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2004年注册会计师全国统一考试《财务成本管理》试题及参考答案


the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual he ight s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, activ e at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party m embers to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outst a ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducation pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall foc us on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a d o" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

2004 年注册会计师全国统一考试《财务成本管理》试题
一、单项选择题 1. 企业采用剩余股利分配政策的根本理由是( ) 。 A. 最大限度地用收益满足筹资的需要 B. 向市场传递企业不断发展的信息 C. 使企业保持理想的资本结构 D. 使企业在资金使用上有较大的灵活性 2. 利用标准差比较不同投资项目风险大小的前提条件是( ) 。 A. 项目所属的行业相同 B. 项目的预期报酬相同 C. 项目的置信区间相同 D. 项目的置信概率相同 3. 关于证券投资组合理论的以下表述中,正确的是( ) 。 A. 证券投资组合能消除大部分系统风险 B. 证券投资组合的总规模越大,承担的风险越大 C. 最小方差组合是所有组合中风险最小的组合,所以报酬最大 D. 一般情况下,随着更多的证券加入到投资组合中,整体风险降低的速度会越来越慢 4. 某公司的主营业务是生产和销售制冷设备,目前准备投资汽车项目。在确定项目系统风 险时,掌握了以下资料:汽车行业上市公司的 β 值为 1.05,行业平均资产负债率为 60%,投资汽 车项目后,公司将继续保持目前 50%的资产负债率。 本项目含有负债的股东权益 β 值是 ( ) 。 A. 0.84 B. 0.98 C. 1.26 D. 1.31 5. 根据“5C”系统原理,在确定信用标准时,应掌握客户能力方面的信息。下列各项中最能反 映客户“能力”的是( ) 。 A. 流动资产的数量、质量及与流动负债的比例 B. 获取现金流量的能力 C. 财务状况 D. 获利能力 6. 某企业的辅助生产车间为基本生产车间提供专用零件。 对辅助生产车间进行业绩评价所 采纳的内部转移价格应该是( ) 。 A. 市场价格 B. 以市场为基础的协商价格 C. 变动成本加固定费转移价格 D. 全部成本转移价格 7. 根据存货陆续供应与使用模型,下列情形中能够导致经济批量降低的是( ) 。 A. 存货需求量增加 B. 一次订货成本增加 C. 单位储存变动成本增加 D. 每日消耗量增加 8. 某企业希望在筹资计划中确定期望的加权平均资本成本,为此需要计算个别资本占全部
A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full b uilt society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two lea rn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and ret reat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

资本的比重。此时,最适宜采用的计算基础是( ) 。 A. 目前的账面价值 B. 目前的市场价值 C. 预计的账面价值 D. 目标市场价值 9. 某公司的主营业务是软件开发。该企业产品成本构成中,直接成本所占比重很小,而且与 间接成本之间缺少明显的因果关系。该公司适宜采纳的成本核算制度是( ) 。 A. 产量基础成本计算制度 B. 作业基础成本计算制度 C. 标准成本计算制度 D. 变动成本计算制度 10. 期末标准成本差异的下列处理中,错误的是( ) 。 A. 结转成本差异的时间可以是月末,也可以是年末 B. 本期差异全部由本期损益负担 C. 本期差异按比例分配给期末产成品成本和期末在产品成本 D. 本期差异按比例分配给已销产品成本和存货成本 二、多项选择题 1. 在进行企业价值评估时,判断企业进入稳定状态的主要标志有( ) 。 A. 现金流量是一个常数 B. 投资额为零 C. 有稳定的报酬率并且与资本成本趋于一致 D. 有固定的收益留存率以维持不变的增长率 2. 除了销售百分比法以外,财务预测的方法还有( ) 。 A. 回归分析技术 B. 交互式财务规划模型 C. 综合数据财务计划系统 D. 可持续增长率模型 3. 某企业准备发行三年期企业债券,每半年付息一次,票面年利率 6%,面值 1000 元,平价发 行。以下关于该债券的说法中,正确是( ) 。 A. 该债券的实际周期利率为 3% B. 该债券的年实际必要报酬率是 6.09% C. 该债券的名义利率是 6% D. 由于平价发行,该债券的名义利率与名义必要报酬率相等 4. 下列情形中会使企业减少股利分配的有( ) 。 A. 市场竞争加剧,企业收益的稳定性减弱 B. 市场销售不畅,企业库存量持续增加 C. 经济增长速度减慢,企业缺乏良好的投资机会 D. 为保证企业的发展,需要扩大筹资规模 5. 关于资本结构理论的以下表述中,正确的有( ) 。 A. 依据净收益理论,负债程度越高,加权平均资本成本越低,企业价值越大 B. 依据营业收益理论,无论负债程度如何,加权平均资本成本不变,企业价值也不变 C. 依据传统理论,超过一定程度地利用财务杠杆 ,会带来权益资本成本的上升 ,债务成本也 会上升,使加权平均资本成本上升,企业价值就会降低

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

D. 6. A. B. C. D. 7. A. B. C. D. 8. A. B. C. D. 9. A. B. C. D. 10. A. B. C. D.

依据均衡理论,当边际负债税额庇护利益恰好与边际破产成本相等时,企业价值最大 关于企业公平市场价值的以下表述中,正确的有( ) 。 公平市场价值就是未来现金流量的现值 公平市场价值就是股票的市场价格 公平市场价值应该是股权的公平市场价值与债务的公平市场价值之和 公平市场价值应该是持续经营价值与清算价值中的较高者 关于成本控制的下列表述中,正确的有( ) 。 成本控制制度会受到大多数员工的欢迎 对数额很小的费用项目,控制可以从略 不存在适用于所有企业的成本控制模式 成本控制的根本目的是确定成本超支的责任人 按复利计算负债利率时,实际年利率高于名义年利率的情况有( ) 。 设置偿债基金 使用收款法支付利息 使用贴现法支付利息 使用加息法支付利息 下列关于理财原则的表述中,正确的有( ) 。 理财原则既是理论,也是实务 理财原则在一般情况下是正确的,在特殊情况下不一定正确 理财原则是财务交易与财务决策的基础 理财原则只解决常规问题,对特殊问题无能为力 以下关于可转换债券的说法中,正确的有( ) 。 在转换期内逐期降低转换比率,不利于投资人尽快进行债券转换 转换价格高于转换期内的股价,会降低公司的股本筹资规模 设置赎回条款主要是为了保护发行企业与原有股东的利益 设置回售条款可能会加大公司的财务风险

三、判断题 1. 为防止经营者因自身利益而背离股东目标,股东往往对经营者同时采取监督与激励两种 办法。这是自利行为原则的一种应用。 ( ) 2. 市盈率指标主要用来估计股票的投资价值与风险。投资者为了选择投资价值高的行业, 可以根据不同行业的市盈率选择投资对象。 ( ) 3. 某公司本年销售额 100 万元,税后净利 12 万元,固定营业成本 24 万元,财务杠杆系数 1.5, 所得税率 40%.据此,计算得出该公司的总杠杆系数为 2.7. ( ) 4. 如果某投资项目的风险与企业当前资产的平均风险相同,即可以使用企业当前的资本成 本作为该项目的贴现率。 ( ) 5. 如果等风险债券的市场利率不变 ,按年付息,那么随着时间向到期日靠近 ,溢价发行债券 的价值会逐渐下降。 ( ) 6. 某企业的主营业务是生产和销售食品,目前正处于生产经营活动的旺季。该企业的资产 总额 6000 万元,其中长期资产 3000 万元,流动资产 3000 万元,永久性流动资产约占流动资产 的 40%;负债总额 3600 万元,其中流动负债 2600 万元,流动负债中的 65%为自发性负债。 由此 可得出结论,该企业奉行的是稳健型营运资金筹资策略。 ( ) 7. 计算“应收账款占用资金应计利息”时使用的资本成本,应该是企业等风险投资的最低报 酬率。 ( )

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

8. 每股收益无差别点分析不能用于确定最优资本结构。 ( ) 9. 根据相对价值法的“市价/收入模型”,在基本影响因素不变的情况下,增长率越高,收入乘 数越小。 ( ) 10. 依据边际贡献方程式 ,产品边际贡献是销售收入减去产品变动成本以后的差额 ,因此,提 高产品边际贡献的途径有二个:一是提高销售单价;二是降低单位产品变动成本。 ( ) 四、计算题 1. A 公司是一家上市公司,该公司 2002 年和 2003 年的主要财务数据以及 2004 年的财务计 划数据如下表所示(单位:万元):
项目 销售收入 净利 股利 本年收益留存 总资产 负债 股本 年末未分配利润 所有者权益 2002 年实际 1000.00 200.00 100.00 100.00 1000.00 400.00 500.00 100.00 600.00 2003 年实际 1411.80 211.77 105.89 105.89 1764.75 1058.87 500.00 205.89 705.89 2004 年计划 1455.28 116.42 58.21 58.21 2910.57 1746.47 900.00 264.10 1164.10

假设公司产品的市场前景很好,销售额可以大幅增加,贷款银行要求公司的资产负债率不得超 过 60%.董事会决议规定,以权益净利率高低作为管理层业绩评价的尺度。 要求: (1)计算该公司上述 3 年的资产周转率、销售净利率、权益乘数、利润留存率、可持续增 长率和权益净利率,以及 2003 年和 2004 年的销售增长率(计算时资产负债表数据用年末数, 计算结果填入答题卷第 2 页给定的表格内,不必列示财务比率的计算过程) 。 (2)指出 2003 年可持续增长率与上年相比有什么变化,其原因是什么。 (3)指出 2003 年公司是如何筹集增长所需资金的,财务政策与上年相比有什么变化。 (4)假设 2004 年预计的经营效率是符合实际的,指出 2004 年的财务计划有无不当之处。 (5)指出公司今年提高权益净利率的途径有哪些。 2.
项目 流动资产合计 长期投资 固定资产原值 累计折旧 固定资产净值 其他长期资产 长期资产合计 总资产 股本(每股 1 元) 未分配利润

B 公司是一家化工企业,其 2002 年和 2003 年的财务资料如下(单位:万元):
2002 年 1144 0 3019 340 2679 160 2839 3983 3641 342 2003 年 1210 102 3194 360 2834 140 3076 4286 3877 409

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

所有者权益合计 主营业务收入 主营业务成本 主营业务利润 营业费用 其中:折旧 长期资产摊销 利润总额 所得税(30%) 净利润 年初未分配利润 可供分配利润 股利 未分配利润

3983 2174 907 1267 624 104 20 643 193 450 234 684 342 342

4286 2300 960 1340 110 20 680 204 476 342 818 409 409

公司 2003 年的销售增长率为 5.8%,预计今后的销售增长率可稳定在 6%左右,且资本支出、 折 旧与摊销、营运资本以及利润等均将与销售同步增长,当前的国库券利率 8%,平均风险溢价 2%,公司的股票 β 值为 1.1. 要求: (1)计算公司 2003 年的股权自由现金流量; (2)计算公司的股票价值。 3.
项目 营业收入 营业成本 营业利润 营业费用 财务费用 其中:借款利息(平均利率 8%) 利润总额 所得税(30%) 净利润 短期借款 长期借款 股东权益

C 公司 2003 年的部分财务数据和 2004 年的部分计划财务数据如下(单位:万元):
2003 年 572 507 65 17 12 6.48 36 10.8 25.2 29 52 200 37 11.1 25.9 30 50 200 2004 年计划 570 506 64 15 6.4

该企业的加权平均资本成本 10%.企业预计在其他条件不变的情况下,今后较长一段时间内会 保持 2004 年的收益水平。 要求:根据以上资料,使用经济利润法计算企业价值。 4. D 企业长期以来计划收购一家营业成本较低的服务类上市公司 (以下简称“目标公司”) , 其当前的股价为 18 元/股。 D 企业管理层一部分人认为目标公司当前的股价较低,是收购的好 时机,但也有人提出,这一股价高过了目标公司的真正价值,现在收购并不合适。D 企业征求你

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

对这次收购的意见。与目标公司类似的企业有甲、乙、丙、丁四家,但它们与目标公司之间 尚存在某些不容忽视的重大差异。四家类比公司及目标公司的有关资料如下:
项目 普通股数 每股市价 每股销售收入 每股收益 每股净资产 预期增长率 甲公司 500 万股 18 元 22 元 1元 3.5 元 10% 乙公司 700 万股 22 元 20 元 1.2 元 3.3 元 6% 丙公司 800 万股 16 元 16 元 0.8 元 2.4 元 8% 丁公司 700 万股 12 元 10 元 0.4 元 2.8 元 4% 目标公司 600 万股 18 元 17 元 0.9 元 3元 5%

要求: (1)说明应当运用相对价值法中的哪种模型计算目标公司的股票价值。 (2)分析指出当前是否应当收购目标公司(计算中保留小数点后两位) 。 5. E 公司运用标准成本系统计算产品成本,并采用结转本期损益法处理成本差异,有关资料 如下 ( : 1) 单位产品标准成本:直接材料标准成本:6 公斤× 1.5 元/公斤=9 元直接人工标准成本:4 小时× 4 元/小时=16 元变动制造费用标准成本:4 小时× 3 元/小时=12 元固定制造费用标准成 本:4 小时× 2 元/小时=8 元单位产品标准成本:9+16+12+8=45 元(2)其他情况:原材料:期初无 库存原材料;本期购入 3500 公斤,单价 1.6 元/公斤,耗用 3250 公斤。 在产品:期初在产品存货 40 件,原材料为一次投入,完工程度 50%;本月投产 450 件,完工入库 430 件;期末在产品 60 件,原材料为一次投入,完工程度 50%.产成品:期初产成品存货 30 件,本 期完工入库 430 件,本期销售 440 件。 本期耗用直接人工 2100 小时,支付工资 8820 元,支付变动制造费用 6480 元,支付固定制造费 用 3900 元;生产能量为 2000 小时。 要求: (1)计算产品标准成本差异 (直接材料价格差异按采购量计算,固定制造费用成本差异按三因素分析法计算) 。 (2)计算企业期末存货成本。

五、综合题 1. 假设你是 F 公司的财务顾问。该公司是目前国内最大的家电生产企业,已经在上海证券 交易所上市多年。该公司正在考虑在北京建立一个工厂,生产某一新型产品,公司管理层要求 你为其进行项目评价。 F 公司在 2 年前曾在北京以 500 万元购买了一块土地,原打算建立北方区配送中心,后来由于 收购了一个物流企业,解决了北方地区产品配送问题,便取消了配送中心的建设项目。公司现 计划在这块土地上兴建新的工厂,目前该土地的评估价值为 800 万元。 预计建设工厂的固定资产投资成本为 1000 万元。 该工程将承包给另外的公司,工程款在完工 投产时一次付清,即可以将建设期视为零。另外,工厂投产时需要营运资本 750 万元。 该工厂投入运营后,每年生产和销售 30 万台产品,售价为 200 元/台,单位产品变动成本 160 元; 预计每年发生固定成本(含制造费用、经营费用和管理费用)400 万元。 由于该项目的风险比目前公司的平均风险高,管理当局要求项目的报酬率比公司当前的加权 平均税后资本成本高出 2 个百分点。 该公司目前的资本来源状况如下:负债的主要项目是公司债券,该债券的票面利率为 6%,每年 付息,5 年后到期,面值 1000 元/张,共 100 万张,每张债券的当前市价 959 元;所有者权益的主要
A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

项目是普通股,流通在外的普通股共 10000 万股,市价 22.38 元/股,贝他系数 0.875.其他资本来 源项目可以忽略不计。 当前的无风险收益率 5%,预期市场风险溢价为 8%.该项目所需资金按公司当前的资本结构筹 集,并可以忽略债券和股票的发行费用。公司平均所得税率为 24%.新工厂固定资产折旧年限 平均为 8 年(净残值为零) 。土地不提取折旧。 该工厂(包括土地)在运营 5 年后将整体出售,预计出售价格为 600 万元。假设投入的营运 资本在工厂出售时可全部收回。 解题所需的复利现值系数和年金现值系数如下:
利率(n=5) 复利现值系数 年金现值系数 6% 0.7473 4.2124 7% 0.7130 4.1002 8% 0.6806 3.9927 9% 0.6499 3.8897 10% 0.6209 3.7908 11% 0.5935 3.6959 12% 0.5674 3.6048 13% 0.5428 3.5172

要求: (1) 计算该公司当前的加权平均税后资本成本 (资本结构权数按市价计算,计算结果取整数) 。 (2)计算项目评价使用的含有风险的折现率。 (3)计算项目的初始投资(零时点现金流出) 。 (4)计算项目的年经营现金净流量。 (5)计算该工厂在 5 年后处置时的税后现金净流量。 (6)计算项目的净现值。

2. G 公司是一家商业企业,主要从事商品批发业务,该公司 2002 年和 2003 年的财务报表数 据如下 (单位:万元):利润表
项目 一、主营业务收入 减:主营业务成本 二、主营业务利润 营业和管理费用(不含折旧摊销) 折旧 长期资产摊销 财务费用 三、营业利润 加:投资收益 营业外收入(处置固定资产净收益) 减:营业外支出 四、利润总额 减:所得税(30%) 五、净利润 加:年初未分配利润 六、可供分配的利润 应付普通股股利 七、未分配利润 2002 年 1000.00 688.57 311.43 200.00 50.00 10.00 20.00 31.43 40.00 0.00 0.00 71.43 21.43 50.00 90.00 140.00 25.00 115.00 2003 年 1060.00 702.10 357.90 210.00 52.00 10.00 29.00 56.90 0.00 34.00 0.00 90.90 27.27 63.63 115.00 178.63 31.82 146.81

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

资产负债表
项目 货币资金 短期投资 应收账款 存货 待摊费用 流动资产合计 长期投资 固定资产原值 累计折旧 固定资产净值 其他长期资产 长期资产合计 资产总计 短期借款 应付账款 预提费用 流动负债合计 长期借款 负债合计 股本 未分配利润 股东权益合计 负债及股东权益总计 2001 年 13.00 0.00 100.00 200.00 121.00 434.00 0.00 1020.00 23.00 997.00 100.00 1097.00 1531.00 0.00 65.00 68.00 133.00 808.00 941.00 500.00 90.00 590.00 1531.00 2002 年 26.00 30.00 143.00 220.00 113.00 532.00 0.00 701.00 73.00 628.00 90.00 718.00 1250.00 64.00 87.00 189.00 340.00 285.25 625.25 509.75 115.00 624.75 1250.00 2003 年 29.00 0.00 159.00 330.00 76.00 594.00 0.00 1570.64 125.00 1445.64 80.00 1525.64 2119.64 108.00 114.00 248.00 470.00 942.73 1412.73 560.10 146.81 706.91 2119.64

要求: (1)权益净利率分析计算 2002 年和 2003 年的权益净利率、资产净利率、权益乘数、总资 产周转率和销售净利率(资产、负债和所有者权益按年末数计算) 根据杜邦分析原理分层次分析权益净利率变化的原因,包括:计算 2003 年权益净利率变动的 百分点,并将该百分点分解为两部分,其中资产净利率变动对权益净利率的影响数按上年权益 乘数计算;计算资产净利率变动的百分点 ,并将该百分点分解为两部分 ,其中销售净利率变动 对资产净利率的影响数按上年资产周转率计算。 (2)2003 年的现金流动分析按照现行《企业会计制度》规定的现金流量表各指标的计算口 径,回答下列问题:①投资活动使用了多少现金(净额)?它由哪些项目构成?金额各是多少? ②筹资活动提供了多少现金(净额)?它由哪些项目构成?金额各是多少? ③公司的经营活动提供了多少现金? (3)收益质量分析计算 2002 年和 2003 年的净收益营运指数,并据此判断 2003 年收益质量 提高还是降低。 (4)编制 2004 年预计利润表和预计资产负债表有关预算编制的数据条件如下:①2004 年的 销售增长率为 10%.②利润表各项目:折旧和长期资产的年摊销金额与上年相同;利息 (财务费 用)为年初有息负债的 5%;股利支付率维持上年水平;营业外支出、投资收益项目金额为零; 所得税率预计不变(30%);利润表其他各项目占销售收入的百分比与 2003 年相同。

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

③资产负债表项目 :流动资产各项目与销售收入的增长率相同 ;没有进行对外长期投资 ;除 2003 年 12 月份用现金 869.64 万元购置固定资产外,没有其他固定资产购置业务;其他长期资 产项目除摊销外没有其他业务;流动负债各项目(短期借款除外)与销售收入的增长率相同; 短期借款维持上年水平 ;不考虑通过增加股权筹集资金 ;现金短缺通过长期借款补充 ,多余现 金偿还长期借款。 请将答题结果填入给定的预计利润表和预计资产负债表中。 预计利润表
项目 一、主营业务收入 减:主营业务成本 二、主营业务利润 减:营业和管理费用(不含折旧摊销) 折旧 长期资产摊销 财务费用 三、营业利润 加:投资收益 营业外收入(处置固定资产净收益) 减:营业外支出 四、利润总额 减:所得税(30%) 五、净利润 加:年初未分配利润 六、可供分配的利润 减:应付普通股股利 七、未分配利润 2003 年 1060 702.1 357.9 210 52 10 29 56.9 0 34 0 90.9 27.27 63.63 115 178.63 31.83 146.81 0 2004 年

预计资产负债表
项目 货币资金 短期投资 应收账款 存货 待摊费用 流动资产合计 长期投资 固定资产原值 累计折旧 固定资产净值 其他长期资产 长期资产合计 资产总计 短期借款 2003 年 29 0 159 330 76 594 0 1570.64 125 1445.64 80 1525.64 2119.64 108 2004 年

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

应付账款 预提费用 流动负债合计 长期借款 负债合计 股本 未分配利润 股东权益合计 负债及股东权益总计

114 248 470 942.73 1412.73 560.1 146.81 706.91 2119.64

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

2004 年注册会计师全国统一考试《财务成本管理》参考答案
一、单项选择题 1. [答案]: C [解析]: 企业采用剩余股利分配政策的根本理由是为了保持理想的资本结构,使加权平均资 本成本最低。 2. [答案]: B [解析]: 标准差是绝对数,它用于比较预期报酬相同的项目之间风险的大小。 3. [答案]: D [解析]: 随着投资组合中加入的证券数量逐渐增加,开始时抵消的非系统性风险较多,以后会 越来越少,当投资组合中的证券数量足够多时,可以抵消全部风险。 4. [答案]: A [解析]: 行业产权比率=1.5,本项目产权比率=1 β 资产=1.05/(1+1.5)=0.42 β 权益=0.42× (1+1)=0.84 (注:由于本题中未给出所得税税率,所以在计算时不需要考虑所得税。 ) 5. [答案]: A [解析]: 能力指顾客的偿债能力,即其流动资产的数量和质量以及与流动负债的比例。 6. [答案]: C [解析]: 在中间产品存在完全竞争市场的情况下,可以采用“市场价格”作为内部转移价格;如 果中间产品存在非完全竞争的外部市场,可以采用“以市场为基础的协商价格”作为内部转移 价格。本题中辅助生产车间为基本生产车间提供专用零件,由此可知,中间产品不存在外部市 场,所以,选项 A、B 不是答案。用“全部成本转移价格”作为内部转移价格是最差的选择,只有 在无法采用其他形式转移价格时才考虑使用。而本题中完全可以采取“变动成本加固定费转 移价格”作为内部转移价格。所以,选项 D 不是答案,选项 C 是答案。 7. [答案]: C [解析]: 根据存货陆续供应和使用模型的经济订货量公式:

可以看出,存货需求量(D)增加、每次的订货成本(K)增加、每日消耗量(d)增加都会 使经济批量增加,而单位变动储存成本(Kc)增加会使经济批量降低。 8. [答案]: D [解析]: 目标价值权数是指债券、 股票以未来预计的目标市场价值确定的权数。 这种权数能 体现期望的资本结构,而不是像账面价值权数和市场价值权数那样只反映过去和现在的资本

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

结构,所以按目标价值权数计算的加权平均资本成本更适用于企业筹措新资金。 9. [答案]: B [解析]: 作业基础成本计算制度主要适用于直接人工成本和直接材料成本只占全部成本的 很小部分,而且它们与间接成本之间没有因果关系的新兴的高科技企业。 10. [答案]: C [解析]: 在月末(或年末)对成本差异的处理方法有两种:(1)结转本期损益法。按照这种 方法,在会计期末将所有差异转入“本年利润”账户,或者先将差异转入“主营业务成本”账户,再 随同已销产品的标准成本一起转至“本年利润”账户。 (2)调整销货成本与存货法。在会计期 末,将成本差异按比例分配至已销产品成本和存货成本。 二、多项选择题 1. [答案]: CD [解析]: 按照 2004 年教材的内容,企业进入稳定状态的标志为:企业有稳定的报酬率并与资 本成本趋于一致;企业有固定的股利支付率以维持不变的增长率。 按照 2005 年教材,则企业进 入稳定状态的标志为 :具有稳定的销售增长率 ,它大约等于宏观经济的名义增长率 ;具有稳定 的投资资本回报率,它与资本成本接近。 2. [答案]: ABC [解析]: 根据教材上的说明,财务预测的方法包括销售百分比法、使用回归分析技术、通过 编制现金预算预测财务需求、 使用计算机进行财务预测。 其中使用计算机进行财务预测又包 括使用“电子表软件”、使用交互式财务规划模型和使用综合数据财务计划系统 ,所以本题答 案为 ABC. 3. [答案]: ABCD [解析]: 每半年付息一次的债券,给出的年利率就是名义利率,半年的实际周期利率应是名义 利率的一半,平价发行的平息债券名义利率与名义必要报酬率相等,根据年实际必要报酬率和 名义必要报酬率之间的关系,实际必要报酬率=(1+3%)2-1=6.09%. 4. [答案]: ABD [解析]: 本题考核的是影响利润分配的因素。经济增长速度减慢,企业缺乏良好投资机会时, 应增加股利的发放,所以 C 不是答案。 市场销售不畅,企业库存量持续增加,资产的流动性降低, 因为资产流动性较低的公司往往支付较低的股利,所以,B 是答案。盈余不稳定的公司一般采 用低股利政策,所以选项 A 正确。 如果企业要扩大筹资规模,则对资金的需求增大,所以会采用 低股利政策,即选项 D 正确。 5. [答案]: ABCD [解析]: 本题的考点是各种资本结构理论的观点 :依据净收益理论,负债程度越高 ,加权平均 资本成本越低,企业价值越大;依据营业收益理论,企业价值不受负债程度的影响,即无论负债 程度如何,加权平均资本成本不变,企业价值也不变;依据传统理论,超过一定程度地利用财务 杠杆,会带来权益资本成本的上升,债务成本也会上升,使加权平均资本成本上升,企业价值就 会降低,加权平均资金成本从下降变为上升的转折点 ,是加权平均成本的最低点 ,此时的资金

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

结构为最佳资本结构 ;依据权衡理论,边际负债税额庇护利益恰好与边际破产成本相等时 ,企 业价值最大,达到最佳资本结构。 6. [答案]: ACD [解析]: “公平的市场价值”是指在公平的交易中,熟悉情况的双方,自愿进行资产交换或债务 清偿的金额,也就是资产的未来现金流入的现值,所以,选项 A 的说法正确,选项 B 的说法不正 确;企业公平市场价值指的是企业整体的公平市场价值,包括股权的公平市场价值与债务的公 平市场价值,因此,选项 C 的说法正确;持续经营价值,简称续营价值,是指由营业所产生的未来 现金流量的现值。清算价值,是指停止经营,出售资产产生的现金流。一个企业的公平市场价 值,应当是续营价值与清算价值中较高的一个。所以,选项 D 的说法正确。 7. [答案]: BC [解析]: 成本控制涉及全体员工,并且不是一件令人欢迎的事情,必须由最高当局来推动。所 以,选项 A 的说法不正确;成本控制时应该坚持经济原则,把注意力集中于重要事项,对成本细 微尾数、数额很小的费用项目和无关大局的事项从略。所以,选项 B 的说法正确;成本控制系 统必须个别设计,要适合特定企业的特点、 适合特定部门的要求、 适合职务与岗位责任要求、 适合成本项目的特点。 所以,选项 C 的说法正确;在分析成本不利差异时,其根本目的是寻求解 决问题的办法,而不是寻找“罪犯”。所以,选项 D 的说法不正确。 8. [答案]: ACD [解析]: 设置偿债基金、使用贴现法或加息法支付利息,减少了企业实际可用的资金额,使实 际年利率高于名义年利率。使用收款法支付利息,借款额等于实际的可用额,实际年利率等于 名义年利率。 9. [答案]: ABC [解析]: 理财原则是财务管理理论和财务管理实务的结合部分,所以 A 正确;理财原则不一定 在任何情况下都绝对正确,所以 B 是正确;理财原则是财务交易和财务决策的基础,各种财务 管理程序和方法,是根据理财原则建立的,所以 C 也是正确的;理财原则能为解决新的问题提 供指引,所以 D 不正确。 10. [答案]: BCD [解析]: 股本筹资规模是指发行股票后筹集的股本(股数× 每股面值),如果转换价格高于转 换期内的股价,则将可转换债券转换为股票增加的股数小于直接发行股票增加的股数,而每股 面值是一定的,所以 B 正确;设置赎回条款能促使持有人将债券转换成股票,同时也能使发行 公司避免市场利率下降后,继续向债券持有人支付较高的债券利息所蒙受的损失,保护了发行 企业与原有股东的利益,所以 C 正确;发行可转换债券后,如果公司业绩不佳,股价长期低迷,当 达到回售条件时,可转换债券持有人会将债券回售给公司 ,公司短期内偿还债券压力很大 ,从 而会加大公司的财务风险,所以 D 正确;在转换期内逐期降低转换比率,使转换价格逐期提高, 有利于投资者尽快的把债券转换成股票,所以 A 不正确。 三、判断题 1. [答案]: 对 [解析]: 自利行为原则的一个应用是委托—代理理论。 股东和经营者都是按自利行为行事的,

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

他们之间相互依赖相互冲突的利益关系,需要通过“契约”来协调,监督与激励也是一种“契约”。 2. [答案]: 错 [解析]: 市盈率不能用于不同行业公司的比较,充满扩展机会的新兴行业市盈率普遍较高,而 成熟工业的市盈率普遍较低,但这并不说明后者的股票没有投资价值。 3. [答案]: 对 [解析]: 由税后净利=12 可知,税前利润=12÷ (1-40%)=20,所以 EBIT-I=20,根据财务杠杆系 数为 1.5,即 1.5=EBIT/(EBIT-I),解得 EBIT=30;因为 M=EBIT+F=30+24=54,所以 DCL=M/ (EBIT-I)=54/20=2.7. 4. [答案]: 错 [解析]: 使用企业当前的资本成本作为项目的折现率,应具备两个条件:一是项目的风险与企 业的当前资产的平均风险相同,二是公司继续采用相同的资本结构为新项目筹资。 5. [答案]: 错 [解析]: 对于每间隔一段时间支付一次利息的债券而言,如果等风险债券的市场利率不变,随 着时间向到期日靠近,债券价值呈现周期性波动。 6. [答案]: 对 [解析]: 稳健型筹资政策的特点是:临时性负债只融通部分临时性流动资产的资金需要,另一 部分临时性流动资产和全部的永久性资产,则由长期负债、自发性负债和权益资本作为资金 来源。本题中临时性流动资产为 1800 万元[3000× (1-40%)],临时性负债为 910 万元[2600× (1-65%)],临时性负债小于临时性流动资产,所以该企业奉行的是稳健型营运资金筹资策。 7. [答案]: 对 [解析]: 企业计算“应收账款占用资金应计利息”时使用的资金成本,是企业要求的必要报酬 率,包括无风险的报酬率和风险报酬率,也就是企业等风险的最低报酬率。 8. [答案]: 对 [解析]: 每股收益无差别点法没有考虑风险因素,公司的最佳资本结构应当是可使公司的总 价值最高,而不一定是每股收益最大的资本结构。 9. [答案]: 错 [解析]: 根据收入乘数的计算公式:本期收入乘数=[销售净利率× 股利支付率× (1+增长率) ]/ (股权成本-增长率),可知,在基本影响因素不变的情况下,增长率越高,分子越大同时分母越 小,所以收入乘数越大。 10. [答案]: 错 [解析]: 边际贡献分为制造边际贡献和产品边际贡献,其中,制造边际贡献=销售收入-产品变 动成本,产品边际贡献=制造边际贡献-销售和管理变动成本=销量×(单价-单位变动成本), 可以看出提高产品边际贡献的途径有三个,除了提高单价和降低单位变动成本以外,还可以提 高销量。 四、计算题
A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

1. [答案]: (1)财务比率的计算
项目 资产周转率 销售净利率 权益乘数 利润留存率 可持续增长率 权益净利率 销售增长率 2002 年实际 1 20% 1.67 50% 20% 33.33% 2003 年实际 0.80 15% 2.50 50% 17.65% 30.00% 41.18% 2004 年计划 0.50 8% 2.50 50% 5.26% 10.00% 3.08%

(2)可持续增长率在 2003 年度下降了 2.35 个百分点(20%-17.65%),原因是销售净利率下 降和资产周转率下降。 (3)通过增加负债 658.87 万元筹集所需资金。财务政策方面权益乘数扩大(或提高了财务 杠杆) 。 (4)由于本公司评价业绩的标准是权益净利率,该指标受销售净利率、资产周转率和权益乘 数影响。已知 2004 年预计的经营效率(以销售净利率、资产周转率反映)符合实际,而资产 负债率(反映财务政策)已经达到贷款银行所要求的上限,故计划的权益净利率已经是最好 的,无论提高收益留存率或追加股权投资,都不能提高权益净利率,因此,2004 年度的财务计划 并无不当之处。 (5)提高权益净利率途径:提高售价、降低成本费用,以提高销售净利率;加强资产管理、降 低资产占用、加速资金周转,以提高资产周转率(或“提高销售净利率和资产周转率”,或者“提 高资产报酬率”均得满分) 。 2. [答案]:(注:2005 年教材中将“营运资本”改为“营业流动资产”) (1)计算公司 2003 年的股权自由现金流量 方法 1: 息前税后营业利润=(净利润+所得税+利息费用)× (1-所得税率) =(476+204+0)× (1-30%)=476(万元) 股权现金流量=实体现金流量-债权现金流量=息前税后营业利润-净投资 =476-303=173(万元) 方法 2: 折旧和摊销=110+20=130(万元) 营业现金毛流量=476+130=606(万元) 营运流动资产增加=1210-1144=66(万元) 营业现金净流量=606-66=540(万元) 资本支出=长期资产增加+折旧摊销=3076-2839+130=367(万元) 实体现金流量=营业现金净流量-资本支出=540-367=173(万元) 股权现金流量=实体现金流量-债权现金流量=173(万元) 方法 3: 股权现金流量=税后利润-净投资× (1-负债率) =476-(367+66-130)× (1-0)=173(万元) 方法 4: 实体现金流量=融资现金流量=(股利-股本增加)+(税后利息-有息债务增加) =409-(3877-3641)+0=173(万元)
A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

股权现金流量=实体现金流量-债权现金流量=173(万元) (说明:本题采用上述任一方法计算,只要过程和结果正确,均得满分) (2)计算公司的股票价值 2004 年息前税后营业利润=476× (1+6%)=504.56(万元) 2004 年折旧与摊销=130× (1+6%)=137.8(万元) 2004 年营业流动资产增加=04 年营业流动资产-03 年营业流动资产 =1210× (1+6%)-1210=72.6(万元) 2004 年资本支出=367× (1+6%)=389.02(万元) 2004 年股权现金流量=实体现金流量=息前税后营业利润+折旧和摊销-营业流动资产增加-资 本支出 =504.56+137.8-72.6-389.02=180.74(万元) 折现率=8%+1.1× 2%=10.2% 股权价值=180.74/(10.2%-6%)=4303.33(万元) 每股价值=4303.33/3877=1.11(元/股) (说明:由于题目未指明计算总体股票价值还是每股价值,故只要计算出股权价值或每股价值 均得满分。 ) 3. [答案]: 03 年末投资成本=04 年期初投资资本=所有者权益+有息债务=200+52+29=281(万元) 04 年经济利润: 2004 年息前税后营业利润 =息税前营业利润× (1-所得税率) =(利润总额+利息)× (1-所得税率) =(37+6.4)× (1-30%)=30.38(万元) 2004 年经济利润=30.38-281× 10%=2.28(万元) 企业价值=281+2.28/10%=303.8(万元) 4. [答案]: (1) 由于目标公司属于营业成本较低的服务类上市公司,应当采用市价/收入比率模型计算目 标公司的股票价值。 (2)目标公司股票价值分析
项目 每股市价 每股销售收入 收入乘数 销售净利率 甲公司 18 元 22 元 0.82 4.55% 乙公司 22 元 20 元 1.10 6% 丙公司 16 元 16 元 1.00 5% 丁公司 12 元 10 元 1.20 4% 1.03 4.89% 平均

平均收入乘数=1.03/ (4.89%× 100) =0.21 目标公司销售净利率=0.9/17=5.29%目标公司每股价 值 = 修 正 平 均 收 入 乘 数 ×目 标 公 司 销 售 净 利 率 × 100× 目 标 公 司 每 股 收 入 =0.21× 5.29%× 100× 17=18.89(元/股) 结论:目标公司的每股价值 18.89 元/股超过目前的股价 18 元/股,股票被市场低估,所以应当收 购。 或:(股价平均法)
项目 甲公司 乙公司 丙公司 丁公司 平均

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

每股市价 每股销售收入 收入乘数 销售净利率 修正收入乘数 目标公司每股 价值

18 元 22 元 0.82 4.55% 0.1802 0.1802× 5.29%× 100× 17=16.21

22 元 20 元 1.10 6% 0.1833 0.1833× 5.29%× 10 0× 17=16.48

16 元 16 元 1.00 5% 0.2 0.2× 5.29%× 100× 1 7=17.99

12 元 10 元 1.20 4% 0.3 0.3× 5.29%× 100 × 17=26.98 19.42

结论:目标公司的每股价值 19.42 元/股超过目前的股价 18 元/股,股票被市场低估,所以应当收 购。 5. [答案]: (1)标准成本差异 材料价格差异=(1.6-1.5)× 3500=350(元) 材料数量差异=(3250-450× 6)× 1.5=825(元) 人工费用约当产量=430+60× 50%-40× 50%=440(件) 人工工资率差异=8820-4× 2100=420(元) 人工效率差异=(2100-440× 4)× 4=1360(元) 变动制造费用耗费差异=6480-3× 2100=180(元) 变动制造费用效率差异=(2100-440× 4)× 3=1020(元) 固定制造费用耗费差异=3900-2000× 2=-100(元) 固定制造费用闲置能量差异=(2000-2100)× 2=-200(元) 固定制造费用效率差异=(2100-440× 4)× 2=680(元) (2)期末存货成本 原材料期末成本=(3500-3250)× 1.5=375(元) 在产品期末成本=60× 9+60× 50%× (16+12+8)=1620(元) 产成品期末成本=(30+430-440)× 45=900(元) 企业期末存货成本=375+1620+900=2895(元)

五、综合题 1. [答案]: (1)计算加权平均税后资本成本 ①计算债券税后资本成本: 959=1000× 6%× (1-24%)× (P/A,i,5)+1000× (P/S,i,5) 当 i=5%时,1000× 6%× (1-24%)× (P/A,i,5)+1000× (P/S,i,5)=980.93 当 i=6%时,1000× 6%× (1-24%)× (P/A,i,5)+1000× (P/S,i,5)=939.39 利用内插法可知: (959-980.93)/(939.39-980.93)=(i-5%)/(6%-5%) 解得:税后债券资本成本=5.53% ②股权成本=5%+0.875× 8%=12% ③债券权数=(959× 100)/(959× 100+22.38× 10000)=0.3 ④股权权数=1-0.3=0.7 加权平均税后资本成本=5.53%× 30%+12%× 70%=10%
A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, stick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognition of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and insi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self-di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put your self in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thre e strict thre e real" topic education pr oblem re ctification com bine d up, c ons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, ensure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more public, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

(2)项目风险折现率=10%+2%=12% (3)初始投资=土地评估价值+固定资产价值+流动资金投入 =[800-(800-500)× 24%]+1000+750=2478(万元) (4)年营业现金净流量=[30× (200-160)-400]× (1-24%)+1000/8=733(万元) (5)处置时的税后现金净流量=600+750-(600-500-3× 1000/8)× 24%=1416(万元) (6)项目的净现值=733× (P/A,12%,5)+1416× (P/F,12%,5)-2478 =967.76(万元) (说明:由于四舍五入会产生误差,因此只要整数部分正确即可得分。 ) 2. [答案]: (1)权益净利率分析:
项目 权益净利率 资产净利率 权益乘数 总资产周转率 销售净利率 2002 年 8% 4% 2 0.8 5% 2003 年 9% 3% 3 0.5 6% 差异 1% -1% 1 -0.3 1%

①权益净利率=资产净利率× 权益乘数 资产净利率变动对权益净利率的影响=(3%-4%)× 2=-2% 权益乘数变动对权益净利率的影响=3%× (3-2)=3% 合计=1% ②资产净利率=销售净利率× 资产周转率 销售净利率变动对资产净利率的影响=(6%-5%)× 0.8=0.8% 资产周转率变动对资产净利率的影响=6%× (0.5-0.8)=-1.8% 合计=-1% (2)现金流动分析 ①投资活动现金净额为-835.64 万元,分别是购置固定资产 869.64 万元,处置固定资产收益 34 万元; ②融资活动现金净流量为 691.01 万元,分别是长期借款增加 657.48 万元,短期借款增加 44 万 元,股本增加 50.35 万元,利息支出 29 万元,股利支出 31.82 万元; ③现金余额降低 27 万元[29(26+30) ],经营活动现金净流量为 117.63 万元 (835.64-691.01-27) (3)收益质量分析(在 05 年的教材中已经删除了这一项内容,不必掌握) 2002 年非经营净收益=(40-20)× (1-30%)=14(万元) 2002 年净收益营运指数=(50-14)/50=0.72 2003 年非经营净收益=(34-29)× (1-30%)=3.5(万元) 2003 年净收益营运指数=(63.63-3.5)/63.63=0.94 2003 年的收益质量有所提高。 (4) 预计利润表
项目 一、主营业务收入 减:主营业务成本 二、主营业务利润 减:营业和管理费用(不含折旧摊销) 2003 年 1060 702.1 357.9 210 2004 年 1166 772.31 393.69 231

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on an d stri ct management, soli d. Finall y, the "urge" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of im portant opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously practice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducatio n in t he carri ed out "five che ck five prom oting", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Cont ent, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and serve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swap pe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ct ion, if the true serie s of party rul es a nd Constitution s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment, proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and se ri ous ly do Center w ork, a nd daily and job combined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned

the party's fine styl e, carry forwar d the traditi onal Chi nese virtues, pra ctici ng the S ocialist core val ues, vig orously carry forward t he s pirit of Jiao Yul u, Hongqi Canal spirit and s pirit of persi stence, hone sty in politics, strict statesma n, st ick t o the s piritual height s of the Communi sts. Four to dev otion, as, do play a role i n qualifying. Official Communist duty. To fulfill the party's purpose, mai ntain for the pe ople themselves , and de dication, devotion, maintai n pi onee r, pi one ering a nd e nterprisi ng spirit, active at the w ell-off extra practice, make contributions. T he incentive functi on of party organizations at all levels s hould give full play to adva nce d models, esta blis h a repres entative, a dvanced a nd typi cal of the time s, and guide the br oad ma sses of party members to em ulate. In honor of the 95 a nnivers ary of founding a s an opportunity to award i n recognitio n of a number of outsta ndi ng party members ' advance d grass -root s party orga nizations, outsta ndi ng party workers , and put the pi oneer tree s. Third, the "reform" efforts for example, be sure to cha nge into. Lear ning to tea chE ducation i n or der to s olve the probl em, if it does not s olve the probl em, it will form, goes thr oug h the moti ons. To strengthen the cons ciousness of probl ems and i nsi sted on pr oblem -orie nted, problem-solving l earni ng education for traction, truly deep i nvestigation into cha nge, modifi cation. A checke d swi ng. Lear ning e ducat ion pr ogramme for party-buildi ng in our city a ctually propose d to focus on s oluti on of fuzzy ideal s and beli efs waver, consci ous nes s, purpose of the party weak s ens e, hone sty and self -di scipli ne aware nes s is not strong, de press ed, s ix issues of ethi cal misconduct study contents spe cific pr ogrammes for all party members a nd le adi ng cadr es above the county level s hall focus on further refinement to the problems. S pecifi c to every party member a nd every cadre, a lso re quire s a combination of act ual and controll ed, focus ed a nd really put yourself in, people se e thing s, see , with their ow n spe cifi c probl ems to learn Constituti on Party r ules, s eries, a ddre ss, s o pre cisi on to find the probl em, laying a s olid foundati on for furt her corr ective acti on. B to make chang e. For check put of pr oblem, t hroug h esta blished re ctification Taiwa n account, a nd take s pecial supervisi on, a nd on a ccount PIN, , appr oach, insi sted do si de lear n side modifie d, and that know that modified, w hile focuse d on put "two learn a do" learni ng educati on re ctification with gras p party of mass li ne educati on practice activitie s and "thr e e strict thre e real" topic education pr oblem re ctification com bine d up, cons olidati on e xpanded ha s made of rectification result s, strongly corre cted "for officer not for", and Chi a nd e ndl ess corre cted "four wi nd", and regulati on mas ses si de of abuse s, en sure w ork adva nce m ore powerful, and pr oblem s oluti on more completely. T hird, w e must cons oli date our a chi evements. For more publ ic, some party members w ho focus on the outsta ndi ng iss ues, com bini ng concentrated

折旧 长期资产摊销 财务费用 三、营业利润 加:投资收益 营业外收入(处置固定资产净收益) 减:营业外支出 四、利润总额 减:所得税(30%) 五、净利润 加:年初未分配利润 六、可供分配的利润 减:应付普通股股利 七、未分配利润

52 10 29 56.9 0 34 0 90.9 27.27 63.63 115 178.63 31.82 146.81

52 10 52.54 48.15 0 0 0 48.15 14.45 33.7 146.81 180.51 16.85 163.66

预计资产负债表
项目 货币资金 短期投资 应收账款 存货 待摊费用 流动资产合计 长期投资 固定资产原值 累计折旧 固定资产净值 其他长期资产 长期资产合计 资产总计 短期借款 应付账款 预提费用 流动负债合计 长期借款 负债合计 股本 未分配利润 股东权益合计 负债及股东权益总计 2003 年 29 0 159 330 76 594 0 1570.64 125 1445.64 80 1525.64 2119.64 108 114 248 470 942.73 1412.73 560.1 146.81 706.91 2119.64 2004 年 31.9 0 174.9 363 83.6 653.4 0 1570.64 177 1393.64 70 1463.64 2117.04 108 125.4 272.8 506.2 887.08 1393.18 560.1 163.66 723.76 2117.04

提示:长期借款 887.08=2117.04-723.76-506.2

A14C合 P将 ectification and strengtheni ng the manageme nt of daily e ducation, the spirit of reform short of the compl ete system, pay cl ose atte ntion t o system impleme ntation, re ally make the party organization and party member educati on and stri ct management, soli d. Finall y, the "urg e" w ork on t he lea d, be sur e to prom ote efficiency. "Tw o" education, not on education educati onal , not w orking wit h the Centre tw o, must sti ck around t he Ce nter, s erving the overall sit uation, coordi nate, truly re sult -orie nted a nd promote efficie ncy. Current and future a peri od, to tig htly around coordinati on a dvance "four a full" strategy l ayout, wi nni ng full built society this a ce ntral and w ork overall, put carried out lear ning e ducation as pr omoted work of important opportunities a nd powerful pow er, gui de G eneral member s ca dres insisted devel opment first pri ority, a ctive ada pted e conomi c devel opme nt new normal, cons ciously pr actice line five big development conce pt, effective grasp s upply side structural reform, 机 DS汽 在 方 远 LK打 锁 联 把 源 操 上 送 位 作 工 至 2摇 关 开 进 段 r 况 情 行 运 电 带 线 母 查 检 , 闸 to guarantee s and improve d livelihood, constructi on m ore hig h ecologi cal vitality ha ppi nes s of city. La st year, we carry out "three-t hree" activitie s as a "three -thre e" spe cial e ducation importa nt, find e ducation and effective platform to facilitate the combinati on of work. Reference this a good pra ctices , provi ncia l, and muni cipal de cide d in "tw o learn a do" lear ning e ducation in t he carri ed out "five che ck five prom ot ing", the County Distri ct units to i nsiste d put "two learn a do" lear ning education and "five che ck five prom oting" organi c fusi on, and common a dvance, do one pla n layout, a nd one organizati on impleme ntation, put carrie d out "two learn a do" situation, a nd "five check five pr omoting" sit uation as party w ork evaluati on of important Content, as an important as pe ct of mutual eval uation on party member s, testing a s an im portant basi s for leadi ng bodie s and lea ding cadres ' performance and guide the broa d masse s of party members and ca dres to study education ope ns up to the main economi c and s ocial development. At pr esent, t he ov erall smooth economic operati on i n our city, but dow nward press ure is still high, faced a num ber of challe nges a nd tests . Mea nwhil e, coincide s with t he cit y, County a nd t ownshi p party committees this ye ar general el ection year, how to r eally choose loyal, clea n and se rve s as a good cadre, iron dis cipli ne of Ge neral Feng Qi ng Qi, Qi, Qi Shun, swappe d out Powerf ul good sit uation, is a real test for all of us. General work on "two" to st udy the effect of education inspe ction, if the true serie s of party rul es a nd Constitut ion s peaks well and truly become a qualified party member, naturally we ca n dea l with a dvance and retreat left turn treatment , proper organi zational arrangeme nts and sel ection, proper treatment of per sonal interest s. To put carrie d out "two learn a do" lear ning e ducation with do reform deve lopme nt stabl e the work combi ne d up, and seri ous ly do Center w ork, a nd daily and job com bined up, a nd guarantees im prove d livelihood, a nd promote s oci al harmony com bine d up, and completed t he task combi ned



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