財(cái)務(wù)管理學(xué)實(shí)驗(yàn)籌資決策綜合分析——博樂(lè)教育

1、Experiment Report課程 中級(jí)財(cái)務(wù)管理 實(shí)驗(yàn)名稱(chēng)籌資綜合分析(Financing Decision)實(shí)驗(yàn)?zāi)康?Purposes)熟悉和掌握資本成本（cost of capital）的計(jì)算，財(cái)務(wù)風(fēng)險(xiǎn)(financial risk)分析以及籌資決策(financing decision)的方法。實(shí)驗(yàn)原理(Principles)籌資方式的選擇是籌資決策的基本內(nèi)容。決策時(shí)要從財(cái)務(wù)風(fēng)險(xiǎn)(financial risk)、資本成本（cost of capital）、每股收益（EPS）以及有關(guān)限制條件等諸多方面進(jìn)行綜合考慮、權(quán)衡利弊得失，最后做出決策。本實(shí)驗(yàn)涉及償債能力（solvency）、獲利

2、能力(profitability)、資本成本(cost of capital)等相關(guān)財(cái)務(wù)指標(biāo)的計(jì)算和不同籌資方式的優(yōu)缺點(diǎn)等財(cái)務(wù)管理知識(shí)。實(shí)驗(yàn)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(wèn)題，其有關(guān)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(guò)10年的發(fā)展，到2000年資產(chǎn)達(dá)到794萬(wàn)元，銷(xiāo)售收入達(dá)到1620萬(wàn)元，凈利潤(rùn)達(dá)到74萬(wàn)元。盡管2000年是家具待業(yè)的蕭條年，但該公司銷(xiāo)售收入和凈利仍比上行分別增長(zhǎng)了8.7%和27.6%。目前，該公司規(guī)模偏小，生產(chǎn)線較少，不能在每年向市場(chǎng)推出大

3、量的新產(chǎn)品，因而利潤(rùn)的增長(zhǎng)幅度相對(duì)降低。公司計(jì)劃在今后5年中，使銷(xiāo)售收入成倍增長(zhǎng)。為了達(dá)到這一目標(biāo)，公司必須擴(kuò)大生產(chǎn)規(guī)模，計(jì)劃新建一家分廠，年投資500萬(wàn)元，2003年投資300萬(wàn)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(wàn)元的資金整修和裝備現(xiàn)有的廠房和設(shè)備，300萬(wàn)元的流動(dòng)資金彌補(bǔ)生產(chǎn)規(guī)模擴(kuò)大而引起的流動(dòng)資金的不足。這三項(xiàng)合計(jì)共需資金1150萬(wàn)元。在未來(lái)幾年中，通過(guò)公司內(nèi)部留用利潤(rùn)和提高流動(dòng)資金利用效果，可解決350萬(wàn)元資金，但此外的800萬(wàn)元必須從外部籌措。2001年9月2日董事會(huì)將正式討論籌資問(wèn)題。2、行業(yè)情況(industry situations)家具業(yè)是高度分

4、散的行業(yè)，在1000多家家具企業(yè)中，銷(xiāo)售收入超過(guò)1500萬(wàn)元的不到30家。在過(guò)去的幾年中，家具行業(yè)一直經(jīng)歷著兼并和收購(gòu)的風(fēng)險(xiǎn)，而且其趨勢(shì)愈演愈烈。但該行業(yè)的發(fā)展前景是可觀的，經(jīng)濟(jì)不景氣的時(shí)期已經(jīng)過(guò)去，該行業(yè)也會(huì)隨著經(jīng)濟(jì)的復(fù)蘇而發(fā)展起來(lái)。南方家具公司和同行業(yè)三家公司2000年的財(cái)務(wù)資料如下表如示。(單位：萬(wàn)元)南方家具公司和同行業(yè)三家家具公司財(cái)務(wù)狀況表(financial position)項(xiàng)目AA公司BB公司CC公司南方公司銷(xiāo)售收入Sales3713.212929.37742.71620凈利NP188.41203.2484.974流動(dòng)比率current ratio3.27.24.34.08流動(dòng)

5、資本 WC1160.74565.12677.8425資產(chǎn)負(fù)債率（%）Gearing1.42.010.428.1流動(dòng)資本占普通股權(quán)益（%）65.464.967.374.4銷(xiāo)售凈利率（%）NP percentage5.19.36.34.58股東權(quán)益報(bào)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(cái)務(wù)狀況(financial position)南方家具公司現(xiàn)有長(zhǎng)期借款85萬(wàn)元，其中10萬(wàn)元在1年內(nèi)到期，年利率為5.5%。每年末償

6、還本金10萬(wàn)元。借款合約規(guī)定公司至少要保持225萬(wàn)元的流動(dòng)資金。南方公司于1996年以每股5元公開(kāi)發(fā)行普通股170000股。目前公司發(fā)行在外的普通股共計(jì)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(wàn)元。公司近幾年的資產(chǎn)負(fù)債表及損益表如下表所示： 南方家具公司資產(chǎn)負(fù)債表(Balance Sheet)項(xiàng)目1998年1999年2000年2001年8月31日資產(chǎn)(Assets)現(xiàn)金cash26232463應(yīng)收賬款A(yù)/P209237273310存貨inventory203227255268其他流動(dòng)性資產(chǎn)other8101114流動(dòng)資產(chǎn)合計(jì)CA446497

7、563655固定資產(chǎn)原值PPE379394409424減：累計(jì)折舊A.depreciation135155178189固定資產(chǎn)凈值NBV244239231235資產(chǎn)總計(jì)(total)690736794890負(fù)債及股東權(quán)益(L&OE)77應(yīng)付賬款A(yù)/P6290102125一年內(nèi)到期的長(zhǎng)期存款borrowing10101010應(yīng)付股利dividends5應(yīng)付稅款tax36252650流動(dòng)負(fù)債合計(jì)CL108125138170長(zhǎng)期負(fù)債NCL105958585股東權(quán)益OE477516571635負(fù)債及股東權(quán)益合計(jì)(total)690736794890南方家具公司損益表(Income Statem

8、ent)項(xiàng)目1996年1997年1998年1999年2000年2001年8月31日銷(xiāo)售凈額Sales106210651293149116201279銷(xiāo)售成本COGS853880104612011274968銷(xiāo)售毛利GP209185247290346311銷(xiāo)售及管理費(fèi)用S&A111122142160184136利息費(fèi)用interest877653稅前利潤(rùn)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dividend0.270.270.27

9、0.300.300.27折舊depreciation2122224、南方家具公司預(yù)計(jì)財(cái)務(wù)資料南方家具公司預(yù)計(jì)息稅前利潤(rùn)表(EBIT)項(xiàng)目2001年2002年2003年2004年2005年銷(xiāo)售凈額Sales20802500310037004200銷(xiāo)售成本COGS15741890234728003179銷(xiāo)售毛利 GP5066107539001021銷(xiāo)售及管理費(fèi)用S&A223270335400454息稅前利潤(rùn)EBIT283340418500567折舊費(fèi)depreciation23751001001005、籌資方式(methods of finance)公司管理部門(mén)最初傾向于發(fā)行股票籌資，公司

10、目前股份21.06元，扣除預(yù)計(jì)5%的發(fā)行費(fèi)用，每股可籌資20元；發(fā)行股票400000股，可籌集資金800萬(wàn)元。這種方案必須在董事會(huì)討論決定后于2002年初實(shí)施。但投資銀行建議通過(guò)借款方式籌資，他們認(rèn)為借款籌資可以降低資本成本。借款的有關(guān)條件為：（1） 年利率7%，期限10年。（2） 從2004年末開(kāi)始還款，每年末償還本金80萬(wàn)元。（3） 借款的第一年，公司的流動(dòng)資金必須保持在借款總額的50%，以后每年遞增10%，直到達(dá)到未償還借款的80%。（4） 股東權(quán)益總額至少為600萬(wàn)元。借款利息在每年末支付。要求：計(jì)算兩種籌資方式的資本成本(cost of capital)，計(jì)算不同籌資方式對(duì)公司財(cái)務(wù)狀

11、況(financial position)的影響，并為該公司做出籌資決策(financing decision)并說(shuō)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

12、 end of 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

13、.00 interest 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)2. projected profit-and-loss statement South CO. 20012005 expected profit and loss（loan financing）Year20012002200320042005Net

14、 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 earning90.46 90.96 116.49 1

15、43.32 167.09 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 Before Tax278.33 335.88 414.43

16、 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-interest paymentAT profit=BT profit

17、*(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 assets675.64 1167.38 1124.98 1

18、329.41 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 shareholder's equity661.46 752.42 868.90 1012.22 1179.31 total913.64 1830.38 1987.98 2092.4

19、1 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 liabilities177.19 212.96 264.07 315.19 357.78 longterm

20、liabilities75.00 65.00 55.00 45.00 35.00 shareholder's 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） stockholder's equity=remainig earning+last year equity longterm liabilities=loan at s.o.p+l

21、oan-payment current liability=net sales*138/1620 total=current liabilities+shareholeder's equity20012005 expected assets and liabilities（stock financing） stockholder's equity=remainig earning+last year equity current liability=net sales*138/1620 total=current liabilities+shareholeder's e

22、quity4. 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 shareholder's equity0.75 1.27 0.99 1.00 1.0

23、1 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 3.67 4.28 Dividend Per Share0.81 0.82

24、 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%16.08%current assets of shareholder

25、9;s 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%12.65%13.91%14.41%EPS2.32 1.68

26、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 assets of shareholder's equi

27、ty=current assets/shareholder's 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 shareholder's equity+shareholder'

28、;se 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 shareholder's equ

29、ity=current assets/shareholder's 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 shareholder's equity+shareholder

30、9;s equity)*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 29.8

31、7 36.75 42.84 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

32、%The Cost 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 17

33、44.38 2127.13 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

34、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*loaning cost+stocking proportion*stocking cost2

35、0012005 value 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 proporti

36、on*loaning 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(

37、1)Debt ratio is the total assets of enterprise and the amount of total debt ratio; when ratio is smaller, it shows that the enterprise's 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

38、 operation , not 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 enterprise's debt burden, enterprise's financial strength is not strong, solvency of warranty, adverse to t

39、he creditor.(2) Debts and shareholders' equity ratio and say property ratio, is total debt and the ratio between the owner's equity. It reflects the enterprise investor equity to the creditor's equity of the security level. This ratio is lower, the rights and interests of creditors that

40、ensure degree is higher, the smaller of 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 l

41、oan financingadvantages:The loan financing is different from common stock financing, compared with the latter, the loan financing has the following advantages:(1)The loan financing is enterprise's liabilities ,not the the money capital. The creditors usually only priority in the shareholder char

42、ging interest and principal right back, not 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 fix

43、ed, the due debt servicing. Issue stock funds, 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

44、 return on capital; Tax savings function for 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

45、obvious effect.10.Stock financing Advantages: (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

46、, increase the financing companys cost of capital; 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; D