问题 问答题

某公司只生产一种产品,2004年度息税前利润为100万元,销售量为10000件,变动成本率为60%,单位变动成本240元。该公司资本总额为 800万元,其中普通股资本600万元(发行在外普通股股数10万股,每股60元),债务资本200万元 (债务年利率为10%),公司所得税税率为33%。
要求:(1)计算该公司的经营杠杆系数、财务杠杆系数和复合杠杆系数。
(2)该公司2005午准备追加筹资500万元,拟有两种方案可供选择:一是增发普通股10万元,每股50元;二是增加债务500万元,债务年利率仍为10%。若息税前利润保持不变,你认为该公司2005年应采用哪种筹资方案为什么 (提示:以每股收益的高低为判别标准)。
(3)若该公司发行普通股筹资,上午每股股利为3元,未来可望维持8%的增长率,筹资费率为 4%,计算该普通股的资金成本。

答案

参考答案:(1)单价=240/60%=400(元)
固定成本=10000×(400-240)-1000000=600000(元)
DOL=10000×(400-240)/[100000×(400 -240)-600000]=1.6
DFL=100/(100-20)=1.25
DCL=1.6×1.25=2
(2)(EBIT-200×10%)×(1-33%)/(10+10)=[EBIT-(200+500)×10%]×(1-33%)/10
EBIT=120(万元)
因为目前EBIT为100万元,低于每股利润无差别点的利润120万元,所以应当采用普通股筹资。
(3)K=3×(1+8%)/[50×(1-4%)]+8%
=3.24/48+8%=14.75%

单项选择题
完形填空
阅读下面短文, 从短文后各题的四个选项( A、  B、  C,D)中, 选出可以填入空白处的最佳选项
The world always makes way for the dreamer.
When I was twelve years old, my father took me to see Zig Zigler. I remember sitting in that dark hall listening to Mr. Zigler  36 everyone’s spirits up to the ceiling, I 37  there feeling like I could do anything. When we got to the car, I turned to my father and said, “Dad, I want to    38   people feel like that.” My father asked me 39  I meant. “I want to be a motivational (激励人的)speaker just like Mr. Zigler,”  I replied.A 40 was born.
Recently, I began seeking my dream of motivating others. 41  a four-year relationship with Fortune 100 Company  42  as a sales-trainer and ending as a regional sales manager, I left the company at the height of my 43 . Many people were 44 that I would leave after earning a six-figure income. And they asked 45  I would risk everything for a dream.
I made my 46  to start my own company and leave my secure position after  47  a regional sales meeting. The vice-president of our company delivered a  48  that changed my life. He asked us, “If a god would offer you three wishes, what would they be?” After giving us a 49 to write down the three wishes, he then asked us, “Why do you need a  50 ?” I would never forget the power I felt at that moment. I realized that  51 I had accomplished in the past had prepared me for this moment. I was ready and didn’t need a god’s help to become a motivational speaker. A motivational speaker was  52  .
Having made that decision, I was immediately 53  . One week after I gave notice, my husband was laid off from his job, and now we had no  54  . But I held fast to my dream. The wonder really began to happen. In a short time my husband found a better job.And I was able to book several  55  engagements with new customers. I discovered the incredible power of dreams.
小题1:
A.raiseB.blowC.putD.rise
小题2:A  slipped         B.came                C.arrived       D.left
小题3:
A.getB.make C.hopeD.cheer
小题4:
A.thatB.whichC.whatD.if
小题5:
A.speakeB.ideaC.girlD.dream
小题6:A.Because       B.Before                C  After             D.While
小题7:
A.regardingB.workingC.actingD.beginning
小题8:
A.lifeB.loveC.incomeD.career
小题9:
A.surprisedB.movedC.disappointedD.delighted
小题10:
A.whenB.ifC.whyD.how
小题11:
A.planB.decisionC.promiseD.mind
小题12:
A.enteringB.joiningC.attendingD.holding
小题13:
A.speech B.bookC.reportD.newspaper
小题14:
A.dayB.secondC.weekD.moment
小题15:
A.helpB.godC.jobD.company
小题16:
A.somethingB.anythingC.nothingD.everything
小题17:
A.aliveB.bornC.missingD.dead
小题18:
A.testedB.searchedC.checkedD.examined
小题19:
A.helpB.harmC.incomeD.money
小题20:
A.sellingB.speakingC.writingD.listening