问题 问答题

某公司下设甲、乙两个投资中心,目前甲中心的部门边际贡献为10万元,总资产平均占用额为 200万元;乙中心的部门边际贡献为45万元,总资产平均占用额为300万元。现有两个追加投资的方案可供选择:第一,若甲中心追加投入100万元经营资产,每年将增加 8万元的部门边际贡献;第二,若乙中心追加投入200万元经营资产,每年将增加29万元部门边际贡献。公司的资本成本为10%,假定资金供应有保证,剩余资金无法用于其他方面,暂不考虑剩余资金的机会成本。[要求](1)计算目前甲中心、乙中心和总公司的投资报酬率和剩余收益;(2)计算甲中心追加投资后各中心及总公司的投资报酬率和剩余收益; (3)计算乙中心追加投资后各中心及总公司的投资报酬率和剩余收益; (4)根据投资报酬率、分别从甲中心、乙中心和总公司的角度评价上述追加投资方案的可行性,并据此评价该指标; (5)根据剩余收益指标,分别从甲中心、乙中心和总公司的角度评价上述追加投资方案的可行性,并据此评价该指标。

答案

参考答案:

(1)计算目前的投资报酬率和剩余收益

甲中心的投资报酬率 =10÷200=5%

乙中心的投资报酬率 =45÷300=15%

总公司的投资报酬率 =(10+45)÷(200+300)=11%

甲中心的剩余收益 =10-200×10%=-10(万元)

乙中心的剩余收益 =45-300×10%=15(万元)

总公司的剩余收益 =55-500×10%=5(万元)

(2)甲中心投资报酬率 =(10+8)÷(200+100)=6%

乙中心投资报酬率=45÷300=15%

总公司投资报酬率 =(55+8)÷(500+100)=10.5%

甲中心的剩余收益 =18-300×10%=-12(万元)

乙中心的剩余收益 =45-300×10%=15(万元) 

总公司的剩余收益 =63-600×10%=3(万元)

(3)甲中心投资报酬率=10÷200=5%

乙中心投资报酬率 =(45+29)÷(300+200)=14.8%

总公司投资报酬率 =(55+29)÷(500+200)=12% 

甲中心的剩余收益 =10-200×10%=-10(万元)

乙中心的剩余收益 =(45+29)-(300+200)×10% =24(万元)

总公司的剩余收益 =84-700×10%=14(万元) 

(4)如果甲中心追加投资,将使其投资报酬串增加1个百分点,该中心必定认为投资方案有可行性;

但从总公司的角度看,投资报酬率降低了 0.5个百分点,最终结论是甲中心追加投资的方案不具有可行性。

如果乙中心追加投资,将使其投资报酬率降低 0.2个百分点,该中心必定认为投资方案不具有可行性;

但从总公司的角度看,投资报酬率增长了1个百分点,最终结论是乙中心追加投资方案具有可行性。

由此可见,采用投资报酬率作为投资中心投资效果考核指标,将导致下级投资中心与总公司的利益发生矛盾。

(5)如果甲中心追加投资,将使其剩余收益降低 2万元,同时使总公司的剩余收益也降低2万元,这样无论从甲中心还是从总公司的角度看,最终结论都是甲中心追加投资的方案不具有可行性。如果乙中心追加投资,将使其剩余收益增加9万元,同时使总公司的剩余收益也增加9万元,这样无论从乙中心还是从总公司的角度看,最终结论都是乙公司追加投资的方案具有可行性。 由此可见,采用剩余收益作为投资中心投资效果考核指标,将使下级投资中心与总公司的利益取得一致。

阅读理解

One thing the tour books don’t tell you about London is that 2,000 of its residents are foxes , which fled the city about centuries ago after developers and pollution moved in . But now that the environment is cleaner , the foxes have come home , one of the many wild animals that have moved into urban areas around the world .

Several changes have brought wild animals to the concrete jungles . First of all , air and water quality in many cities has improved as a result of the 1970s’ pollution control efforts . meanwhile , rural areas have been built up , leaving many animals on the edges of suburban areas . In addition , conservationists have created urban wildlife shelters .

“ The number and variety of wild animals in urban areas is increasing , ” says Gomez Jones . One of the country’s largest populations of raccoons now lives in Washington , D.C. , and moose are regularly seen wandering into Maine towns . Peregrine falcons(猎鹰)dive from the window edges of buildings in the largest U.S. cities to hunt for pigeons .

For peregrine falcons , cities are actually safer than rural areas . By 1970 the birds had died out east of the Mississippi because the DDT , a widely used poison to kill insects , had made their eggs too thin to support life . That year , Tom Cade began raising the birds for release in cities , for cities afforded abundant food in the form of pigeons and contained none of the peregrines’ natural enemies .

“ Before they died out , some migrated to cities on their own because they had run out of natural habitats , ” Cade says . “ To peregrines , buildings are just like natural habitats . ” He has released about 30 birds since 1975 in New York , Baltimore , Philadelphia and Norfolk , and of the 20 pairs now living in the East , half are originally born in the city . “ A few of the young ones have gotten into trouble by falling down chimneys and crashing into window glass , but overall their adjustment has been successful . ”

小题1:. The first paragraph suggests that __________ .

A.environment is vital for wildlife

B.tour books are not a reliable source of information

C.London is a city of fox

D.foxes are highly adaptable to environment小题2:. The passage is mainly concerned with __________ .

A.wildlife of all kinds returning to large cities to live

B.falcons in New York , Baltimore , Philadelphia , and Norfolk

C.moose running into glass doors of stores

D.foxes returning to London小题3:. The following statements about peregrine falcons are true EXCEPT __________ .

A.They died out east of he Mississippi because of the side effect of DDT

B.They tend to jump down from a height to hunt for food

C.They like running into glass windows or chimneys

D.Most of them have got used to living in the concrete jungle小题4:. The second paragraph is trying to tell us __________ .

A.that air and water quality has improved in the cities

B.why wildlife likes the noise and activities in the cities

C.that wildife refuges have been built in the cities

D.why wildlife is returning to cities

单项选择题