電大《企業(yè)集團(tuán)財(cái)務(wù)管理》試題及答案_

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12、 a gee, l I wcs opeain, ul of humane cae of a wordcass powe ge nerain cmpay ad wrk had! The occsi on of te S pig Fstvvl my sicee wi sta yu and teffmiesof the saf i the new .a, god helh, happy ha ppy中央廣播電視大學(xué)2011-2012 學(xué)年度第一學(xué)期“開放本科 ”期末考試（半開卷）企業(yè)集團(tuán)財(cái)務(wù)管理試題一、判斷題【正確的在括號(hào)內(nèi)劃，錯(cuò)誤的在括號(hào)內(nèi)劃“X”。每小題1分，共10分）1 在企業(yè)集團(tuán)中，母公司作

13、為企業(yè)集團(tuán)的核心，具有資本、資產(chǎn)、產(chǎn)品、技術(shù)、管理、人才、市場(chǎng)網(wǎng)絡(luò)、品牌等各方面優(yōu)勢(shì)。（V ）2 .在企業(yè)集團(tuán)的組建中，資源優(yōu)勢(shì)是企業(yè)集團(tuán)成立的前提。（X ）3事業(yè)部作為集團(tuán)總部與子公司間的“中間管理層”，是一個(gè)獨(dú)立的法人，擁有相對(duì)獨(dú)立完整的經(jīng)營(yíng)權(quán)、管理權(quán)。（x ）4 .企業(yè)集團(tuán)財(cái)務(wù)組織體系是維系企業(yè)集團(tuán)財(cái)務(wù)管理運(yùn)行的組織保障。（V ）5 .融資方式大體分為“股權(quán)融資”和“內(nèi)源融資”兩類。 （x ）6股利政策屬于集團(tuán)重大財(cái)務(wù)決策，因此，股利類型、分配比率、支付方式等財(cái)務(wù)決策權(quán)都應(yīng)高度集中于集團(tuán)總部。（V ）7.財(cái)務(wù)公司作為集團(tuán)資金管理中心，其風(fēng)險(xiǎn)大小將在很大程度上影響著集團(tuán)整體的財(cái)務(wù)風(fēng)險(xiǎn)。（V

14、 ）8集團(tuán)預(yù)算工作組成員一般由總部經(jīng)營(yíng)團(tuán)隊(duì)、集團(tuán)總部相關(guān)職能機(jī)構(gòu)負(fù)責(zé)人及下屬主要子公司總經(jīng)理等組成。作為常設(shè)機(jī)構(gòu)，工作組必須單獨(dú)設(shè)立。（X ）9“投入資本總額”是指某一時(shí)點(diǎn)對(duì)企業(yè)資產(chǎn)具有利益索取權(quán)的各類投資者（如債權(quán)人和股東）為企業(yè)所提供的資本總額。（V ）10.根據(jù)國(guó)資委相關(guān)規(guī)則，國(guó)有企業(yè)平均資本成本率統(tǒng)一為7.5%。（ X ）二、單項(xiàng)選擇題（將正確答案的字母序號(hào)填入括號(hào)內(nèi)。每小題2 分 共 20 分）11當(dāng)投資企業(yè)直接或通過(guò)子公司間接地?fù)碛斜煌顿Y企業(yè)20%以上但低于50%的表決權(quán)資本時(shí)，會(huì)計(jì)意義的控制權(quán)為（ A 重大影響） 。12. 產(chǎn)業(yè)單一型企業(yè)集團(tuán)中，組建橫向一體化企業(yè)集團(tuán)的主要?jiǎng)右蚴?/p>

15、（ C 謀取規(guī)模優(yōu)勢(shì)） 。13. 在分權(quán)式財(cái)務(wù)管理體制下，集團(tuán)大部分的財(cái)務(wù)決策權(quán)下沉在（ D 子公司或事業(yè)部） 。14. 企業(yè)集團(tuán)戰(zhàn)略管理具有長(zhǎng)期性，會(huì)隨環(huán)境因素的重大改變而進(jìn)行戰(zhàn)略調(diào)整，表明其具有（ A 動(dòng)態(tài)性 ）的特點(diǎn)。15. （ C 集團(tuán)整體戰(zhàn)略） 是制定企業(yè)集團(tuán)財(cái)務(wù)戰(zhàn)略的根本。16投資項(xiàng)目可行性研究報(bào)告中的“財(cái)務(wù)評(píng)價(jià)”不涉及的內(nèi)容是（ B 項(xiàng)目市場(chǎng)預(yù)測(cè)） 。17下列行為屬于間接融資方式的是（ B 從銀行借款） 。18企業(yè)集團(tuán)選擇“做大”、“做強(qiáng)”路徑時(shí)，會(huì)直接影響預(yù)算指標(biāo)的選擇。“做強(qiáng)”導(dǎo)向下，預(yù)算指標(biāo)會(huì)側(cè)重 （ C 利潤(rùn)總額） 。19凈資產(chǎn)收益率是企業(yè)凈利潤(rùn)與凈資產(chǎn)（賬面值）的比率，

16、反映了（ B 股東 ） 的收益能力。20.投入資本報(bào)酬率=（D.息稅前利潤(rùn)）（1- T）/投入資本總額X100%三、 多項(xiàng)選擇題（下面各題所給的備選答案中，至少有兩項(xiàng)是正確的，將正確答案的字母序號(hào)填入括號(hào)內(nèi)。多選或漏選均不得分。每小題2 分，共 10 分）21企業(yè)發(fā)展的基本模式有（）。B 內(nèi)源性發(fā)展D 并購(gòu)性增長(zhǎng)wl conti ，ue "improve t he com” nys ite - control ssem, and seady mprovement i -bl, to man.eaduntil,optmle busie prce sses t ensue ceases

17、eaponUi .es i pace； to f ule Se ngte n iner nal control s pay a control pos i nde | edent ovesgt r ole of e - uatincmp”Ig-h t hidpay resonS I ly t a civey m use of ier nal a uil tos d c poenta management, st., sa.ze re . tansaci ons, stegheni ng opeains i a ria nce Wllaw Dee nig tl e iformat onma na

18、gmet to e nsue ul commuiai on "zeo e SStace".ounsbaly.eec ERP ad ",+、. P, a nd MS, a nd SCM.fomai on sysem .ased ccnSr uc.n, ul i n、rn iforma.n sysem, acheved "main resouces Saed topan. Portal system a diaIddepth,payinfomainsysonee, of AsssatroeJo pefct da iy rumatea nce opealon

19、of ecrdspromote”blens a-S s and system handover; t I stegt heni ng US, and ERP , a d S CM, e gy aplcaton of “i ng, mpr ove employ a main emof pac ad le_l Humanist c cae toesue "e i ."Tsengte ning Humanitie s cae cninuls t fr cmpay wi nd c , a nd ga s ae, ad hhar Shun of culue amosphee .egt

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21、ce d f- ndy fateniy of a.is envronmetTosegten-. ma nagmet enureta te bbsie- of "zeo -« To steg heed bus ne-plas mang-e n| wl bbsie - busi ne-plas co -to leve, enue te bbsie- can contol i cntol t o clooe conce nfnacal a nd -，e lecrc lnkge a nd eegysvig “e - lig,natonalpol. tens, se ngteing

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23、e t acieve"ccrdigtoaw, sannda dm ad far." .no<aton of pefrmancema.ettoennueta potetal - ployes "ze of，. To steg he pelormane mang-entprocescntrlenhanceemplyeeauatin a nd eve s of elec cmmuiatont mpr o<e pefma ma nng-et Turher Lua nty ad eie implyeestadads. Wk, ul ply paryandbra

24、nch, ad m - bes i Ive ype EEerprie"cnstictoninteofcere , and fght ng fortrss rol e and pionee mode rl e； to cont nues to stegheni ng fu good" ledesicnsucin, ffl pay escades i e nteprse deve opme nt in the22 .影響企業(yè)集團(tuán)組織結(jié)構(gòu)選擇的最主要因素有（）。A .公司戰(zhàn)略E .公司環(huán)境23 .企業(yè)集團(tuán)戰(zhàn)略可分的級(jí)次包括有（）。B .集團(tuán)整體戰(zhàn)略 C .職能戰(zhàn)略D .經(jīng)營(yíng)單位級(jí)

25、戰(zhàn)略24 .企業(yè)集團(tuán)下屬成員單位預(yù)算是集團(tuán)下屬成員單位作為獨(dú)立的法人實(shí)體，根據(jù)集團(tuán)戰(zhàn)略與各自年度經(jīng)營(yíng) 計(jì)劃，就其生產(chǎn)經(jīng)營(yíng)活動(dòng)、財(cái)務(wù)活動(dòng)等所編制的預(yù)算。主要包括有（）。A .業(yè)務(wù)經(jīng)管預(yù)算 B .資本支出預(yù)算C .現(xiàn)金流預(yù)算D .財(cái)務(wù)報(bào)表預(yù)算25 .一般認(rèn)為，反映企業(yè)財(cái)務(wù)業(yè)績(jī)的維度主要包括（）等方面。C .盈利能力D .償債能力E .資產(chǎn)周轉(zhuǎn)能力四、計(jì)算題（共30分，請(qǐng)寫出計(jì)算公式及過(guò)程，計(jì)算結(jié)果可以保留兩位小數(shù)）26 .（本題10分）甲集團(tuán)公司意欲收購(gòu)在業(yè)務(wù)及市場(chǎng)方面與其具有、一定協(xié)同性的乙企業(yè)52%勺股權(quán)，相關(guān)資料如下：乙企業(yè)擁有普通股 6000萬(wàn)股，2008、2009、2010年三年的平均每

26、股收益為0.5元/股。甲集團(tuán)公司決定選用市盈率法對(duì)乙企業(yè)進(jìn)行估值，以乙企業(yè)自身的市盈率20為參數(shù)。要求：（1） 計(jì)算乙企業(yè)每股價(jià)值；（2） 計(jì)算乙企業(yè)價(jià)值總額；（3）計(jì)算甲集團(tuán)公司收購(gòu)乙企業(yè)預(yù)計(jì)需支付的價(jià)款。27.（本題20分）某企業(yè)集團(tuán)是一家控股投資公司，自身總資產(chǎn)為3000萬(wàn)元，資產(chǎn)負(fù)債率為28%該公司現(xiàn)有甲、乙、丙三家控股子公司，母公司對(duì)三家子公司的投資總額為2000萬(wàn)元，對(duì)各子公司的投資及所占股份見下表：子公司母公閨投資額(萬(wàn)元)母公司所占股份(%)甲公司800100乙公司60080丙公司60060假定母公司要求達(dá)到的權(quán)益資本報(bào)酬率為15%且母公司收益的 80%來(lái)源于子公司的投資收益，

27、各子公司資產(chǎn)報(bào)酬率及稅負(fù)相同。要求：(1) 計(jì)算母公司稅后目標(biāo)利潤(rùn)；(2) 計(jì)算子公司對(duì)母公司的收益貢獻(xiàn)份額；(3)假設(shè)少數(shù)權(quán)益股東與大股東具有相同的收益期望，試確定三個(gè)子公司自身的稅后目標(biāo)利潤(rùn)。26 .解：f back bone ba doner oe； to ffl sregthe nig m- bes yuh w I rk ffl pay youth>mply- s i cmpany deve opmet i n the of fce roe； t omprove i nde pe de I t Cmm-onlgaiscruptin wk e , sregheni ng on en

28、tepri se busi nes ky l nk of efecivenss monioed , A nd mantaisaiiy. To urher streghe pulIcly ad eucati on, m pr<ethe oveal lga systm. mus streghe saey maagement, m ab-h and mpro<e theIduatin,lupevsin, and a mtin a s one of the ta saet ma-ment mecansm.o cnscieti oosy sum uteOl-pc - cuiy cntros,

29、 pr omotig i nt - atd maagement toa hg he lvel hghe sta ndar ds a I gher le_of deve opmet. Em ply- s tody i s una nda onDccm ber 24, t he ox Bl s a bout t o ig a thi s tme of yar cleay fel thepuse of the XX pow e geeain cmpay to floush, to moe ceay hhar XX po r geeaincmpanes maur e and.mmey brrating

30、. Rcmgpas one a notheicros a ralng ae e I thussti c and ul of con,e nc. Futue . l opme wemore exct ng fgt moe s,， d.Emplyes e uswl conti ，ue "improve t he com” nys ite - control ssem, and seady mprovement i-bl, to man.e ad until, optmle busie prce sses t ensue ceases eaponUiHas ipace； to f ule

31、Se ngte n iner nal control s pay a control pos i nde leient ovesgt r ole of e - uatincmp”I g -ht hidpay resonS I ly t a civey m use of iernal a uil tos d c poenta management, st., sa.ze re . tansacions, stegheni ng opeains i a ria nce Wllaw Dee nig tl e iformat onma nagmet to e nsue ul commu nUIon &

32、quot;zeo e SStace".o unsbaly .eec ERP ad ",+、. P, a nd MS, a nd SCM.fomai on sysem .ased ccnSr uc.n, ul i n、rniforma.n sysem, acheved "main resouces Saed topan. Portal system a dia I d depth, pay i nfomain sy sonee, of Asssat roe Jo pefct da iy rumatea nce opealon of ecrdspromote ”ble

33、ns a-S s and system handover; t I stegt hening US, and ERP , a d S CM, e gy aplcaton of “i ng, mpr ove employ a main emof pac adle_l Humanstc cae toesue "e i ."Tsengte nig Humanie s cae cninuls t fr cmpay wi nd c , a nd ga s ae, ad hhar Shun of culue amosphee .egte nig l- hele d tapppd, ca

34、e dikul - ploees carid I ut syeac is ichmplyles * segte ning hhalta nd ,bou pr otecin, orgaizton ca ee hel h midica, cnt ol caee .a nst coniuus to im p etainppy colgi cal rnig prevein sstm, taiing empl oyes heat of chaa cte, a nd stae of mood ad e，r p-igof . , ce d f- ndy faten of atis envronmet T o

35、 segten -. ma nagmet enureta te bbsie- of "zeo -« Tosteg heed bus ne-plas mang-e n| Wlbusieis busine-plas co -to leve, enue te bbsie- can contol i cntol t o clooe conce n Ina cal a nd -，e lecrc ikge a nd eegysvigicle - ig, nainal pol. tens, se ngteig trck act<e shoud； t mp elain Sae ow

36、nnd ases me hod, "ter speilicai bu*.-s fianca mang-et tope，ec rik tube cntrl . m, ac'evld -. re cgl iin, ad meaur* ad asesmeIreort and cntrl ffedba ck of c osed ig managme nt mp.<e-.preveti on capa ctyTo fute sada die tad ng, and s!ve t acieve "ccr ding to a w, sanndalie ad far.&quo

37、t; .no<ain of pefrmance ma . et to e nnue ta poetal - ployes "ze of，. To steg heppDormane mang-ent proces cntrl e nhance emply ee auat in a nd eve s of efecie cmmuiaton t impro<e pefmaI ce ma nng-et Turher Lua nty ad eie implyee stadads . Wk, ul ply pary and bra nch, ad m - bes i Ive ype

38、EEerprie" cnstict on i nte of ce re , and fght ng fortrss rol e and pionee mode rl e； to cont nues to stegheni ng fu good" ledesipcnsuci n, ul ply eel s cade s ie neprise deve opme nt in theU）乙企業(yè)每股價(jià)值=每股收益然市盈率=0. 5X20 = 1。（元/股）（3 分）（幻乙企業(yè)價(jià)值總額= 10X6000 = 60000（萬(wàn)元）（3分）（3）甲公司收購(gòu)乙企業(yè)52%的股權(quán)，預(yù)計(jì)需要支付價(jià)

39、款為；60000X52% = 31£00（萬(wàn)元）（4 分）27 .解：C本題20分）（1）母公司稅后目標(biāo)利潤(rùn)=30加M（1-28%）乂15% = 324（萬(wàn)元）（5分）子公司的貢獻(xiàn)份額：甲公司的貢獻(xiàn)份額= 324XgO%X黑=68（萬(wàn)元）（3分）乙公司的貢獻(xiàn)份額=324乂方0%乂需 =77.逐（萬(wàn)元）（3分）丙公司的貢獻(xiàn)份額 =324X80%< （ 600/2000 ） =77.76 （萬(wàn)元）（3分）（3） 三個(gè)子公司的稅后目標(biāo)利潤(rùn)：甲公司稅后目標(biāo)利潤(rùn)=103. 68 +100% =103. 68 （萬(wàn)元）（2分）乙公司稅后目標(biāo)利潤(rùn) =77.76 +80%=97.2 （萬(wàn)元）（

40、2分）丙公司稅后目標(biāo)利潤(rùn)=77.76+ 60%=129.6（萬(wàn)元）（2分）五、案例分析題（共 30分）28.某汽車行業(yè)集團(tuán)公司汽車技術(shù)改造項(xiàng)目，經(jīng)專家、學(xué)者的反復(fù)論證被有關(guān)部門正式批準(zhǔn)。這個(gè)項(xiàng) 目的總投資額預(yù)計(jì)為 4億元，生產(chǎn)能力為 4萬(wàn)臺(tái)，明年動(dòng)工。但項(xiàng)目資金不足，準(zhǔn)備融資1億元資金。有關(guān)人員（集團(tuán)領(lǐng)導(dǎo)、財(cái)務(wù)顧問(wèn)、研究中心人員）意見如下：A：目前籌集的1億元資金，主要用于投資少、效益高的技術(shù)改造項(xiàng)目。這些項(xiàng)目在2年內(nèi)均能完成建設(shè)并正式投產(chǎn)，到時(shí)將大大提高公司的生產(chǎn)能力和產(chǎn)品質(zhì)量，估計(jì)這筆投資在投產(chǎn)后3年內(nèi)可完全收回。所以應(yīng)發(fā)行5年期的債券籌集資金。B：目前公司全部資產(chǎn)總額為10億元，其中負(fù)債

41、6億元，資產(chǎn)負(fù)債率為 60%其中長(zhǎng)期負(fù)債為 2億元。這種負(fù)債比率在我國(guó)處于中等水平，與世界發(fā)達(dá)國(guó)家如美國(guó)、英國(guó)等相比，負(fù)債比率已經(jīng)比較高了。如果 再利用債券籌集1億元資金，負(fù)債比率將達(dá)到64%且債券利率通常會(huì)高于向銀行貸款。因此負(fù)債比率過(guò)高，不僅會(huì)提高資金成本，還會(huì)加大財(cái)務(wù)風(fēng)險(xiǎn)。所以，我們不能利用債券籌資，只能靠發(fā)行普通股股票或 優(yōu)先股股票籌集資金。C：發(fā)行普通股的手續(xù)較為復(fù)雜，費(fèi)用也較高，需要時(shí)間較長(zhǎng)，可能會(huì)影響資金到位，建議向銀行貸款。D:目前我國(guó)經(jīng)濟(jì)正處于繁榮時(shí)期，已出現(xiàn)通脹跡象，宏觀經(jīng)濟(jì)環(huán)境可能會(huì)變化，特別是貨幣政策，如 利率有可能調(diào)整。到時(shí)汽車行業(yè)可能會(huì)受到?jīng)_擊，銷售量可能會(huì)下降。在

42、進(jìn)行籌資和投資時(shí)應(yīng)考慮這一因 素，否則盲目上馬，后果將十分嚴(yán)重。 .E：宏觀經(jīng)濟(jì)政策的調(diào)整應(yīng)不會(huì)影響該公司的銷售量。這是因?yàn)樵摴旧a(chǎn)的輕型貨車和旅行車，幾年 來(lái)銷售情況一直較好，暢銷全國(guó)29個(gè)省、市、自治區(qū)，市場(chǎng)上較長(zhǎng)時(shí)間供不應(yīng)求。在近幾年全國(guó)汽車行業(yè)質(zhì)量評(píng)比中，輕型客車連續(xù)奪魁，輕型貨車連續(xù)兩年獲得第一名，一年獲得第二名。同時(shí)，宏觀環(huán)境變 化可能會(huì)引起汽車滯銷，但這只可能限于質(zhì)次價(jià)高的非名牌產(chǎn)品，而該公司的幾種名牌汽車仍會(huì)暢銷不衰。根據(jù)案例，請(qǐng)回答：（1） 企業(yè)可以采取的融資方式有哪些？（2） 對(duì)于集團(tuán)融資這一重大事項(xiàng)，應(yīng)遵循的基本原則是什么？ f ba- bone ba doner oe

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56、e controlsystem,a chi eved riskre cognition,and measure,and assessment,and（3） 根據(jù)企業(yè)資本結(jié)構(gòu)及其生產(chǎn)情況，你認(rèn)為該企業(yè)該怎樣進(jìn)行融資？答： (1) 融資方式是企業(yè)融人資本所采用的具體形式，如銀行借款方式、股票或債券發(fā)行方式等。一般認(rèn)為，企業(yè)集團(tuán)及其下屬成員企業(yè)通過(guò)外部資本市場(chǎng)的融資，稱為直接融資；而通過(guò)銀行等金融機(jī)構(gòu)進(jìn)行的融資則稱為間接融資。所以，可以采取的融資方式有直接融資和間接融資兩種。( 8 分)(2) 集團(tuán)融資決策權(quán)限的界定取決于集團(tuán)財(cái)務(wù)管理體制。但是，不管集團(tuán)財(cái)務(wù)管理體制是以集權(quán)為主還是以分權(quán)為主，在具體

57、到集團(tuán)融資這一重大決策事項(xiàng)時(shí)，都應(yīng)遵循以下基本原則：統(tǒng)一規(guī)劃。統(tǒng)一規(guī)劃是集團(tuán)總部對(duì)集團(tuán)及各成員企業(yè)的融資政策進(jìn)行統(tǒng)一部署，并由總部制定統(tǒng)一操作規(guī)則等。重點(diǎn)決策。重點(diǎn)決策是指對(duì)那些與集團(tuán)戰(zhàn)略關(guān)系密切、影響重大的融資事項(xiàng)，由集團(tuán)總部直接決策授權(quán)管理。授權(quán)管理是指總部對(duì)成員企業(yè)融資決策與具體融資過(guò)程等，根據(jù)“決策權(quán)、執(zhí)行權(quán)、監(jiān)督權(quán)”三分離的風(fēng)險(xiǎn)控制原則，明確不同管理主體的權(quán)責(zé)。 ( 14 分)(3) 資本結(jié)構(gòu)是負(fù)債總額與資產(chǎn)總額之間的比例關(guān)系，它大體上反映了企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)。在一般情況下，負(fù)債成本要低于權(quán)益成本，因此要協(xié)調(diào)風(fēng)險(xiǎn)與收益、當(dāng)期與未來(lái)的關(guān)系。根據(jù)企業(yè)的生產(chǎn)情況，要考慮到資本結(jié)構(gòu)的風(fēng)險(xiǎn)、未來(lái)的變動(dòng)等等，要注意資本結(jié)構(gòu)的調(diào)整。所以，選擇融資方式應(yīng)該是，。(8分)試卷代號(hào)：1292中央廣播電視大學(xué)2010-2011 學(xué)年度