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。

阅读理解

 

第二部分:阅读理解(共两节, 满分45分)

阅读下面短文,从每题所给的四个选项(A、B、C和D)中,选出最佳选项,并在答题卡上涂黑。

A

“Good evening, everybody!” said the teacher, Donna. “Where is everybody?” That was sort of a daily joke by Donna. Usually the class started with only two or three students present, and then filled up as the minutes went by. It was summertime. Summer school was only eight weeks long. Class attendance was always smaller than during fall and spring semesters.

“I don’t know, teacher. Maybe they late or no come,” said one student. “Maybe watching TV football tonight.”

“Is there a soccer game tonight? It seems like there’s a soccer game every night. Oh, well. Let’s get started, okay? We’re on page 36 in the workbook. Tonight we’re studying participles as adjectives. Students are always confused when they learn about the present and past participles, so we will practice this a lot. Tonight, we’re just going to practice the present participle.

“The present participle tells us what emotion or feeling the subject is causing. For example, ‘Grammar is boring’ means that the subject—grammar—causes an emotion of boredom. If we say, ‘The movie is interesting,’ we are saying that the movie causes a feeling of interest. If we say, ‘The roller coaster is exciting,’ we are saying that the roller coaster causes a feeling of excitement. Any questions so far? Am I confusing you? Is everyone confused?”

The classroom was quiet. Donna looked at blank faces. They were confused. She knew this would take a while. But eventually, the faster students would grasp it, and then they would help the slower students. By the end of the evening, most of the class would feel comfortable using the present participle.

Donna erased the board and put some new examples on it. She loved guiding her students through difficult topics like this one. She always felt a little bit thrilled when the look of understanding came to their faces.

41.What do you think the class is about?

A.Going over homework.   B.English grammar.

C.Football.          D.British culture.

42.We can infer from the first paragraph that___________in summer time.

A.some students are often late for school

B.some students often watch football games with the teacher

C.more students often ask for leave

D.more students often go to school

43.The underlined work “blank” probably means__________.

A.excited     B.interested  C.confused   D.pleased

44.Which of the following is NOT true according to the passage?

A.Donna was experienced in teaching English grammar.

B.Donna made the students practice using the present participle.

C.Donna didn’t use any examples to help the students.

D.Donna made herself understood at last.

单项选择题