精品資料（2021-2022年收藏的）財務管理學實驗籌資決策綜合分析——博樂教育

1、Experiment Report課程 中級財務管理 實驗名稱 籌資綜合分析(Financing Decision) 實驗目的(Purposes)熟悉和掌握資本成本（cost of capital）的計算，財務風險(financial risk)分析以及籌資決策(financing decision)的方法。 實驗原理(Principles)籌資方式的選擇是籌資決策的基本內(nèi)容。決策時要從財務風險(financial risk)、資本成本（cost of capital）、每股收益（EPS）以及有關限制條件等諸多方面進行綜合考慮、權衡利弊得失，最后做出決策。本實驗涉及償債能力（solvency）

2、、獲利能力(profitability)、資本成本(cost of capital)等相關財務指標的計算和不同籌資方式的優(yōu)缺點等財務管理知識。 實驗資料（Informations）2001年8月，南方家具公司管理層研究公司資金籌措(Raising funds)問題，其有關情況如下：1.基本情況(basic situations)南方家具公司成立于1990年，經(jīng)過10年的發(fā)展，到2000年資產(chǎn)達到794萬元，銷售收入達到1620萬元，凈利潤達到74萬元。盡管2000年是家具待業(yè)的蕭條年，但該公司銷售收入和凈利仍比上行分別增長了8.7%和27.6%。目前，該公司規(guī)模偏小，生產(chǎn)線較少，不能在每年向市

3、場推出大量的新產(chǎn)品，因而利潤的增長幅度相對降低。公司計劃在今后5年中，使銷售收入成倍增長。為了達到這一目標，公司必須擴大生產(chǎn)規(guī)模，計劃新建一家分廠，年投資500萬元，2003年投資300萬元。這將是同待業(yè)中規(guī)模最大，現(xiàn)代化程度最高的工廠。此外，需要50萬元的資金整修和裝備現(xiàn)有的廠房和設備，300萬元的流動資金彌補生產(chǎn)規(guī)模擴大而引起的流動資金的不足。這三項合計共需資金1150萬元。在未來幾年中，通過公司內(nèi)部留用利潤和提高流動資金利用效果，可解決350萬元資金，但此外的800萬元必須從外部籌措。2001年9月2日董事會將正式討論籌資問題。2、行業(yè)情況(industry situations)家具業(yè)

4、是高度分散的行業(yè)，在1000多家家具企業(yè)中，銷售收入超過1500萬元的不到30家。在過去的幾年中，家具行業(yè)一直經(jīng)歷著兼并和收購的風險，而且其趨勢愈演愈烈。但該行業(yè)的發(fā)展前景是可觀的，經(jīng)濟不景氣的時期已經(jīng)過去，該行業(yè)也會隨著經(jīng)濟的復蘇而發(fā)展起來。南方家具公司和同行業(yè)三家公司2000年的財務資料如下表如示。(單位：萬元)南方家具公司和同行業(yè)三家家具公司財務狀況表(financial position)項目AA公司BB公司CC公司南方公司銷售收入Sales3713.212929.37742.71620凈利NP188.41203.2484.974流動比率current ratio3.27.24.34.

5、08流動資本 WC1160.74565.12677.8425資產(chǎn)負債率（%）Gearing1.42.010.428.1流動資本占普通股權益（%）65.464.967.374.4銷售凈利率（%）NP percentage5.19.36.34.58股東權益報酬率（%）ROE10.617.112.213.6普通股每股收益EPS0.702.001.931.23普通股每股股利dividend0.280.800.600.30市盈率P/E16.217.816.29.63、南方家具公司財務狀況(financial position)南方家具公司現(xiàn)有長期借款85萬元，其中10萬元在1年內(nèi)到期，年利率為5.5%。

6、每年末償還本金10萬元。借款合約規(guī)定公司至少要保持225萬元的流動資金。南方公司于1996年以每股5元公開發(fā)行普通股170000股。目前公司發(fā)行在外的普通股共計600000股，其股利政策保持不變，年股利支持率為35%。此外，公司2001年固定資產(chǎn)投資30萬元。公司近幾年的資產(chǎn)負債表及損益表如下表所示： 南方家具公司資產(chǎn)負債表(Balance Sheet)項目1998年1999年2000年2001年8月31日資產(chǎn)(Assets)現(xiàn)金cash26232463應收賬款A/P209237273310存貨inventory203227255268其他流動性資產(chǎn)other8101114流動資產(chǎn)合計CA44

7、6497563655固定資產(chǎn)原值PPE379394409424減：累計折舊A.depreciation135155178189固定資產(chǎn)凈值NBV244239231235資產(chǎn)總計(total)690736794890負債及股東權益(L&OE)77應付賬款A/P6290102125一年內(nèi)到期的長期存款borrowing10101010應付股利dividends5應付稅款tax36252650流動負債合計CL108125138170長期負債NCL105958585股東權益OE477516571635負債及股東權益合計(total)690736794890南方家具公司損益表(Income Statem

8、ent)項目1996年1997年1998年1999年2000年2001年8月31日銷售凈額Sales106210651293149116201279銷售成本COGS853880104612011274968銷售毛利GP209185247290346311銷售及管理費用S&A111122142160184136利息費用interest877653稅前利潤profit905698124157172所得稅（50%）Tax442751668387凈收益NP464447587485普通股每股收益EPS0.770.730.780.971.231.42每股股利dividend0.270.270.270.30

9、0.300.27折舊depreciation2122224、南方家具公司預計財務資料南方家具公司預計息稅前利潤表(EBIT)項目2001年2002年2003年2004年2005年銷售凈額Sales20802500310037004200銷售成本COGS15741890234728003179銷售毛利 GP5066107539001021銷售及管理費用S&A223270335400454息稅前利潤EBIT283340418500567折舊費depreciation23751001001005、籌資方式(methods of finance)公司管理部門最初傾向于發(fā)行股票籌資，公司目前股份21.0

10、6元，扣除預計5%的發(fā)行費用，每股可籌資20元；發(fā)行股票400000股，可籌集資金800萬元。這種方案必須在董事會討論決定后于2002年初實施。但投資銀行建議通過借款方式籌資，他們認為借款籌資可以降低資本成本。借款的有關條件為：（1） 年利率7%，期限10年。（2） 從2004年末開始還款，每年末償還本金80萬元。（3） 借款的第一年，公司的流動資金必須保持在借款總額的50%，以后每年遞增10%，直到達到未償還借款的80%。（4） 股東權益總額至少為600萬元。借款利息在每年末支付。要求：計算兩種籌資方式的資本成本(cost of capital)，計算不同籌資方式對公司財務狀況(financ

11、ial position)的影響，并為該公司做出籌資決策(financing decision)并說明理由。 Process1. Borrowing costs, stock cost South CO. 20012005 interest （loan financing）Year20012002200320042005loan at start of period85.00 75.00 865.00 855.00 765.00 loan0.00 800.00 0.00 0.00 0.00 payment10.00 10.00 10.00 90.00 90.00 loan at end of

12、period75.00 865.00 855.00 765.00 675.00 interest payment 4.68 60.13 59.58 59.03 52.88 South CO. 20012005 interest （stock financing）Year20012002200320042005loan at start of period85.00 75.00 65.00 55.00 45.00 payment10.00 10.00 10.00 10.00 10.00 loan at end of period75.00 65.00 55.00 45.00 35.00 inte

13、rest payment 4.68 4.13 3.58 3.03 2.48 2001-2005interest payments(loan financing) interset payment=5.5%*loan at s.o.p+7%*loan2001-2005interest payments(stock financing) interset payment=5.5%*loan at s.o.p2. projected profit-and-loss statement South CO. 20012005 expected profit and loss（loan financing

14、）Year20012002200320042005Net Sales2080.00 2500.00 3100.00 3700.00 4200.00 EBIT283.00 340.00 418.00 500.00 567.00 Interest4.68 60.13 59.58 59.03 52.88 Profit Before Tax278.33 279.88 358.43 440.98 514.13 Profit After Tax139.16 139.94 179.21 220.49 257.06 dividend48.71 48.98 62.72 77.17 89.97 remaining

15、 earning90.46 90.96 116.49 143.32 167.09 Depreciation23.00 75.00 100.00 100.00 100.00 South CO. 20012005 expected profit and loss（stock financing）Year20012002200320042005Net Sales2080.00 2500.00 3100.00 3700.00 4200.00 EBIT283.00 340.00 418.00 500.00 567.00 Interest4.68 4.13 3.58 3.03 2.48 Profit Be

16、fore Tax278.33 335.88 414.43 496.98 564.53 Profit After Tax139.16 167.94 207.21 248.49 282.26 dividend48.71 58.78 72.52 86.97 98.79 remaining earning90.46 109.16 134.69 161.52 183.47 Depreciation23.00 75.00 100.00 100.00 100.00 2001-2005 expected profit and loss(loan financing)BT profit=EBIT-interes

17、t paymentAT profit=BT profit*(1-50%)income tax=50%2001-2005 expected profit and loss(stock financing)BT profit=EBIT-interest paymentAT profit=BT profit*(1-50%)income tax=50%3. projected balance sheet South CO. 20012005 expected assets and liabilities（loan financing）Year20012002200320042005current as

18、sets675.64 1167.38 1124.98 1329.41 1549.09 NBV238.00 663.00 863.00 763.00 663.00 asset913.64 1830.38 1987.98 2092.41 2212.09 current liabilities177.19 212.96 264.07 315.19 357.78 longterm liabilities75.00 865.00 855.00 765.00 675.00 shareholders equity661.46 752.42 868.90 1012.22 1179.31 total913.64

19、 1830.38 1987.98 2092.41 2212.09 South CO. 20012005 expected assets and liabilities（stock financing）Year20012002200320042005current assets675.64 1185.58 1161.38 1464.01 1780.07 NBV238.00 663.00 863.00 763.00 663.00 assets913.64 1848.58 2024.38 2227.01 2443.07 current liabilities177.19 212.96 264.07

20、315.19 357.78 longterm liabilities75.00 65.00 55.00 45.00 35.00 shareholders equity661.46 1570.62 1705.30 1866.82 2050.29 total913.64 1848.58 2024.38 2227.01 2443.07 20012005 expected assets and liabilities（loan financing） stockholders equity=remainig earning+last year equity longterm liabilities=lo

21、an at s.o.p+loan-payment current liability=net sales*138/1620 total=current liabilities+shareholeders equity20012005 expected assets and liabilities（stock financing） stockholders equity=remainig earning+last year equity longterm liabilities=loan at s.o.p-payment current liability=net sales*138/1620

22、total=current liabilities+shareholeders equity4. related financial index South CO. 20012005 related financial index（loan financing）Year20012002200320042005current ratio3.81 5.48 4.26 4.22 4.33 current assets498.46 954.42 860.90 1014.22 1191.31 gearing0.28 0.59 0.56 0.52 0.47 current assets of shareh

23、olders equity0.75 1.27 0.99 1.00 1.01 net operating cash flow162.16 214.94 279.21 320.49 357.06 debt refunding rate11.05 3.07 4.01 2.15 2.50 financial leverage1.02 1.21 1.17 1.13 1.10 net profit margin on sales6.69%5.60%5.78%5.96%6.12%return on equity22.58%19.79%22.11%23.44%23.46%EPS2.32 2.33 2.99 3

24、.67 4.28 Dividend Per Share0.81 0.82 1.05 1.29 1.50 liquidity limit400.00 480.00 504.00 512.00 South CO. 20012005 related financial index（stock financing）Year20012002200320042005current ratio3.81 5.57 4.40 4.64 4.98 current assets498.46 972.62 897.30 1148.82 1422.29 gearing27.60%15.04%15.76%16.17%16

25、.08%current assets of shareholders equity75.36%61.93%52.62%61.54%69.37%net operating cash flow162.16 242.94 307.21 348.49 382.26 debt refunding rate11.05 17.20 22.63 26.76 30.64 financial leverage1.02 1.01 1.01 1.01 1.00 net profit margin on sales6.69%6.72%6.68%6.72%6.72%return on equity22.58%15.05%

26、12.65%13.91%14.41%EPS2.32 1.68 2.07 2.48 2.82 Dividend Per Share0.81 0.59 0.73 0.87 0.99 20012005 related financial index（loan financing）liquity ratio=current asset/current liabilitiesworking capital=current asset-current liabilitiesasset-liability ratio=(current+longterm liabilities)/assetcapital a

27、ssets of shareholders equity=current assets/shareholders equiynet operating cf=Depreciation+AT profitdebt refunding rate=net operating cf/(payment+interest payment)financial leverage=EBIT/BT profitnet profit margin on sales=BT profit/net salesreturn on equity=BT profit/(last year shareholders equity

28、+shareholderse quity)*2EPS=AT profit/60Dividend Per Share=dividend/6020012005 related financial index（stock financing）liquity ratio=current asset/current liabilitiesworking capital=current asset-current liabilitiesasset-liability ratio=(current+longterm liabilities)/assetcapital assets of shareholde

29、rs equity=current assets/shareholders equiynet operating cf=Depreciation+AT profitdebt refunding rate=net operating cf/(payment+interest payment)financial leverage=EBIT/BT profitnet profit margin on sales=BT profit/net salesreturn on equity=BT profit/(last year shareholders equity+shareholders equit

30、y)*2EPS=AT profit/(60+extra dividends)Dividend Per Share=dividend/(60+extra dividends)5. value of market and cost of capital South CO. 20012005 value of market and cost of capital（loan financing）Year20012002200320042005loan75.00 865.00 855.00 765.00 675.00 stock market price23.19 23.32 29.87 36.75 4

31、2.84 sotck market value1391.63 1399.38 1792.13 2700.00 2100.00 the value1466.63 2264.38 2647.13 3465.00 2775.00 The Proportion of Loans5.11%38.20%32.30%22.08%24.32%The Proportion of Stock94.89%61.80%67.70%77.92%75.68%loaning cost2.75%3.44%3.44%3.45%3.46%stocking cost4.06%3.70%4.72%4.53%4.30%The Cost

32、 of Capital3.99%3.60%4.31%4.29%4.09% South CO. 20012005 value of market and cost of capital（stock financing）Year20012002200320042005loan75.00 65.00 55.00 45.00 35.00 stock market price23.19 16.79 20.72 24.85 28.23 sotck market value1391.63 1679.38 2072.13 2484.88 2822.63 the value1466.63 1744.38 212

33、7.13 2529.88 2857.63 The Proportion of Loans5.11%3.73%2.59%1.78%1.22%The Proportion of Stock94.89%96.27%97.41%98.22%98.78%loaning cost2.75%2.75%2.75%2.75%2.75%stocking cost4.06%2.67%4.55%4.42%4.18%The Cost of Capital3.99%2.67%4.50%4.39%4.17%20012005 value of market and cost of capital（loan financing

34、）market value=stock market price*60the value=loan+market valueloaning proportion=loan/valuestocking proportion=market value/the valueloaning cost=interest payments/loan*(1-50%)the value=loan+market valuetotal cost of capital=loaning proportion*loaning cost+stocking proportion*stocking cost20012005 v

35、alue of market and cost of capital（stock financing）market value=stock market price*60the value=loan+market valueloaning proportion=loan/valuestocking proportion=market value/the valueloaning cost=interest payments/loan*(1-50%)the value=loan+market valuetotal cost of capital=loaning proportion*loanin

36、g cost+stocking proportion*stocking cost Results6.value of market and cost of capitalThrough the chart that the value of loan financing is higher than stock financing, the cost of capital of loan financing is small lower than stock financing7. Debt paying ability analysis and risk analysis(1)Debt ra

37、tio is the total assets of enterprise and the amount of total debt ratio; when ratio is smaller, it shows that the enterprises long-term solvency is stronger. This ratio is bigger, from enterprise owners, use a small amount of their own capital, formed more assets of the production and operation , n

38、ot only to expand the scale of production and operation, still can use of financial leverage, get more investment profit. But if the ratio is too large, it shows that the enterprises debt burden, enterprises financial strength is not strong, solvency of warranty, adverse to the creditor.(2) Debts an

39、d shareholders equity ratio and say property ratio, is total debt and the ratio between the owners equity. It reflects the enterprise investor equity to the creditors equity of the security level. This ratio is lower, the rights and interests of creditors that ensure degree is higher, the smaller of

40、 the risks.(3) The multiple of interest safeguard is to show enterprise interest pre-tax profits and interest expense ratio. The greater the multiple, explain the ability of the enterprise to pay interest expense is stronger. 8. analysis of profitability9.The loan financingadvantages:The loan financ

41、ing is different from common stock financing, compared with the latter, the loan financing has the following advantages:(1)The loan financing is enterprises liabilities ,not the the money capital. The creditors usually only priority in the shareholder charging interest and principal right back, not

42、share enterprise surplus profit, no enterprise operation and anagement of the voting rights, and will not change and spread of the enterprise control power structure.(2)The loan financing costs low. Enterprise get loans or issue bonds. Interest rate is fixed, the due debt servicing. Issue stock fund

43、s, cause of investment risk, equirements of the return rate is high.(3)The loan financing bring leverage effect and has the tax savings function for investment owners.Leverage effect mainly reflects in lower capital costs and improve rights aspects such as return on capital; Tax savings function for

44、 debt interest reflect the financial costs included in taxable income deductible, so as to decrease relatively payable income tax. Interest in pre-tax profits more than the cost of debt, under the premise of debt limit, the bigger the tax savings the more obvious effect.10.Stock financing Advantages

45、: (1)no need to pay the principal; (2) no fixed interest burden, financial risk is low;(3)can enhance the strength of enterprises. Faults: (1)the higher cost of capital. common stock investment the risk is very big, so investors are demanding higher yields, increase the financing companys cost of ca

46、pital; the dividend payment by net profit, financing company cant get the benefits of tax offset; the issue of common stock procedure complications, issuance expenses generally higher than other financing way (2) control easily scattered.11. According to the calculation results can be seen: borrowing stock fundraising financing and compared, the comprehensive capital cost is lower, the company worth more, profitability, stronger, more per share dividend; Despite