问题 问答题

某建设项目计算期10年,其中建设期2年。项目建设投资(不含建设期贷款利息)1200万元,第1年投入500万元,全部为投资方自有资金;第2年投入700万元,其中500万元为银行贷款,贷款年利率6%。贷款偿还方式为:第3年不还本付息,以第3年末的本息和为基准,从第4年开始,分4年等额还本、当年还清当年利息。

项目流动资金投资400万元,在第3年和第4年等额投入,其中仅第3年投入的100万元为投资方自有资金,其余均为银行贷款,贷款年利率8%,贷款本金在计算期最后一年偿还,当年还清当年利息。

项目第3年的总成本费用(含贷款利息偿还)为900万元,第4~10年的总成本费用均为 1500万元,其中,第3~10年的折旧费均为100万元。

项目的投资额、单位产品价格和年经营成本在初始值的基础上分别变动±10%时对应的财务净现值的计算结果见表4-3。

计算结果除答题纸表4-8保留三位小数外,其余均保留两位小数。

【问题】

1.计算项目各年的建设投资贷款和流动资金贷款还本付息额,并将计算结果填入答题纸表4-8和表4-9。

2.列式计算项目第3年、第4年和第10年的经营成本。

3.根据表4-3的数据列式计算各因素的敏感系数,并对3个因素的敏感性进行排序。

表4-3 单因素变动情况下的财务净现值表 单位:万元

4.根据表4-3中的数据绘制单因素敏感性分析图,列式计算并在图中标出单位产品价格变动的临界点。

答案

参考答案:

表4-8 项目建设投资贷款还本付息表 单位:万元

注:表中数据来源:项目建设期贷款利息=1/2×500×6%=15(万元); 第3年初的累计借款=500+15=515(万元); 第3年应计利息=515×6%=30.90(万元); 第4年初的累计借款=515+30.90=545.90(万元); 第4~7年的应还本金=545.90÷4=136.475(万元)。

将以上计算结果填入表4-8再计算第4~7年的应计利息和年初累计借款(见表4-9)。

表4-9 项目流动资金贷款还本付息表 单位:万元

2.第3年的经营成本=900-100-30.9-8=761.1(万元)

第4年的经营成本=1500-100-32.75-24=1343.25(万元)

第10年的经营成本=1500-100-24=1376(万元)

敏感性排序:单位产品价格、年经营成本、投资额。

单因素敏感性分析图见图4-1。

阅读理解

Beijing leading schools say “No” to students’ mobile phones.

Three reasons make some leading schools in Beijing discourage middle school students from bringing mobile phones to campus.

First, it is dangerous for children to bring valuable mobile phones along to school for it is possible for them to be lost during physical exercise and other activities and may cause unnecessary trouble to teachers.

Second, mobile phones are bad for students’ studies. Many teachers complain that some students have phone calls in class, disturbing themselves and others.

Third, mobile phones serve as a hotbed for students’ vanity(虚荣). A new Grade One senior high school student in a leading school asked his parents to buy a 4000-yuan colored-screen mobile phone, which turned out to be his fifth one ever since he entered the middle school.

Most headmasters and teachers in leading schools of Beijing thought that IC telephones on campus have made it very easy for students to get in touch with others, so middle school students should not bring mobile phones to school at present.

1. According to the passage, without mobile phones, how can the students get in touch with others?

A. By writing letters to each other.                       B. By sending e-mails.

C. By using IC telephones.                          D. By no means.

2. Which is NOT the reason that makes the schools say “No” to students’ mobile phones?

A. It is not safe for children to bring mobile phones to school.

B. It may give students a feeling of vanity.

C. It is bad for students’ studies.

D. Most headmasters and teachers don’t want students to bring mobile phones to campus.

3. Why did the new Grade One student ask to buy him the fifth mobile phone since he entered the school?

A. His family had a lot of money.

B. He wanted to show that his family was very rich.

C. His parents loved him too much.

D. The first four mobile phones were all lost.

4. What is the writer’s attitude towards students’ bringing cell phones to school?

A. negative.         B. acceptable.        C. not mentioned.     D. positive. 

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