950=190(元)

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives
直接人工效率差异=(950-2×460)×12=360(元) 变动制造费用耗费差异=(5605/950-6)×950=-95(元) 变动制造费用效率差异=(950-2×460)×6=180(元) 固定制造费用耗费差异=3895-1000×4=-105(元) 固定制造费用闲置能量差异=1000×4-950×4=200(元) 固定制造费用效率差异=950×4-2×460×4=120(元) (3)待分配在产品存货与完工产品的材料价格差异=420+5700=6120(元) 完工与在产品间的差异分配率=6120/(450+60)=12(元) 完工产品分配的差异=12×450=5400(元) 月末在产品分配的差异=12×60=720(元) 待分配的产成品存货与已销存货的材料价格差异=(465+5400)/(30+480)=11.5(元) 月末产成品承担的差异=11.5×30=345(元) 月末在产品存货的成本=10680+720=11400(元) 期末产成品存货的成本=6000+345=6345(元) 【解析】P477~481
四、综合题(本题型共 2 小题,每小题 l7 分,共 34 分。要求列出计算步骤,除非有特殊要 求,每步骤运算得数精确到小数点后两位,百分数、概率和现值系数精确到万分之一。在答 题卷上解答,答案写在试题卷上无效。) 1.E 公司是一家民营医药企业,专门从事药品的研发、生产和销售。公司自主研发并申请 发明专利的 BJ 注射液自上市后销量快速增长,目前生产已达到满负荷状态。E 公司正在研 究是否扩充 BJ 注射液的生产能力,有关资料如下: BJ 注射液目前的生产能力为 400 万支/年。E 公司经过市场分析认为,BJ 注射液具有广阔 的市场空间,拟将其生产能力提高到 l 200 万支/年。由于公司目前没有可用的厂房和土地 用来增加新的生产线,只能拆除当前生产线,新建一条生产能力为 1 200 万支/年的生产线。
当前的 BJ 注射液生产线于 2009 年年初投产使用,现已使用 2 年半,目前的变现价值为 l l27 万元。生产线的原值为 l 800 万元,税法规定的折旧年限为 10 年,残值率为 5%,按照直 线法计提折旧。公司建造该条生产线时计划使用 l0 年,项目结束时的变现价值预计为 115 万元。
新建生产线的预计支出为 5 000 万元,税法规定的折旧年限为 10 年,残值率为 5%,按照 直线法计提折旧。新生产线计划使用 7 年,项目结束时的变现价值预计为 1 200 万元。
BJ 注射液目前的年销售量为 400 万支,销售价格为每支 l0 元,单位变动成本为每支 6 元, 每年的固定付现成本为 l00 万元。扩建完成后,第 l 年的销量预计为 700 万支,第 2 年的销 量预计为 1 000 万支,第 3 年的销量预计为 l 200 万支,以后每年稳定在 1 200 万支。由于 产品质量稳定、市场需求巨大,扩产不会对产品的销售价格、单位变动成本产生影响。扩产 后,每年的固定付现成本将增加到 220 万元。
项目扩建需用半年时间,停产期间预计减少 200 万支 BJ 注射液的生产和销售,固定付现成 本照常发生。

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

生产 BJ 注射液需要的营运资本随销售额的变化而变化,预计为销售额的 l0%。 扩建项目预计能在 201 1 年年末完成并投入使用。为商化计算,假设扩建项目的初始现金流 量均发生在 201 1 年年末(零时点),营业现金流量均发生在以后各年年末,垫支的营运资本 在各年年初投入,在项目结束时全部收回。 E 公司目前的资本结构(负债/权益)为 1/1,税前债务成本为 9%,口权益为 l.5, 当前市场的无风险报酬率为 6.25%,权益市场的平均风险溢价为 6%。公司拟采用目前的 资本结构为扩建项目筹资,税前债务成本仍维持 9%不变。

E 公司适用的企业所得税税率为 25%。 要求: (1)计算公司当前的加权平均资本成本。公司能否使用当前的加权平均资本成本作为扩建项 目的折现率?请说明原因。 (2)计算扩建项目的初始现金流量(零时点的增量现金净流量)、第 l 年至第 7 年的增量现金 净流量、扩建项目的净现值(计算过程和结果填入答题卷中给定的表格中),判断扩建项目是 否可行并说明原因。 (3)计算扩建项目的静态回收期、。如果类似项目的静态回收期通常为 3 年,E 公司是否应 当采纳该扩建项目?请说明原因。 【答案】 (1)股权资本成本=6.25%+1.5×6%=15.25% 加权资本成本=15.25%×50%+9%×(1-25%)×50%=11% 可以使用当前的加权平均资本成本作为新项目的资本成本,因为新项目投资没有改变原有的 风险,也没有改变资本结构。 (2)

项目

零时点 第 1 年 第 2 年 第 3 年 第 4 年 第 5 年 第 6 年 第 7 年

旧设备初 始 的 变 现 1188.38 流量

新增设备

投资

-5000

扩建期间 丧 失 的 流 -621.38 量

营运资本

投资

-300

-300 -200 0

0

0

0

营业现金 流量

886

1786 2386

2386 2386 2386 2386

回收残值 增量流量

1210

回收营运

资本

800

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

增量现金

流量

-4733

折现系数 1

586 1586 2386 2386 2386 2386 4396
0.9009 0.8116 0.7312 0.6587 0.5935 0.5346 0.4817

现值

-4733 527.93 1287.2 1744.64 1571.66 1416.09 1275.56 2117.55

净现值合



5207.63

【解析】本题考查的是第六章、第八章的内容。 ①旧生产线目前账面净值=1800-[1800×(1-5%)/10] ×2.5=1372.5(万元) 旧生产线变现损失=1372.5-1127=245.5(万元) 旧设备初始的变现流量=1127+245.5×25%=1188.38(万元) 扩 建 丧 失 的 200 万 支 的 相 关 营 业 现 金 流 量 =-[ ( 200×10-200×6 ) × ( 1-25% ) +171×0.5×25%]=-621.38(万元) 新设备折旧=5000×(1-5%)/10=475(万元) ②营运资本投资估算:

项目

零时点

第1年

第2年

第 3~7 年

销售收入

300×10=3000 600×10=6000 800×10=8000

营运资本

300

600

800

800

营运资本投资 300

300

200

0

③投产后的营业现金流量估算:

项目

第1年

第2年

增加的销量

700-400=300

1000-400=600

单价

10

10

单位变动成本

6

6

增加的固定付现成



120

120

增加的折旧

475-171=304

304

营业现金流量=税后 [300×(10-6)-120]

收入-税后付现成本+ × ( 1-25% ) 1786

折旧抵税

+304×25%=886

第 3~7 年 1200-400=800 10 6 120 304
2386

④预计项目结束时旧生产线的变现流量=115-(115-1800×5%)×25%=108.75(万元) 新生产线结束时账面净值=5000-475×7=1675(万元) 变现损失=1675-1200=475(万元) 预计项目结束时新生产线的变现流量=1200+475×25%=1318.75(万元)

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party m embers i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom f or grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form. In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on party members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d adhere to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nization wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork t o do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

预计项目结束时新生产线相比旧生产线回收的增量现金流量=1318.75-108.75=1210(万元) (3)

项目

零时



第1年 第2年 第3年 第4年 第5年 第6年 第7年

增量现金 流量

-4733

586

1586 2386 2386 2386 2386 2386

累计现金

流量

-4733 -4147

-2561

-175

2211

4597

6983

9369

静态投资回收期=3+ /2386=3.07(年) 由于扩建项目的静态回收期 3.07 年大于类似项目的静态回收期 3 年,所以,E 公司不应当 采纳该扩建项目。

2.F 公司是一家经营电子产品的上市公司。公司目前发行在外的普通股为 l0 000 万股,每 股价格为 10 元,没有负债。公司现在急需筹集资金 16 000 万元,用于投资液晶显示屏项目, 有如下四个备选筹资方案: 方案一:以目前股本 10 000 万股为基数,每 10 股配 2 股,配股价格为 8 元/股。 方案二:按照目前市价公开增发股票 l 600 万股。 方案三:发行 l0 年期的公司债券,债券面值为每份 1 000 元,票面利率为 9%,每年年末 付息一次,到期还本,发行价格拟定为 950 元/份。目前等风险普通债券的市场利率为 10%。 方案四:按面值发行 10 年期的附认股权证债券,债券面值为每份 l 000 元,票面利率为 9%, 每年年末付息一次,到期还本。每份债券附送 20 张认股权证,认股权证只能在第 5 年末行 权,行权时每张认股权证可按 l5 元的价格购买 l 股普通股。公司未来仅靠利润留存提供增 长资金,不打算增发或回购股票,也不打算增加新的债务筹资,项目投资后公司总价值年增 长率预计为 l2%。目前等风险普通债券的市场利率为 l0%。

假设上述各方案的发行费用均可忽略不计。 要求: (1)如果要使方案一可行,企业应在盈利持续性、现金股利分配水平和拟配售股份数量方面 满足什么条件?假设该方案可行并且所有股东均参与配股,计算配股除权价格及每份配股权 价值。 (2)如果要使方案二可行,企业应在净资产收益率方面满足什么条件?应遵循的公开增发新股 的定价原则是什么? (3)如果要使方案三可行,企业应在净资产、累计债券余额和利息支付能力方面满足什么条 件?计算每份债券价值,判断拟定的债券发行价格是否合理并说明原因。 (4)根据方案四,计算每张认股权证价值、第 5 年末行权前股价;假设认股权证持有人均在 第 5 年末行权,计算第 5 年末行权后股价、该附认股权证债券的税前资本成本,判断方案四 是否可行并说明原因。 【答案】 (1)①最近 3 个会计年度连续盈利(扣除非经常性损益后的净利润与扣除前的净利润相比, 以低者作为计算依据); ②拟配售股份数量不超过本次配售股份前股本总额的 30%; ③最近三年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的 30%。

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral m embers cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of importance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full " strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constituti on re spe cted the party Constit ution was XI J inpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party members and w hat ca n be done and what must be done , what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, some l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly lea rn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to " car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must control t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations

carried out "practi ce li ne pi one er standard, a nd post spurs" "members concentrated service m onths", activities , education gui de member s always every where bearing i n mind ide ntity, base d job post, active play role . To devel op differentiated learni ng educati on g uide party members i n accor dance with their own situati on, target the problems to, base d on the w ork done . Pay attention to the room a nd r oom for grass -roots party orga nizations, gras s-r oots party organizati ons have mor e autonomy in e ducation, making e ducation more ground, full of vitality, g ood effect. Finally, highlig ht the normal long -term. To hig hlight the characteristi cs of re current e ducation, with long fl owing , continuous li ne of per severance the persevera nce t o pr omote educati onal efforts to rea lize the party's i deol ogical a nd politi cal constructi on of routine instit utionalization. Wit h the party branch a s the base unit. Play the rol e of party bra nches s hould be, i s the key to e ducational success. Ea ch branch must take strict education a nd ma nagement res ponsi bility of party member s, educati on based on lear ning t o make spe cific arrangeme nts, fully mobilize t he ent husiasm of party member s involve d in the education, e nsure t he Orga nization in place , measure s in pl ace, put i n pla ce. To the party organizati on a s the basic form . In t he standardi zed development of lear ning, make lear ning more effective efforts, a nd w ill adhere to the good party group, organize d part y, party members a nd t he Ge neral Ass embly, tell a good party le ctures, can drive a good topic a bout, preve nt showy wit hout substance, Sham mule s. To im plement the education manageme nt system for basi c support. Dem ocratic mut ual eval uation on part y members i n accorda nce with the regulations, t he real performance criteria a nd or der esta blished, s ound carefully di spose of unqualified party members, t o further impr ove the dre dge ex port team, pure self clea ning me cha nism. Party lea ding cadres shoul d ad here to a nd impl ement the central group learning sy stem, to whi ch branch of learning ex cha nges, participati on i n a dual orga nizatio n wit h comrades. Focus on recurrent educati on, y ou al so need t o continue to strengthe n the buildi ng of grass -roots party organizations. Now, the city als o ha s 88 village party organizations are we ak and lax, first Secretary of the vil lage, but conversion requires a process. Re centl y, the city's party organizati on focus ed inve stigation, check out a total of "lost" members 4,50 7, "Pocket" members 1037 , find t here are 64 0 "lost" party members are not contacted 148 "Pocket" party members a nd im pleme ntation of organizati onal relati onshi ps. Educati onal ma nagement of party members i nto the Organiz ation, there i s a lot of w ork to do. We ak and lax party conti nue d reorgani zation as an importa nt task, finis h perfe ct organizati on, with a g ood team, Good system. S pe cial hig hlights of grass-r oots party organizations, t o be dealt with first i n pla ce, furt her educati on, re organizati on, tra nsformation and educational interaction. In short, through s olid a nd effective w ork initiatives

(2)最近 3 个会计年度加权平均净资产收益率平均不低于 6%(扣除非经常性损益后的净利润 与扣除前的净利润相比,以低者作为加权平均净资产收益率的计算依据)。“发行价格应不 低于公告招股意向书前 20 个交易日公司股票均价或前 1 个交易日的均价”的原则确定增发 价格。 (3)股份有限公司的净资产不低于人民币 3000 万元,有限责任公司的净资产不低于人民币 6000 万元,累计债券余额不超过公司净资产的 40%。最近 3 年平均可分配利润足以支付公司 债券 1 年的利息。 1000×9%×(P/A,10%,10)+1000×(P/F,10%,10) =90×6.1446+1000×0.3855=938.51(元) 债券价格 950 不合理,因为高于内在价值,投资人不会接受。 (4)每张认股权证的价值=(1000-938.51)/20=3.07(元) 第 5 年末行权前的公司总价值=(10000×10+16000)×(1+12%)5=.64(万元) 第 5 年末债券价值=1000×9%×(P/A,10%,5)+1000×(P/F,10%,5)
=90×3.7908+1000×0.6209=962.07(元) 发行债券总张数=16000/1000=16(万张) 债券总价值=962.07×16=15393.12(万元) 第 5 年行权前的股权价值=.64-15393.12=.52(万元) 第 5 年行权前的股价=.52/10000=18.90(元/股) 第 5 年末行权后的公司总价值=权前的公司总价值+行权现金流入 =.64+16×20×15=.64(万元) 第 5 年末行权后的股权价值=.64-15393.12=.52(万元) 第 5 年末行权后的股价=.52/(10000+20×16)=18.78(元/股) 1000=1000×9%×(P/A,i,10)+(18.78-15)×20×(P/F,i,5)+1000×(P/F,i,10) 设利率为 9%, 1000×9%×(P/A,9%,10)+(18.78-15)×20×(P/F,9%,5)+1000×(P/F,9%,10) =90×6.4177+75.6×0.6499+1000×0.4224=1049.13(元) 设利率为 10% 1000×9%×(P/A,10%,10)+(18.78-15)×20×(P/F,10%,5)+1000×(P/F,10%,10) =90×6.1446+103.6×0.6209+1000×0.3855=985.45(元) (i-9%)/(10%-9%)=(1000-1049.13)/( 985.45-1049.13) 税前成本 I=9.77% 由于税前成本低于债券市场利率,所以方案四不可以被投资人接受,不可行。 【解析】本题考查的是第十二、十三章内容。

涉及重大决策事项、要人任免目安排和额度资金使用等,具有行政执法许可部门管理审批自由裁量务定权的领导岗位。broken problem, fill the s hort Boar d, so t hat the maj ority of party members a nd fully qualifie d, comprehensive skills of grass-r oots party organizati ons , grass -roots party level upgrade. Comrade s, do a "two" learni ng educati on is of great significa nce, re spons ibilitie s, carry s ignifica nt implicati ons.

City levels party and ge neral members cadres , to de ep aware nes s "two learn a do" lear ning e ducati on of import ance a nd need, t o heig ht of politi cal consci ously a nd ful l of politi cal e nthusiasm, put "two lear n a do" lear ning e ducation carrie d out g ood, for coordi nation adva nce "four a full" strategy layout, and a chi eved "Thirtee n-Five" good start, and speed up constructi on mor e high ecological vitality happine ss of City provides strong powerful guara ntee. Two, starting from the revere d Constit uti on re spe cted the party Constit ution was XI Jinpi ng, G eneral Se cretary to the part y's request , 18 six pl enary s essi on of the Ce ntral Commiss ion for dis cipli ne inspe ction report "five experience" first.

Full strictly administering the party, first of all, to exalt the party Constit ution, and pipe the w hole party, t he ruli ng party of the party Constituti on. Revered Constituti on reflecte d in awe . Party a party of idea ls and beli efs pur pose, s ummed up the party's fi ne tradition and style; a clear party mem bers and w hat ca n be done and what must be done, what cannot be done. Ea ch Communist Party Constit ution t o awe and wary eye e nha nci ng the sa cred sense of responsibility and mis sion.

Hearts filled with party Constituti on, hol d the party li ne, BA obligations unconditi onally carry out pa rty members, accordi ng to the Constituti on of dire ction towar ds standards efforts. Respe ct reflected i n the st udy the party Constituti on mea ns. S ome party members j oine d the party Constituti on on the shelf, not to learn, som e l ong -term party accordi ng to the Constituti on of the party's orga nizat ion, the party is not required to pay members hip dues, l oose concept, party organizati ons of the party organizati on,

and tur ned a blind eye on the tasks a ssigne d by the Organi zation, were forgotten, forgotte n vows performance the party Constituti on.

Constitution is the fundamental standard of our Communi sts are slim, the party Constituti on t o repeate dly learn, practi ce, thi nking, l earni ng and t hinki ng, t hinki ng and r ow, r ow, ever -s piraling increas e in the le arni ng process . Respe ct party line s reflected i n practi ce. Tw o to learn a basi c Constituti on Part y rules, series of s pee che s, the key to be qualified party member s. To be qualified party members, sta ndar ds are not hig h, but if he doe s take a ruler of the party Constitution to "car d", truly it is not ea sy. Carry out st udy a nd e ducati on, every party must c ontrol t he party's e ight obligations, ask, l ook for gaps, ide ntify problems, cl ear dire ction, work to s olve s pecifi c problems. Actively practi cing i n the producti on life of the eig ht obligations, to pl ay a vanguard a nd exemplary rol e, truly a party banner. "Two" fight to hig hlight grass -roots party orga nizations



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