2010注會(huì)《財(cái)務(wù)成本管理》沖刺實(shí)驗(yàn)?zāi)�擬試題(4)

　　(4) This is a three-year call option, if the price of the underlying asset in Jan.1st, 2010 is higher than the exercise price, so it can choose to exercise options. The price of the underlying asset in Jan.1st, 2010 equals 300×5.3349=1600.47, The exercise price of the underlying asset in Jan.1st, 2010 equals the amount of the investment 1500, 1600.47 is more than 1500, so it may choose to exercise options.

　　(5) SO=300×5.3349×(P/F,10%,3)=1202.43

　　PV(X)=1500×(P/F,4%,3)=1333.5

　　d1=ln (1202.43/1333.5)/ (0.20× )+(0.20× )/2

　　=-0.1035/0.3464+0.1732

　　=-0.1256

　　d2=-0.1256-0.3464=-0.472

　　N(d1) =1-N(0.1256)

　　=1-[0.5478+(0.5517-0.5478)/(0.13-0.12)×(0.1256-0.12)]

　　=0.45

　　N(d2)=1-N(0.472)

　　=1-[0.6808+(0.6844-0.6808)/(0.48-0.47)×(0.472-0.47)]

　　=0.32

　　C=1202.43×0.45-1333.5×0.32=541.09-426.72=114.37

　　The NPV of the first project considering options=114.37-262.65=-148.28, it is no good to invest the first project.

　　【該題針對(duì)“期權(quán)估價(jià)原理,資本結(jié)構(gòu)的MM理論”知識(shí)點(diǎn)進(jìn)行考核】

　　【答疑編號(hào)10084586】

　　4.

　　【正確答案】：(1)平均日需求量=16200/360=45(件)

　　經(jīng)濟(jì)訂貨量=[2×16200×25/1×60/(60-45)]開(kāi)方=1800(件)

　　經(jīng)濟(jì)訂貨量相關(guān)總成本=[2×16200×25×1×(60-45)/60]開(kāi)方=450(元)

　　訂貨次數(shù)=16200/1800=9(次)

　　訂貨周期=360/9=40(天)

　　送貨期=1800/60=30(天)

　　平均庫(kù)存量=1800/2×(1-45/60)+20=245(件)

　　存貨平均占用資金=245×10=2450(元)

　　(2)上年的可持續(xù)增長(zhǎng)率=200/(2000-200)×100%=11.11%

　　超常增長(zhǎng)所需的額外資金=8000×(1+15%)/3-8000×(1+11.11%)/3.2=288.92(萬(wàn)元)

　　超常增長(zhǎng)額外提供的收益留存=260-200×(1+11.11%)=37.78(萬(wàn)元)

　　超常增長(zhǎng)額外增加的負(fù)債=100-500×11.11%=44.45(萬(wàn)元)

　　超常增長(zhǎng)額外增加的外部股權(quán)融資=288.92-37.78-44.45=206.69(萬(wàn)元)

　　(3)邊際貢獻(xiàn)=8000×(1+15%)×(1-60%)=3680(萬(wàn)元)

　　總杠桿系數(shù)

　　=3680/[3680-(500+100)×8%-180-15/(1-25%)]

　　=1.07

　　每股收益增長(zhǎng)率=15%×1.07=16.05%

　　【該題針對(duì)“可持續(xù)增長(zhǎng)率與實(shí)際增長(zhǎng)率,總杠桿系數(shù),存貨決策”知識(shí)點(diǎn)進(jìn)行考核】

　　【答疑編號(hào)10084587】