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首页 1Z102070 筹资管理 讲义习题

1Z102070 筹资管理 讲义习题.doc

1Z102070 筹资管理 讲义习题

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简介:本文档为《1Z102070 筹资管理 讲义习题doc》,可适用于综合领域

Z筹资管理讲义习题Z筹资管理【考情分析】本章题量(比重)较大大致是,分通常是,个单选题个多选题。其中本部分在年的考试中出现了个单选题、个多选题在年的考试中出现了个单选题、个多选题。【前言】本章的主要内容包括:资金成本的作用及其计算短期筹资的特点和方式长期筹资的特点和方式。本章的重点主要在于:资金成本(率)的概念及计算短期筹资策略短期借款的信用条件和利息支付融资租赁及租金股票筹资的特点等难点在于商业信用(应付账款)的信用条件分析与应用。【系统讲解】Z资金成本的作用及其计算一、资金成本的概念定义企业为筹集和使用资金付出的代价资金成本的组成资金筹集费:筹集资金过程中支付的费用属于一次性的“固定费用”。资金占用费:使用资金过程中支付的费用属于经常性的“变动费用”。资金成本率单位净筹资额(筹资总额筹资费)所对应的资金占用费计算公式(P):二、资金成本(率)的作用选择资金来源、确定筹资方案以资金成本率低者为宜。评价投资项目、决定投资取舍资金成本率,基准收益率,经济评价指标(数值与结果)评价企业经营成果三、资金成本(率)的计算个别渠道的资金成本率的计算资金成本率(债务或借款):【例Z】A公司从银行取得一笔长期借款万元手续费年利率为期限年每年结息一次到期一次还本企业所得税率为则这笔借款的资金成本率为:注意负债筹资的“企业所得税税率”,降低筹资成本(率)综合资金成本(率)的计算加权平均资金成本率:(Z)【例Z】A公司现有长期资本总额为万元其中长期借款万元长期债券万元普通股万元theprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvanceGardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable(constructionfigureShangindicateofexcept)vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness(CM)(CM)(CM)(CM)(CM)(CM)plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH~,humidity~,completelyloose,Lawnplantingsoilroughness(soilsurfaceshouldbelowerthanteethpond~cm),plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspacePlantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworksAlsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject,seedlingselectionrequirements:()engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsizePlantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttimeSeedlingsshouldhaveStrong,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefree()theprojectshouldhavegrowthrobust,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefreeStems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection()categorytreeseedlings:aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove各种长期资金成本率分别为和。该公司综合资金成本率可按两步测算:第一步计算各种长期资本占全部资本的比例。长期借款资金比例=×=长期债券资金比例=×=普通股资金比例=×=第二步测算综合资金成本。综合资金成本=×××=Z短期筹资的特点和方式一、短期筹资的特点短期筹资的含义短期负债筹资或流动负债筹资:为满足企业临时性资金需要而进行的筹资活动(期限不超过年)短期筹资的特点个特点:P二、短期筹资策略临时性资产:季节或临时性原因临时性资本需求短期负债永久性资产:企业长期稳定需要永久性资本需求长期负债配合型筹资策略激进型筹资策略(长期不足)稳健型筹资策略(长期过多)【补例】当期某企业的总额为万元的资金需求中永久性资本需求为万元临时性资本需求为万元。若实际筹资方案组合为长期贷款万元、短期贷款万元。则该筹资策略属于激进型。三、短期筹资的方式(一)商业信用在商品交易中由于延期付款或预收货款所形成的企业间的借贷关系。应付账款(延期付款)含义:买卖双方发生商品交易后卖方允许买方在购货后一定时期内支付货款。信用条件:付款期折扣。在商务活动中延期付款或应付账款可以分为现金折扣(如“、n”)和不涉及现金折扣两种情况。免费信用:在折扣期内享受折扣获得信用有代价信用:超过折扣期、放弃折扣付出代价并获得信用展期信用:超过信用期推迟付款强制获得的信用【例Z】A企业按、n的条件购入货物万元。如果该企业在天内付款便享受了天的免费信用期并获得了折扣(=×)万元免费信用的额度为万元放弃现金折扣的成本(P式Z)应付票据企业在延期付款的背景下进行商品交易时开具的反映债权债务关系的票据。例如商业承兑汇票、银行承兑汇票(最长的支付期不能超过个月)。预收账款卖方企业在交付货物之前向买方预先收取的全部或部分货款信用形式商业信用筹资的特点优点:容易获得持续性信用不负担成本缺点:期限短违约成本高(二)短期借款短期借款的信用条件theprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvanceGardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable(constructionfigureShangindicateofexcept)vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness(CM)(CM)(CM)(CM)(CM)(CM)plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH~,humidity~,completelyloose,Lawnplantingsoilroughness(soilsurfaceshouldbelowerthanteethpond~cm),plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspacePlantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworksAlsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject,seedlingselectionrequirements:()engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsizePlantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttimeSeedlingsshouldhaveStrong,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefree()theprojectshouldhavegrowthrobust,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefreeStems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection()categorytreeseedlings:aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove个(P):信贷限额周转信贷协议补偿性余额(一定比例的最低存款)借款抵押(应收账款、应收票据、存货等)偿还条件其他承诺。短期借款利率及其支付方法()借款利率三种:优惠利率浮动优惠利率非优惠利率。()利息的支付方式收款法:借款到期时向银行支付利息常用的方法。贴现法:银行发放贷款时从本金中扣除利息部分到期偿还全部本金实际利率高于名义利率。【例Z】年名义利率实际利率。加息法:计算利息并加入本金要求企业在贷款期内分期、均衡偿还实际利率高于名义利率(大约倍)。【例Z】年名义利率实际利率。企业对银行的选择个方面:P短期借款筹资的特点优点:简便灵活缺点:期限短Z长期筹资的特点和方式一、长期负债筹资(借款期限>年)(一)长期借款企业取得长期借款的条件条:P长期借款的保护性条款()一般性保护条款大多数、例行性的条:P()特殊性保护条款针对某些特殊情况的条:P长期借款的偿还方式定期支付利息到期一次性偿还本金定期等额偿还平时逐期偿还小额本金及利息期末偿还余下的大额部分长期借款筹资的特点P:筹资速度快借款弹性大借款成本较低限制较多(二)长期债券筹资含义:超过年的公司债券发行价格:平价溢价折价。特点:筹资对象广泛成本高、风险大限制较多(三)租赁筹资(融资租赁)融资租赁的特点运作的个属性(P):申请期限长出租方不提供维修、保养服务等。融资租赁的优点个(P):融资与融物相结合迅速获得资产租赁费中的利息、手续费以及融资租赁设备的折旧费均可在税前支付可以减轻所得税负担(承租人视融资租赁资产为自有固定资产)。融资租赁的租金theprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvanceGardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable(constructionfigureShangindicateofexcept)vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness(CM)(CM)(CM)(CM)(CM)(CM)plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH~,humidity~,completelyloose,Lawnplantingsoilroughness(soilsurfaceshouldbelowerthanteethpond~cm),plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspacePlantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworksAlsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject,seedlingselectionrequirements:()engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsizePlantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttimeSeedlingsshouldhaveStrong,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefree()theprojectshouldhavegrowthrobust,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefreeStems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection()categorytreeseedlings:aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove()租赁资产的成本资产的购买价、运杂费、运输途中的保险费等()租赁资产的成本利息即出租人向承租人所提供资金的利息()租赁手续费包括出租人承办租赁业务的费用以及出租人向承租人提供租赁服务所赚取的利润。(四)可转换债券筹资允许持有人在规定的时间内按规定的价格转换为发行公司或其他公司普通股股票的有价证券。二、长期股权筹资(一)优先股股票(较普通股具有优先权)筹资个优点(P):永久性资金股利标准固定支付灵活不会改变普通股股东对公司的控制权等(二)普通股股票(最基本、最标准的股票)筹资个优点(P):没有到期日不需归还没有固定的股利负担增强公司的举债能力等(三)认股权证筹资含义:可以按照特定的价格、规定的期限和既定的数量购买标的资产(股票)【练习题单选题】买方企业超过折扣期、放弃折扣付出代价并获得的信用是()信用。A免费B有代价C展期D商业答疑编号:针对该题提问【答案】B【解析】在商业信用筹资中买方企业超过折扣期、放弃折扣付出代价并获得的信用属于有代价信用。参见P,。练习题单选题】某企业从银行贷款万元期限年年利率为。若按贴现法付息则该贷款的实际利率为()。ABC万元D万元答疑编号:针对该题提问【答案】B【解析】根据贴现法“放款扣息到期还本”的基本思路该贷款的利息额为万元企业可实际利用的贷款额为万元。于是该贷款的实际利率(资金成本率)=()×=。参见P,。theprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvanceGardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable(constructionfigureShangindicateofexcept)vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness(CM)(CM)(CM)(CM)(CM)(CM)plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH~,humidity~,completelyloose,Lawnplantingsoilroughness(soilsurfaceshouldbelowerthanteethpond~cm),plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspacePlantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworksAlsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject,seedlingselectionrequirements:()engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsizePlantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttimeSeedlingsshouldhaveStrong,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefree()theprojectshouldhavegrowthrobust,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefreeStems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection()categorytreeseedlings:aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove【练习题多选题】在长期负债筹资背景下融资租赁的租金包括()。A租赁保证金B租赁资产的成本C担保费D租赁资产的成本利息E租赁手续费答疑编号:针对该题提问【答案】BDE【解析】租赁保证金(A选项)和担保费(C选项)属于经营租赁的费用组成。参见P。【小结】筹资是企业资本运作的起点筹资又必须付出一定的代价。基于权益资本、债务资本两大平台根据短期筹资(商业信用、短期借款)、长期借款、融资租赁等各自的特点利用资金成本率实现经济、可行的资金组合满足工程建设需要是财务管理的重要目标也是有关人员的重要任务。theprimaryanalysisofsoilphysicalandchemicalproperties,suchaspests,disinfection,pestcontrolinadvanceGardenplantgrowthbyrequiredofminimumplantingsoilthicknessshouldmeetXiatable(constructionfigureShangindicateofexcept)vegetationtypeherbflowerlawntowassmallshrubsbigshrubsshallowroottreesdeeproottreessoilthickness(CM)(CM)(CM)(CM)(CM)(CM)plantingsoilshouldselectionforplantgrowthofselectivesoil,ashumicacidsoil,andlawnfertilizer,andpeatsoil,andpH~,humidity~,completelyloose,Lawnplantingsoilroughness(soilsurfaceshouldbelowerthanteethpond~cm),plantinggardenoffoundationengineeringprojectsfromplanningtotheconstructionstage,focusonaftercompletionoflandscaping,theoverallgoalistocreateagoodlivingenvironmentforplants,createagardenandgreenspacePlantengineeringoftheprojectwastocreatethebasisforplantgrowth,soil,itcanbesaidisthegardenproject,isoneofthemostimportantworksAlsoplantedphaseofthisprojectmustbecarriedoutbythelocalsoilimprovementproject,seedlingselectionrequirements:()engineeringseedlingselectionofcookedgoods,provisionsrelatingtoplantsizePlantprocurementspecificationscanbelarge,soastoachieveecologicaleffectinashorttimeSeedlingsshouldhaveStrong,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefree()theprojectshouldhavegrowthrobust,lush,Crownshapedfull,normalcolor,rootsystem,pestanddiseasefreeStems,rootcausemechanicaldamage,loopingrootamputationatthewoundtopreventinfection()categorytreeseedlings:aspindleshouldhaveauniformdistributionofmainbranches,branches,trunkdiameterabove

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1Z102070 筹资管理 讲义习题

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