问题 问答题

甲公司2005年末的负债总额为1000万元,其中包括长期应付款120万元,另外包括应付账款等无息负债80万元;所有者权益为1200万元,预计2006年销售增长率为5%,从2007年开始每年下降1个百分点,到2009年停止下降,以后可以持续。2006年的销售收入为5000万元,销售成本(不包括折旧与摊销)为4000万元,营业和管理费用(不包括折旧与摊销)300万元,折旧与摊销100万元,平均税率为30%;企业加权平均资本成本2006~2007年为10%,2008年及以后各年为8%,投资资本与销售同比例增长。目前每股价格为8元,普通股股数为800万股。

要求:

(1) 计算2006年的息税前经营利润;

(2) 计算2006年的期初投资资本回报率;

(3) 假设期初投资资本回报率一直保持不变,按照经济利润模型计算企业实体价值(中间数据最多保留四位小数,最后计算结果取整数);

(4) 计算每股价值,评价甲公司股票是否被高估了,是否值得购买。

答案

参考答案:

(1) 息税前经营利润=5000-4000-300-100=600(万元)

(2) 2006年息前税后经营利润=600×(1-30%)=420(万元)

期初投资资本=(1000-120-80)+1200=2000(万元)

期初投资资本回报率=420/2000×100%=21%

(3)

方法一:把2009年作为后续期第一年 单位:万元

经济利润现值

=220×0.9091+231×0.8264+283.92×0.7652+292.4376/(8%-3%)×0.7652

=5083.621(万元)

企业实体价值=2000+5083.621=7084(万元)

方法二:把2008年作为后续期第一年 单位:万元

经济利润现值

=220×0.9091+231×0.8264+283.92/(8%-3%)×0.8264

=200.002+190.8984+4692.6298

=5083.530(万元)

企业实体价值=2000+5083.530=7084(万元)

(4)股权价值=7084-(1000-120-80)×6284(万元)

每股价值=6284/800=7.86(元)

由于每股价值低于每股市价,因此甲公司股票被市场高估了,不值得购买。

完形填空
完形填空。
     It is very important to stay healthy. I have a neighbor. She is an old lady. She can do all the housework, 
 1  newspapers, watch TV and search on the Internet to learn something new. I often see  2  do taijiquan in
the morning and dance in the evening. She looks young and beautiful  3  she is over seventy. Last week a
reporter from a magazine interviewed her and asked  4  she kept so young and healthy. She replied with a
smile: 
     I have a secret of staying young and healthy. It is quite  5 . Keep your mind active, take an interest in the
world  6  you, and learn at least one new thing every day. Try to do different kinds of housework and do
sports as  7  as you can. Don't think you are too old to go back to  8 . I know a man who entered a medical
college when he was 70 years old. He studied there for 6 years and now he is a doctor. Another man went to
a tennis school at the age of 71 and now he is good at  9  tennis. Some people may say staying young is easy
only for those who live in the future. In fact, no matter how old you are, you can make it.
     Please tell the story to your family. It would be a good start to  10  the lady's example. I hope all people
will stay young and healthy.
( )1. A. look   
( )2. A. her   
( )3. A. than   
( )4. A. what   
( )5. A. early  
( )6. A. under  
( )7. A. soon   
( )8. A. place  
( )9. A. buying  
( )10. A. follow 
B. read  
B. him  
B. since 
B. why  
B. dear  
B. around 
B. busily 
B. song  
B. losing 
B. give  
C. see   
C. other  
C. though  
C. who   
C. easy   
C. above  
C. hardly  
C. school  
C. sending 
C. make   
D. watch  
D. others 
D. because
D. how    
D. late   
D. between                             
D. often  
D. dance  
D. playing
D. bring  
单项选择题