问题 填空题
用所给词语的适当形式填空,使短文正确、通顺、连贯。(每词限用一次)
hear, took, grew, healthy, slowly, himself, something, operation, to help, sad

     James was a boy. He was different from other children. He did everything 1             . His parents did
not know what was wrong. So they went to the doctor's. The doctor found that the boy could not see 2             .And he said that he could do nothing 3              him. James' parents were even 4             .
     James 5              big as time went on. He was 6              and happy. But he could not look after
7             . One day his parents 8              that there was a good doctor in a town. They 9              the
boy to see him. The doctor did a small 10              and James could see clearly. How happy everyone
feels!

答案

1. slowly  2. anything  3. to help  4. sadder  5. grew

6. healthy  7. himself  8. heard  9. took  10. operation

填空题
问答题

某企业计划进行项目投资,现有A、B方案供选择,有关资料如下:

A项目原始投资为250万元,全部于建设起点一次性投入,其中固定资产投资210万元,流动资金投资60万元。该项目当年即建成投入使用,经营期3年,期满残值30万元;预计投产后年营业收入180万元,不包括财务费用的年总成本费用80万元,营业税金及附加15万元。

B项目原始投资250万元,其中固定资产投资120万元,无形资产投资30万元,固定资产和无形资产投资与建设起点一次性发生,建设期2年,期间发生资本化利息15万元计入固定资产原值,流动资金100万元于项目完工时投入,该项目运营期5年,期满固定资产残值预计45万元,无形资产残值预计为0。该项目投产后每年营业收入200万元,年经营成本80万元,年营业税金及附加10万元。

该企业固定资产采用直线法计提折旧,流动资金于终结点一次性收回,所得税率为25%。项目所需要的资金其中100万元可利用公司股票资金:当前短期国债利率为3%,该公司股票β系数1.5,证券市场风险溢价率为10%。

A项目所需要的债务资金向银行借款,利率8%;B项目所需要的债务资金通过发行面值为1000元,发行价为1200元的债券1000张筹集,各种筹资方式手续费忽略不计。

要求:

(1)计算A、B项目各年的所得税前和所得税后净现金流量。

(2)如果A、B项目贴现率分别为12%和16%,计算各方案净现值。

(3)如果A、B方案互斥,应接受哪个方案?