问题 问答题 案例分析题

计算题:

XYZ公司是家民营企业,其开发和生产的某种产品市场前景很好。公司目前正处于创业阶段,急需资金支持,准备再增加定向发行债券。XYZ公司目前已经采取的筹资方案是:定向向若干战略投资者发行价值900万元、利率为10%的抵押公司债券。债券投资人出于保持或增加其索偿权安全性的愿望,经与XYZ公司协商后双方共同在债务契约中写入若干保护性条款,其中规定允许公司只有在同时满足下列保护性条款的前提下才能发行其他公司债券:

(1)利息保障倍数大于4;

(2)发行债券所形成的资产的50%用于增加被抵押资产,抵押资产的净折余价值保持在抵押债券价值的2倍以上;

(3)产权比率不高于0.5。

从公司目前财务报表得知,XYZ公司现在税后净利润240万元,预计未来仍然可以保持这一收益水平,目前所有者权益为4000万元,企业总资产4800万元中已被用于抵押的资产折余价值为2000万元。公司所得税税率为25%。

要求分析:

(1)在抵押债券契约中规定的三种条件下,XYZ公司可分别再发行多少利率为10%的债券?

(2)说明上述保护性条款中哪项是有约束力的,为什么?

答案

参考答案:

(1)设x为可发行新债的金额 

公司的税前利润=240/(1-25%)=320(万元) 

约束条款(1): 

(320+900×10%+x×10%)÷(900×10%+x×10%)=4 

x=166.67(万元) 

约束条款(2): 

(2000+x×50%)÷(900+x)=2 

x=133.33(万元) 

约束条款(3): 

(900+x)÷4000=0.5 

x=1100(万元) 

(2)可见从企业目前的收益水平来看,保护条款(2)是有约束力的,它将企业拟发行新债的数量限制在133.33万元以内。

阅读理解

阅读理解

     China_is_going_green. In order to reduce air pollution and oilshortages, automobile manufacturers have announced their plans to develop hybrid vehicles (混合燃料汽车) for the Chinese market. Toyota's

hybrid car Prius will be ready to drive in China this week. Let's have a look at the new car.

     Any vehicle is a hybrid when it combines two or more sources of power. Hybrid cars run off a

rechargeable battery and gasoline. Hybrid cars have special engines, which are smaller than traditional

gasoline engines. They run at 99 percent of their power when the car is cruising (匀速行驶). A specially

designed battery motor provides extra power for running up hills or when extra acceleration is needed.

     Step into a Prius, and turn on the engine. The first thing you notice is how much quieter it is than a

traditional car. At this point, the car's gasoline engine is dormant (休眠). The electric motor will provide

power until the car reaches about 24 km/h. If you stay at a low speed, you are effectively driving an

electric car, with no gasoline being used, and no waste gas gives off.

     The onboard(车载的) computer makes the decision about when to use a gas engine, when to go

electric, and when to use a combination of the two. If you go over 24 km/h, when you step on the gas

pedal (油门), you are actually telling the computer how fast you want to go.

     The electronic motor recharges automatically using a set of batteries. When driving at high speed, the

gasoline engine not only powers the car, but also charges the batteries. Any time you use the brake, the

electric motor in the wheels will work like a generator and produce electricity to recharge the batteries. As a consequence, the car's batteries will last for around 200,000 miles.

1. The author writes this passage mainly to________.

A. teach people how to drive a hybrid car

B. introduce a new kind of "green" car

C. show how to save their gasoline when driving a car

D. announce plans to develop hybrid vehicles for China

2. The first sentence probably refers to ________.

A. there will be more and more green land in China

B. China is still young and lacking experience

C. China's new cars are combinations of different green models

D. China has started producing environmentally friendly cars

3. Which of the followings is NOT true?

A. The hybrid cars reduce air pollution and oilshortages.

B. The car's gasoline engine doesn't work until it reaches about 24 km/h.

C. This kind of car is completely controlled by an onboard computer.

D. A specially designed battery motor provides extra power when needed.

4. What is the most important feature of hybrid cars?

A. They are powered by both a rechargeable battery and gasoline.

B. They are much quieter than traditional cars.

C. They only use 99 percent of their power to run up hills.

D. They have smaller engines than traditional gasoline ones.

5. What can we conclude from the story?

A. The batteries can be recharged at any time you want.

B. Using the brake suggests that the gasoline engine should work.

C. The batteries will last for 200, 000 miles without being recharged.

D. The gasoline engine charges the batteries as well as powers the car.

单项选择题