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1、.部分内容来源于网络，有侵权请联系删除！第二章习题参考答案（P65）1.（1）2014 年年初投资额的终值F=100000（1+10%）2=121000（元）（2）2014 年年初各年预期收益的现值P=30000（1+10%）1+40 000（1+10）2+60 000（1+10）3 =105409（元）2.(1)解法一：分别计算第13 年年末所支付现金的终值F1200000（F/A，12%,10）(F/P,12%,3)=4930833（元）F2250000（F/A，12%,10）=4387175（元）由计算可知，方案一实际支付的金额比方案二要多，该开发商应选择方案二。（2）解法二：分别计算第
2、1 年年初所支付现金的现值 P1=200000+200000（P/A,12%,9）=1265640（元）P2=250000（P/A,12%,10）（P/F,12%,2）=1126085（元）由计算可知，方案一实际支付的金额比方案二要多，该开发商应选择方案二。3.实际利率=(1+8%/4)4-1=8.24%设 B银行复利利率为i，则有，(1+i/12)12=(1+8%/4)4 i=7.94%4.（1）A项目的期望报酬率=0.2 60%+0.620%+0.2（-20%）=20%B项目的期望报酬率=0.2 30%+0.620%+0.2 10%=20%（2）A项目的标准离差=25.30%B项目的标准离
3、差=6.32%（2）A项目的标准离差=25.30%B项目的标准离差=6.32%（3）由于 A、B项目期望报酬率相同，但A项目的标准离差高于B项目标准离差，说明相同收益率下 A项目风险更高，所以选择B项目进行投资。.部分内容来源于网络，有侵权请联系删除！第三章习题参考答案(P139-140)1.解：普通股资金成本8%1%9.16%12%cK留存收益资金成本8%1%9%100%pK债券资金成本8%(125%)6.06%11%bK银行借款资金成本5.5%(125%)4.13%lK综合资金成本100002500750050009.16%9%6.06%4.13%7.21%2500025000250002
4、5000wK2.解：按现行企业所得税税率为25%计算。该短期融资券的成本为：18012%(125%)4.5%360K（一年按360 天计算）3解：按照平均分摊法：5(804.5)80(19%)80802%24.04()5A万元4.解：（1）(-600012%)(125%)-(60001000)12%(125%)10001001000EBITEBIT解得：2040()EBIT万元（2）由于该公司的息税前利润为4000 万元，大于每股收益无差别点的息税前利润2040 万元，所以应该第二种筹资方式，即选择发行债券筹资。5.解：该公司债券的资金成本为：5008%(125%)5.74%550(15%)b
5、K6解：根据公式SCDOLSCF当3000S时，3000300080%1.713000300080%250DOL文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10
6、N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E1
7、0N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E
8、10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3
9、E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H
10、3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8
11、H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N
12、8H3E10N7 ZU8X1J6Z5H4.部分内容来源于网络，有侵权请联系删除！当1500S时，1500150080%61500150080%250DOL当750S时，75075080%1.575075080%250DOL规律：在一定的范围内，随着销售额的减少，经营杠杆系数先增加后减少。可见，存在一个销售额，可以使得营业杠杆系数最大。7.解：（1）4 5 7 52 2 801.6 74 5 7 522 8 09 2 0DOL457522809201.1145752280920135DFL1.67 1.111.85DTL（2）税前收益增长=1.67 30%=50.1%净收益增长=1.85 30%
13、=55.5%文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X
14、1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8
15、X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU
16、8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 Z
17、U8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7
18、ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7
19、 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4.部分内容来源于网络，有侵权请联系删除！第四章习题参考答案(
20、P196-197)1.解：首先，计算两方案每年的折旧额：甲方案每年的折旧额=30000/5=6000（元）乙方案每年的折旧额=（36000-6000）/5=6000（元）先计算两个方案的营业现金流量，再结合初始现金流量和终结现金流量编制两方案的全部现金流量。两个方案的营业现金流量表（金额单位：元）第 2 年第 3 年第 4 年第 5 年第 6 年甲方案：销售收入（1）15000 15000 15000 15000 15000 付现成本（2）5000 5000 5000 5000 5000 折旧（3）6000 6000 6000 6000 6000 税前利润（4）=（1）-（2）-（3）4000
21、 4000 4000 4000 4000 所得税（5）=（4）25%1000 1000 1000 1000 1000 税后利润=（4）-（5）3000 3000 3000 3000 3000 营业现金流量（7）=（3）+（6）9000 9000 9000 9000 9000 乙方案：销售收入（1）17000 17000 17000 17000 17000 付现成本（2）6000 6300 6600 6900 7200 折旧（3）6000 6000 6000 6000 6000 税前利润（4）=（1）-（2）-（3）5000 4700 4400 4100 3800 所得税（5）=（4）25%12
22、50 1175 1100 1025 950 税后利润=（4）-（5）3750 3525 3300 3075 2850 营业现金流量（7）=（3）+（6）9750 9525 9300 9075 8850 两个方案的现金流量表（金额单位：元）CF0CF1CF2CF3CF4CF5CF6甲方案：文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E
23、10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3
24、E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H
25、3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8
26、H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N
27、8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4
28、N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI
29、4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4.部分内容来源于网络，有侵权请联系删除！固定资产投资-30000 营业现金流量9000 9000 9000 9000 9000 甲方案现金流量合计-30000 9000 9000 9000 9000 9000 乙方案：固定资产投资-36000 流动资产投资-3000 营业现金流量9750 9525 9300 9075 8850 固定资产残值营运资金回收乙方案现金流量合计-36000
30、-3000 9750 9525 9300 9075 8850 2.解：首先计算该方案的名义内含报酬率（IRR1）由于每年的净现金流量不相等，故需要先估计一个折现率，假设为24%，进行第1 次测试如下表所示：表 1 内含报酬率测试表（1）年次各年净现金流量复利现值系数现值 =第 1 年40000 0.806 32240 第 2 年50000 0.650 32500 第 3 年60000 0.524 31440 未来报酬总现值96180 初始投资额100000 净现值 NPV-3820 在第 1 次测试中，净现值为负数，说明应降低折现率再测算，现用20%进行第 2 次测试如下表2所示：表 2 内含
31、报酬率测试表（2）年次各年净现金流量复利现值系数现值 =第 1 年40000 0.833 33320 第 2 年50000 0.694 34700 第 3 年60000 0.579 34740 文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7
32、 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N
33、7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10
34、N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E1
35、0N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E
36、10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3
37、E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H
38、3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4.部分内容来源于网络，有侵权请联系删除！未来报酬总现值102760 初始投资额100000 净现值 NPV 2760 通过以上第2 次测试，可以知道A方案的内含报酬率在20%与 24%之间，采用插值法计算得出A方案的名义内含报酬率为21.68%，由于 IRR1资金成本，故方案可行。其次，剔除通货膨胀因素，计算实际内含报酬率（IRR2）通过公式1+r名义=（1+r实际)（1+通货膨胀率）得出IRR2=10.62%，由于IRR2经营成本 投资5.解：单位产品变动成本V=件元/1
39、60033000-7800盈亏平衡产量万件14.21600300030000X盈亏平衡价格件元/2000103103000-3000440V盈亏平衡单位产品变动成本件元/26001031030001600440P6.解：因为项目净现值NPV=P0 A（P/A，10，4）=P0 A 3.7908，具体方案组合如下表所示：通过上面5 个组合方案可以得知，第三种方案净现值最大，但是超过了资金限额220 万，不符合条件。因此应该选择第5 种组合方案，此时净现值最大，而且没有超过资金限额。序号组合状态0 14 投资额（万元）NPV（万元）A B1 B2 C1 C21 2 3 4 5 1 0 0 0 0
40、1 1 0 0 0 1 0 1 0 0 1 1 0 1 0 1 1 0 0 1 40 120 200 56 60 24 48 80 18 20 40 160 240 216 220 36.0 68.0 89.6 69.06 71.6 文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10
41、Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S1
42、0Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S
43、10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5
44、S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV
45、5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:C
46、V5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:
47、CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4.部分内容来源于网络，有侵权请联系删除！第五章习题参考答案（P248）1.解：其计算结果见下表所示：现金持有量方案成本计算分析表（金额单位：元）方案项目甲乙丙丁机会成本30000 38400 48000 60000 管理成本20000 20000 20000 20000 短缺成本9500 4500 1500 0 总成本59500 62900 69500 80000 通过分析比较上表各方案的总成本可知，甲方案的总成本最低，因此，当企业现
48、金持有量为250000 元时，总成本最低，故企业的最佳现金持有量为250000 元。2.解：因为每次订货800kg，则订货成本为504000800=250 元材料采购成本为304000=120000 元材料储存成本为80052=2000 元则甲材料全年存货成本为12000+20000+8000+250+120000+2000=162250 元3.解：企业的经济订货量Q=508254002kg 年最佳订货次数为=次850400存货最佳总成本为=4008254002元最佳订货周期=天年4581经济订货量占用资金=元500202504.解：（1）现销与赊销比例为1：4，所以现销额赊销额/4，即赊销额
49、赊销额/4 4500，所以赊销额3600（万元）（2）应收账款的平均余额日赊销额平均收账天数3600/360 60600（万元）（3）维持赊销业务所需要的资金额应收账款的平均余额变动成本率文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU
50、8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 ZU8X1J6Z5H4文档编码:CV5S10Z10X9S4 HI4N8H3E10N7 Z