问题 问答题

大华公司计划投资某一项目,原始投资额为100万元,该公司拟采用发行债券和优先股的方式筹集资金,拟平价发行面值为500元,票面年利率为5%,每年付息一次,期限为5年的债券1 600张;剩余资金以发行优先股的方式筹集,固定股息率8%,所得税税率为40%。全部投资在建设起点一次投入,建设期为一年,资本化利息为4万元。建设开始时需垫支5万元流动资金,项目终结时收回,投产后第一到第四年每年增加销售收入38.34万元,以后每年增加41万元;付现成本每年增加11万元;第一到第四年每年需支付利息4万元。该固定资产预计使用10年,按直线法提取折旧,预计净残值为4万元。该项目资金成本率为4%。 要求: (1) 计算债券成本、优先股成本和项目综合资本成本(筹资费率忽略不计)。 (2) 计算项目各年度现金净流量。 (3) 计算项目的净现值。 (4) 评价项目的可行性。

答案

参考答案:

解析:
(1) 计算资本成本
①债券成本=5%×(1-40%)=3%
②优先股成本=8%
③项目综合资金成本=3%×(80/100)+8%×(20/100)=4%
(2) 计算项目各年现金净流量
年折旧=(100+4-4)万元/10=10万元
NCFo=(-100-5)万元=-105万元
NCF1=0万元
投产后1~4年每年增加净利润=[38.34-(11+10+4)]万元×(1-40%)=8万元
投产后5~10年每年增加净利润=[41-(11+10)]万元×(1-40%)=12万元
NCF2~5=净利润+折旧+利息=(8+10+4)万元=22万元
NCF6~10=净利润+折旧=(12+10)万元=22万元
NCF11=净利润+折旧+残值+收回流动资金=(12+10+4+5)万元=31万元
(3) 计算净现值=[-100-5+[22×(p/A,4%,10)-22×(P/A,4%,1)]+31×(P/F, 4%,11)=-100-5+(22×8.110 9-22×0.961 5)+31×0.649 6]万元
≈72.43万元
(4) 该项目净现值大于0,说明该方案可行。

单项选择题
单项选择题

Many people seem to think that science fiction is typified by the covers of some of the old pulp magazines, the Bug-Eyed Monster, embodying every trait and feature that most people find repulsive, is about to grab, and presumably ravish, a sweet, blonde, curvaceous, scantily clad Earth girl. This is unfortunate because it demeans and degrades a worthwhile and even important literary endeavor. In contrast to this unwarranted stereotype, science fiction rarely emphasizes sex, and when it does, it is more discreet than other contemporary fiction. Instead, the basic interest of science fiction lies in the relation between man and his technology and between man and the universe. Science fiction is a literature of change and a literature of the future, and while it would be foolish to claim that science fiction is a major literary genre at this time, the aspects of human life that it considers make it well worth reading and studying for no other literary form does quite the same things.

What is science fiction To begin, the following definition should be helpful: science fiction is a literary subgenre which postulates a change (for human beings) from conditions as we know them and follows the implications of these changes to a conclusion. Although this definition will necessarily be modified and expanded, it covers much of the basic groundwork and provides a point of departure.

The first point-that science fiction is a literary subgenre-is a very important one, but one which is often overlooked or ignored in most discussions of science fiction. Specifically, science fiction is either a short story or a novel. There are only a few dramas which could be called science fiction, with Karel Capek’s RUR (Rossum’s Universal Robots) being the only one that is well known, the body of poetry that might be labeled science fiction is only slightly larger. To say that science fiction is a subgenre of prose fiction is to say that it has all the basic characteristics and serves the same basic functions in much the same way as prose fiction in general, that is, it shares a great deal with all other novels and short stories.

Everything that can be said about prose fiction, in general, applies to science fiction. Every piece of science fiction, whether short story or novel, must have a narrator, a story, a plot, a setting, characters, language, and theme. And like any prose, the themes of science fiction are concerned with interpreting man’s nature and experience in relation to the world around him. Themes in science fiction are constructed and presented in exactly the same ways that themes are dealt with in any other kind of fiction. They are the result of a particular combination of narrator, story, plot, character, setting, and language. In short, the reasons for reading and enjoying science fiction, and the ways of studying and analyzing it, are basically the same as they would be for any other story or novel.

According to the author, the popular image of science fiction is()

A. prejudiced

B. impartial

C. worthy

D. admiring