最新电大专科公司财务管理小抄.doc

电大财务管理小抄1信用条件：指公司接受客户信用订单时在对客户等项进行评估的基础上所提出的付款条件。销货企业要求赊购客户支付贷款的条件，包括信用期限，折扣期限及现金折扣。2非系统风险：公司特别风险或分散风险，指某些因素对单个证劵照成经济损失的可能性。3财务风险：也叫筹资风险，指由于负债筹资而带来的收益不确定性。4经营风险：也叫商业风险，指由于生产经营上的原因带来的收益不确定性。5边际资本成本：边际资本成本是加权平均资本成本的一种特殊形式，实际就是追加筹资的加权平均资本成本。6.5C评估法：指重点分析影响客户的五个方面的一种方法（品德，能力，资本，抵押品，状况）这五个方面。以这5个方面为核心确定出客户的信用等级，使企业制定标准时作为主要参考依据。7.资金时间价值：资金在生产和流通过程中随着时间推移而产生的增值。扣除风险报酬和通货膨胀后的真实报酬率。8.净现值：指特定方案在未来各期的净现金流量的现值之和，减去初始投资以后的余额。9.静态投资回收期：指以后投资引起的现金流入累计达到与投资额相等时所需要的时间。 财务管理目标的优缺点：A 以总产值最大为目标: 缺点:只讲产值,不讲效率. 只求数量,不求质量. 只抓生产,不抓销售. 只重投入,不重挖潜.B 以利润最大化为目标; 缺点:没有考虑利润实现的时间,没有考虑资金的价值. 没能有效地考虑,风险问题. 没有考虑投入资本的问题.C 以公司价值最大化为目标; (一)优点：1反映了时间价值，在一定程度上克服了公司在追求利润上的短期行为2考虑了风险因素3反映了资本与收益之间的关系。缺点：1只是用于上市公司2只强调股东利益，对公司其他关系人的利益重视不够3股票价格受多种因素影响，并非都是公司所能控制的，把不可控因素引入财务管理目标是不合理的(二)以相关者利益最大化 约束条件1公司的债权、员工等利益关系人收到完全的保护，以免受到股东的盘剥2没有社会成本。普通股筹资的优缺点: 优点:1,筹资没有固定的利息负担: 2,股本没有固定的到期日. 3筹资风险小. 4,发行股票能增强公司的信誉. 5,由于预期收益较高,用股票筹资容易吸收社会资本.缺点:1,筹资成本高. 2,增发股票会增加新股东,易分散公司控制权. 3,可能导致股价下跌.普通股投资的优缺点:优点:1,能获得比较高得报酬. 2,能设当降低购买风险. 3,拥有一定得经营控制权. 缺点: 主要是风险过大 1.普通股投资对公司资产和盈利的求偿权均居于最后. 2普通股投资的价格受众多因素影响,很不稳定.3 普通股权收入很不稳定.财务管理中为说明用现金流量而不是利润?答：1,采用现金流量有利于科学考虑资金的时间价值因素;利润与现金流量的差异具体表现在以下几个方面:购置固定资产付出大量现金时不计入成本;将固定资产的价值以折旧或折耗的形式逐期计入成本时,不需要付出现金;计算利润时不考虑垫支的流动资产的数量和回收的时间;只要销售行为已经确定,就计算为当期的销售收入,尽管其中有一部分并未于当期收到现金;项目寿命终了时,以现金的形式回收的固定资产残值和垫支的流动资产在计算利润得不到反映2,采用现金流量才能使投资决策更符合客观实际情况:利润的计算没有一个统一的标准,在一定程度上要受存货估价、费用摊配和不同折旧计提方法的影响；利润反映的是某一个会计期间“应计”的现金流量，而不是实际的现金流量。 股利政策的评价（优缺点）330(一)剩余股利政策：就是在保证公司最佳资本结构的前提下，税后利润首先用来满足公司投资的需求 有剩余时才用于股利多配缺点1公司必须有良好的投资机会 而且该投资机会预期报酬率要高于股东要求的必要报酬 这样才能能股东接受 2这种股东政策下 每年的股利额变动较大(二)固定股利或稳定增长股利政策优点:股利政策是想股东传递有关公司经营信息的手段之一,如果公司支付的股利稳定 就说明公司经营业绩稳定,风险小,可使股东要求的必要报酬率降低,有利于价格上升 2 稳定度股利政策有利于股东 有规律的安排股利收入和支出 特别是那些每月能有固定收入的股东更喜欢这种股利政策(三)固定股利支付率股利政策 优点:不会给公司带来很大的财富负担 缺点:其股利变动较大 容易使股东价格产生较大波动 不利于树立良好的公司形象(四) 低正常股利加额外股利政策优点：1具有较大的灵活性 2不会给公司造成较大的财务压力，又能保证股东能定期的到一笔固定的股利收入。当一家公司资产负债率较高时，为什么不愿意借钱给它？资产负债率高说明投资者在全部资金中锁占比重很小，而借入资金所占比重大，公司的风险主要由债权人来负担。对于负债人来说，最关心的就是借出款项的安全程度，而负债多的公司的偿债能力很差，风险也高。在财务管理中为什么用现金流量而不用利润？1采用现金流量有利于科学的考虑资金的时间价值因素。2采用现金流量才能使投资决策更符合客观实际情况。利润的计算有一个统一的标准，太主观随意，作为决策的主要依据不大可靠利润反映的是某一会计期间应计的现金流量，而不是实际的现金流量股利政策（评价优缺点）股利政策包括：一: 剩余股利政策： 剩余股利政策就是在保证公司最佳资本结构的前提下，税后利润首先用来满足公司投资的需求，有剩余时才用于股利分配的鼓励政策。当公司有较好的投资机会时，可以少分配甚至不分配股利，而将税后利润用于公司再投资。这是一种投资优先的鼓励政策。二：固定股利或稳定增长股利政策：固定股利或稳定增长股利政策是指每年发放固定的股利或者每年增加固定数量的股利。三: 固定股利支付率股利政策：固定股利支付率股利政策是指每年从净利润中按固定的股利支付率发放股利。这是一种变动的股利政策，其要点是：确定一个股利占盈余的比例，并长期执行。四：低正常股利加额外股利政策：低正常股利加额外股利政策是指每期都支付稳定的但相对较低的股利额，当公司盈利较多时，再根据实际情况发放额外股利。股利政策的影响因素公司的投资机会公司的投资成本公司的现金流量公司所处的生命周期行业因素股利结构其他因素1、某企业现有资金80000元，有A和B两个方案。A：购入国库券（5年期，年利率12%，不计复利到期一次还本付息），B：购买新设备，使用期6年，预计残值收入为设备总额的10%，设备使用后每年可实现10000元税前利润，资金成本10%，所得税率30%，应选择哪一个方案。NPVA=80000*（1+12%*5）*PVIFA10%,5-80000=-512B方案：折旧=80000*90%/6=12000元税前利润=10000*（1-30%）=70000元每年现金流量=12000+7000=19000元残值收入=80000*10%=8000元NPVB=19000*PVIFA10%,6+8000* PVIFA10%,6-8000=7257元2、原始投资80万元，2005年年初投入项目建设2006年初正式投产，垫支流动资金20万元，2006年末可获收益。每年增加销售收入50万元，付现成本1万元，可持续10年，资金成本10%，所得税税率30%，期末无残值，按残值法提取折旧，试用净现值法评价该项目是否可行？营业现金流量=营业收入-付现成本-所得税=50-15-（50-15-80/10）*30%=26.9万元NPV=26.9*PVIFA10%,10*PVIF10%,1+20*PVIF10%,11-20*PVIF10%,1-80=3、证券组合 销售公司持有自由A、B、C三种股票构成证券组合，他们的系数分别是1.7，1.3和0.5，它们在证券组合中所占的比重分别是50%，30%和20%，股票的市场报酬率为10%，无风险报酬率为7%，是确定证券组合的风险报酬率。确定系数p=50%*1.7+30%*1.3+20%*0.5=1.34计算风险报酬率Rp=p(Rm-Rk)=1.34*(10%-7%)=4.02%4、每年投保1000元，年限30年，收益率10%，每年年末支付保险金，30年年末得多少？1000*FVIFA10%,30年初支付保险费，30年年末得多少？1000*FVIFA10%,30*(1+10%)5、公司租赁厂房期限8年，年利润12%，出租房主提供三个方案：一、立即支付30万全部金额。二、第一年开始年初支付3万元到第8年年初结束。三、1-6年每年年末支付2万元，7年年末支付4万元，8年年末支付2万元、方案一：30万元方案二：3*PVIFA12%,8*(1+12%)方案三：2*PVIFA12%,6+4*PVIFA10%7+2*PVIF12%,86、信方公司生产一种小型挖掘机，单价10万元，每台设备变动成本为5万元，公司每月发出固定成本100万元，2007年1月份销售量为50台，2月份为80台，信方公司是否利用了经营杠杆？如果是，经营杠杆体现在哪里？（1）销售量增加对单位息税前利润的影响1月份单位息税前利润=10-5-100/50=3 2月份单位息税前利润=10-5-100/80=3.75万元销售量息税前利润（2）经济杠杆利益 2月份的销售量增长率=（80-50）/50*100%=60%息税前利润增长率=（3.75*80-3*50）/3*50*100%=100%由于经营杠杆存在息税前利润增长率>销售额增长率7、财务杠杆系数、信方公司每年需支付利息费用50万元，企业所得税税率为33%，信方公司共有普通股100万股，生产一种小型挖掘机，单价10万元，每台设备变动成本为5万元，公司每月发出固定成本100万元，2007年1月份销售量为50台，2月份为80台。（1）EBIT1=(10-5)*50-100=150 EBIT2=(10-5)*80-100=300 EBIT增长率=（300-150）/150=100%（2）每股收益=（EBIT-I）(1-T)/N 1月：（150-50）（1-33%）/100=0.67 2月:(300-150)(1-33%)/100=1.68 2月收益增长率：(1.68-0.67)/067=151%(3)DFL=EBIT0-(EBIT0-I)=150/(150/50)=1.58、安达家具公司每年需要某种木材1000立方米，每次订货的国家成本为2000元，每立方米木材年储存保管费用为100元，试计算安达公司的经济订货批量如下：Q=根号下（2FS/H）=根号下（2*1000*2000/100）=200(立方米)也就是说，安达公司每次订货200立方米的木材能使成本最低安达公司所购木材每立方米的价格为1500元，如果一次订购400平方米可取得2%的数量折扣，则公司应以多大批量订货？（1）若放弃数量折扣：总成本=订货成本+储存成本+采购成本=1000/200*2000+200/2*100+1000*1500=15201000元（2）若不按经济批量采购：总成本=订货成本+储存成本+采购成本=1000/400*2000+400/2*100+1000*1500*(1-2%)=1495000元因为 149500015201000所以，应按取的折扣选择1、财务管理的对象：特点，内容:公司等级，投资，经营，分配引起的财务活动2、系数=1，某种股票的风险情况与整个证券市场的风险情况一致 >1大于 1小于3、债券投资的优缺点：优：1，本金安全性高2，收入比较稳定3，有较好的流动性 缺：1购买风险较大2没有经营管理权4、股票投资：优：1能获得较高的报酬2能适当降低购买者风险3拥有一定的经营管理权 缺：1普通股对公司资产和盈利的投资权居于最后2普通股价格受众多因素影响，很不稳定3普通股收入很不稳定5、个别资金成本由高到低：普通股、冒存收益、优先股、债券、长期借款6、股利政策7、年金终值P688、个别资金成本计算9、财务杠杆系数的计算10、投资方案的内含报酬率的计算(差值法的应用) P134判断1、受通货膨胀影响，使用固定利率会是债权人利益受损。X2、只有风险用一个确定指标加以两的才能用X（标准离差）3、只有优先股具有表决权X4、标准差5、投资活动（筹资活动）请您删除一下内容，O(_)O谢谢！【China's 10 must-see animations】The Chinese animation industry has seen considerable growth in the last several years. It went through a golden age in the late 1970s and 1980s when successively brilliant animation work was produced. Here are 10 must-see classics from China's animation outpouring that are not to be missed. Let's recall these colorful images that brought the country great joy. Calabash Brothers Calabash Brothers (Chinese: 葫芦娃) is a Chinese animation TV series produced by Shanghai Animation Film Studio. In the 1980s the series was one of the most popular animations in China. It was released at a point when the Chinese animation industry was in a relatively downed state compared to the rest of the international community. Still, the series was translated into 7 different languages. The episodes were produced with a vast amount of paper-cut animations. Black Cat Detective Black Cat Detective (Chinese: 黑猫警长) is a Chinese animation television series produced by the Shanghai Animation Film Studio. It is sometimes known as Mr. Black. The series was originally aired from 1984 to 1987. In June 2006, a rebroadcasting of the original series was announced. Critics bemoan the series' violence, and lack of suitability for children's education. Proponents of the show claim that it is merely for entertainment. Effendi "Effendi", meaning sir and teacher in Turkish, is the respectful name for people who own wisdom and knowledge. The hero's real name was Nasreddin. He was wise and witty and, more importantly, he had the courage to resist the exploitation of noblemen. He was also full of compassion and tried his best to help poor people. Adventure of Shuke and Beita【舒克与贝塔】 Adventure of Shuke and Beita (Chinese: 舒克和贝塔) is a classic animation by Zheng Yuanjie, who is known as King of Fairy Tales in China. Shuke and Beita are two mice who don't want to steal food like other mice. Shuke became a pilot and Beita became a tank driver, and the pair met accidentally and became good friends. Then they befriended a boy named Pipilu. With the help of PiPilu, they co-founded an airline named Shuke Beita Airlines to help other animals. Although there are only 13 episodes in this series, the content is very compact and attractive. The animation shows the preciousness of friendship and how people should be brave when facing difficulties. Even adults recalling this animation today can still feel touched by some scenes. Secrets of the Heavenly Book Secrets of the Heavenly Book, (Chinese: 天书奇谈) also referred to as "Legend of the Sealed Book" or "Tales about the Heavenly Book", was released in 1983. The film was produced with rigorous dubbing and fluid combination of music and vivid animations. The story is based on the classic literature "Ping Yao Zhuan", meaning "The Suppression of the Demons" by Feng Menglong. Yuangong, the deacon, opened the shrine and exposed the holy book to the human world. He carved the book's contents on the stone wall of a white cloud cave in the mountains. He was then punished with guarding the book for life by the jade emperor for breaking heaven's law. In order to pass this holy book to human beings, he would have to get by the antagonist fox. The whole animation is characterized by charming Chinese painting, including pavilions, ancient architecture, rippling streams and crowded markets, which fully demonstrate the unique beauty of China's natural scenery. Pleasant Goat and Big Big Wolf【喜洋洋与灰太狼】 Pleasant Goat and Big Big Wolf (Chinese:喜羊羊与灰太狼) is a Chinese animated television series. The show is about a group of goats living on the Green Pasture, and the story revolves around a clumsy wolf who wants to eat them. It is a popular domestic animation series and has been adapted into movies. Nezha Conquers the Dragon King（Chinese: 哪吒闹海） is an outstanding animation issued by the Ministry of Culture in 1979 and is based on an episode from the Chinese mythological novel "Fengshen Yanyi". A mother gave birth to a ball of flesh shaped like a lotus bud. The father, Li Jing, chopped open the ball, and beautiful boy, Nezha, sprung out. One day, when Nezha was seven years old, he went to the nearby seashore for a swim and killed the third son of the Dragon King who was persecuting local residents. The story primarily revolves around the Dragon King's feud with Nezha over his son's death. Through bravery and wit, Nezha finally broke into the underwater palace and successfully defeated him. The film shows various kinds of attractive sceneries and the traditional culture of China, such as spectacular mountains, elegant sea waves and exquisite ancient Chinese clothes. It has received a variety of awards. Havoc in Heaven The story of Havoc in Heaven（Chinese: 大闹天宫）is based on the earliest chapters of the classic story Journey to the West. The main character is Sun Wukong, aka the Monkey King, who rebels against the Jade Emperor of heaven. The stylized animation and drums and percussion accompaniment used in this film are heavily influenced by Beijing Opera traditions. The name of the movie became a colloquialism in the Chinese language to describe someone making a mess. Regardless that it was an animated film, it still became one of the most influential films in all of Asia. Countless cartoon adaptations that followed have reused the same classic story Journey to the West, yet many consider this 1964 iteration to be the most original, fitting and memorable, The Golden Monkey Defeats a Demon【金猴降妖】 The Golden Monkey Defeats a Demon (Chinese: 金猴降妖), also referred as "The Monkey King Conquers the Demon", is adapted from chapters of the Chinese classics "Journey to the West," or "Monkey" in the Western world. The five-episode animation series tells the story of Monkey King Sun Wukong, who followed Monk Xuan Zang's trip to the West to take the Buddhistic sutra. They met a white bone evil, and the evil transformed human appearances three times to seduce the monk. Twice Monkey King recognized it and brought it down. The monk was unable to recognize the monster and expelled Sun Wukong. Xuan Zang was then captured by the monster. Fortunately Bajie, another apprentice of Xuan Zang, escaped and persuaded the Monkey King to come rescue the monk. Finally, Sun kills the evil and saves Xuan Zang. The outstanding animation has received a variety of awards, including the 6th Hundred Flowers Festival Award and the Chicago International Children's Film Festival Award in 1989. McDull【麦兜】 McDull is a cartoon pig character that was created in Hong Kong by Alice Mak and Brian Tse. Although McDull made his first appearances as a supporting character in the McMug comics, McDull has since become a central character in his own right, attracting a huge following in Hong Kong. The first McDull movie McMug Story My Life as McDull documented his life and the relationship between him and his mother.The McMug Story My Life as McDull is also being translated into French and shown in France. In this version, Mak Bing is the mother of McDull, not his father.