问题 问答题

甲公司2011年度的主要财务数据如下:

单位:万元
销售收入 4000
营业利润 300
利息支出 50
税前利润 250
所得税(税率20%) 50
税后利润 200
支付股利(股利支付率50%) 60
收益留存 60
期末股东权益(100万股) 500
期末负债 500
期末总资产 1000
要求:
(1)假设甲公司在今后不发股票,且可以维持2011年的经营效率和财务政策,不断增长的产品能为市场所接受,不变的销售净利率可以涵盖不断增加的利息,请依次回答下列问题:
①2012年的预期销售增长率。
②今后的预期股利增长率。
③假设甲公司2011年末的股价是20元,股东预期的报酬率。
④假设甲公司可以按2011年的平均利率水平在需要时取得借款,其加权平均成本(资本结构权数以账面价值为基础)。
(2)假设甲公司2012年的计划销售增长率为30%,请回答下列问题:
①如果不发股票,且保持2011年的财务政策和资产周转率。销售净利率应到达多少
②如果想保持2011年的经营效率、资产负债率和股利支付率不变,需要从外部筹集多少股权资金

答案

参考答案:

(1)2012年的预期销售增长率:

销售净利率 5%

销售额/总资产 4次

总资产/期末股东权益 2

利润留存塞 50%

(2)①可持续增长率

②股利增长率=可持续增长率=25%

③股东的预期报酬率=下期股利÷当前股价+股利增长率=[(60÷100)×(1+25%)]÷20+25%=28.75%

④资本成本=税后负债成本×负债比率+权益成本×权益÷资产=(50÷500)×(1-20%)×(500÷1000)+28.75%×(500÷1000)=18.38%

单项选择题
阅读理解

阅读理解。

     If you were walking around a supermarket and saw a woman with a shaved head, a ring through her nose,

a tattoo (纹身) design on her arm and she has a small child in her shopping trolley, what would your opinion

be? Do you think this kind of body decoration is attractive or ugly? Different people have different ideas. The

following are some examples of body decoration from around the world.

     In many parts of Africa, it is thought that an attractive girl should have really shinny skin.

     On Bali, a little island in Indonesia, they believe that a beautiful woman or handsome man must have

perfectly straight, flat teeth. The Balinese believe that teeth with pointed edges make you look like an ugly wild

animal. So when a girl or boy becomes a teenager, he or she is taken to a special person in their village who

will file off teeth points to make them smooth and flat. There is no anesthetic (麻药) and this tooth filing is

really painful. It is a kind of test. If you can stand it without screaming or crying too much, then you are

thought ready to become an adult.

     In Myanmar, there is a small group of people who are called the "Papaung". They believe that a woman can

only be really beautiful if she has a long neck. I mean a VERY long neck. Now you might think that you are

either born with a long or short neck and that there's nothing whatever you can do about it. But you would be

wrong! At around the age of 5, a Papaung girl has heavy metal rings fitted around her neck, tightly between the

chin and shoulders. Each year more rings are added and very, very slowly their weight pushes the shoulders

down, in this way making the neck look longer. A Papaung woman will wear her neck rings all her life, never

once taking them off.

1. What is mainly talked about in paragraph one?

A. Women's design.

B. Body decoration.

C. Attractive decoration.

D. Beautiful body decoration.

2. What does the underlined word "trolley" mean?

A. shopping cart

B. luggage

C. schoolbag

D. basket

3. On Bali, it is believed that _____.

A. a person with sharp teeth looks ugly

B. a person with straight, flat teeth looks ugly

C. a teenager's teeth points must be filed off with anesthetic

D. no one will scream or cry when having his teeth points filed off

4. Which of the following is NOT true?

A. Most African people think that a girl with shinny skin is beautiful.

B. It is thought that a beautiful woman should have straight, flat teeth on Bali.

C. Some people think it beautiful that a woman has a long neck in Myanmar.

D. Many people think that a woman with a ring through nose is neither attractive nor ugly.