財務管理實訓教程第四版課后參考答案

《財務管理實訓教程》（第四版）答案模塊一財務比率綜合分析1.短期償債能力2017年2018年2019年營運資本3620750062.005673435063.007648037056.00流動比率1.351.471.57速動比率0.971.151.28現(xiàn)金比率0.951.141.26現(xiàn)金流量比率0.210.330.302.長期償債能力資產(chǎn)負債率0.430.450.47產(chǎn)權比率0.740.820.87權益乘數(shù)1.741.821.87利息保障倍數(shù)200.65174.61201.20現(xiàn)金流量利息保障倍數(shù)210.91291.23294.87現(xiàn)金流量債務比0.170.260.233.營運能力應收賬款周轉率152.68143.26存貨周轉率10.549.59流動資產(chǎn)周轉率1.671.44非流動資產(chǎn)周轉率1.601.72總資產(chǎn)周轉率0.820.784.盈利能力分析營業(yè)凈利率0.050.060.07資產(chǎn)利潤率0.050.05權益凈利率0.090.105.增長能力分析資產(chǎn)增長率0.100.09凈資產(chǎn)增長率0.050.07銷售收入增長率0.010.05凈利潤增長率0.130.24模塊二、杜邦財務分析燕京啤酒青島啤酒2017年2018年2019年2017年2018年2019年營業(yè)凈利率20.60%1.98%2.30%5.26%5.87%6.89%總資產(chǎn)周轉率64.59%63.98%81.71%78.40%總資產(chǎn)凈利率1.28%1.47%4.80%5.40%資產(chǎn)負債率11.17%22.24%23.93%42.62%45.15%46.63%權益乘數(shù)1.131.291.311.741.821.87凈資產(chǎn)收益率4.33%1.63%8.56%9.99%模塊三、本量利分析實訓五本量利分析——保本點、成本結構與產(chǎn)品定價本案例屬于單品種保本或盈利情況的本量利分析，具體分析如下。（1）可行性分析（試用本量利分析常印冰淇淋廠是否應開業(yè)）：①成本資料：單位變動成本：材料：214元其中：淀粉100白砂糖30奶粉56食用香精2包裝紙棍25水費1生產(chǎn)工人工資（計件）28變動性制造費用26其中：水費2電費15煤炭費5氨4單位變動成本合計268元固定成本：固定性制造費用：129000元其中：生產(chǎn)管理人員工資36000(2150012)技術人員工資24000(200012)設備租金45000車間倉庫租金24000(200012)其他固定性費用：12000衛(wèi)生費、稅金12000（100012）固定成本合計：141000元②單價：350元(0351000)③年銷售量：日生產(chǎn)能力100012＝12000支<需求量所以每天盡最大生產(chǎn)能力仍供不應求，全年最高銷量可達12000300=3600000支，年銷售量相當于3600鍋（12300）保本量=固定成本/（單價－單位變動成本）=141000/（350－268）=1720鍋年銷售量3600保本量1720，而且遠遠大于保本量，所以該冰淇淋廠可以開業(yè)。安全邊際率=（36001720）/3600=52.2%實訓六本量利分析——兩種成本法下的利潤表編制（1）變動成本法損益表單位：元期期間項目第一年第二年第三年合計營業(yè)收入200000200000200000600000變動成本900009000090000270000邊際貢獻110000110000110000330000固定成本：固定性制造費用20000200002000060000固定管理費用和銷售費用500005000050000150000小計700007000070000210000營業(yè)利潤400004000040000120000完全成本法損益表單位：期期間項目第一年第二年第三年合計營業(yè)收入200000200000200000600000營業(yè)成本：期初存貨成本0021333當期產(chǎn)品成本：11000012800092000330000可供銷售產(chǎn)品成本110000128000113333期末存貨成本0213330銷售成本110000106667113333330000毛利900009333386667270000管理費用和銷售費用500005000050000150000營業(yè)利潤400004333336667120000（2）由上面的計算結果可以看到：當產(chǎn)量等于銷量，且無期初存貨時，兩種成本計算方法下計算的利潤完全相同；當產(chǎn)量大于銷量，且無期初存貨時，按變動成本法計算的利潤小于按完全成本法計算的利潤；當產(chǎn)量小于銷量，按變動成本法計算的利潤大于按完全成本法計算的利潤；模塊五證券價值評估實訓一貨幣時間價值的衡量實訓1.1個人儲蓄業(yè)務1.查找現(xiàn)行人民幣存款基準利率，如表5.5所示。表5-5 金融機構人民幣存款基準利率AB1項目年利率（%）2一、活期存款0.303二、定期存款41.整存整取53個月1.3566個月1.5571年1.7582年2.2593年2.75105年2.75112.零存整取、整存零取、存本取息121年1.35133年1.55145年1.55153.定活兩便按一年以內定期整存整取

同檔次利率打6折16三、通知存款171天0.55187天1.10注：若上述利率有調整，以銀行公布的實際利率為標準。2.略3.（1）表5-6 整存整取個人儲蓄業(yè)務計算表DEFGHIM1存款期限種類本金期限利率單利計息復利計息2本利和利息本利和33個月800000.251.35%8027027080270.0046個月800000.51.55%8062062080620.0051年8000011.75%81400140081400.0062年8000022.25%83600360083640.5073年8000032.75%86600660086783.1685年8000052.75%910001100091621.87在Excel中繪制單利與復利計息下不同期限的本利和折線圖如圖5-1所示。圖5-1單利與復利計息下不同期限的本利和（2）采用中國建設銀行理財計算器計算3年期單利計息存款結果如圖5-2所示，其他期限計算與此相同。（3）表5-7 1年期、到期轉存儲蓄業(yè)務計算表ABC1本金800002利率1.75%3轉存期5.004本利和87249.33=FV(B2,B3,,-B1)4.表5-8 零存整取儲蓄業(yè)務計算表——單利計息ABC1零存金額5002存期（年）33存期（月）364年利率1.55%5到期利息合計430.13=B1*B4/12*(B3*(B3+1))/26本利和18430.13=B1*B3+B5表5-9 零存整取儲蓄業(yè)務計算表——復利計息DEF1（1）復利計息下本利和的計算2零存金額5003存期（年）34存期（月）365年利率1.55%6月利率0.13%7本利和18,436.68=FV(E5/12,E4,-E2,,1)8到期利息合計436.68=E7-E2*E49（2）到期擬取出本利和20000元時的零存金額10擬到期的本利和2000011每月零存金額542.40=PMT(E6,E4,,-E10,1)12（3）到期擬取出本利和20000元時的存款期13擬到期的本利和2000014存款月數(shù)38.98=NPER(E6,-E2,,E13,1)實訓1.2個人住房貸款業(yè)務1.現(xiàn)行人民幣貸款基準利率如表5-10所示。表5-10 金融機構人民幣貸款基準利率AB1項目年利率（%）2一、短期貸款3一年以內（含一年）4.354二、中長期貸款5一至五年（含五年）4.756五年以上4.907三、個人住房公積金貸款8五年以下（含五年）2.759五年以上3.252.略3.利用Excel電子表格計算等額本息法和等額本金法兩種還款方式下，每月的還款額、應還本金、應還利息以及貸款余額如下。DEFGHIJ1公積金貸款利率3.25%財務函數(shù)應用2還款期月還款額應還本金應還利息貸款余額PMTPPMTIPMT301200000.00416,806.353,556.353,250.001,196,443.65526,806.353,565.983,240.371,192,877.67636,806.353,575.643,230.711,189,302.03746,806.353,585.323,221.031,185,716.71856,806.353,595.033,211.321,182,121.68966,806.353,604.773,201.581,178,516.911076,806.353,614.533,191.821,174,902.371186,806.353,624.323,182.031,171,278.051296,806.353,634.143,172.211,167,643.9113106,806.353,643.983,162.371,163,999.9314116,806.353,653.853,152.501,160,346.0815126,806.353,663.753,142.601,156,682.3416136,806.353,673.673,132.681,153,008.6717146,806.353,683.623,122.731,149,325.0518156,806.353,693.593,112.761,145,631.4619166,806.353,703.603,102.751,141,927.8620176,806.353,713.633,092.721,138,214.2321186,806.353,723.693,082.661,134,490.5522196,806.353,733.773,072.581,130,756.7823206,806.353,743.883,062.471,127,012.9024216,806.353,754.023,052.331,123,258.8725226,806.353,764.193,042.161,119,494.6826236,806.353,774.383,031.961,115,720.3027246,806.353,784.613,021.741,111,935.6928256,806.353,794.863,011.491,108,140.8429266,806.353,805.133,001.211,104,335.7030276,806.353,815.442,990.911,100,520.2631286,806.353,825.772,980.581,096,694.4932296,806.353,836.132,970.211,092,858.3533306,806.353,846.522,959.821,089,011.8334316,806.353,856.942,949.411,085,154.8935326,806.353,867.392,938.961,081,287.5036336,806.353,877.862,928.491,077,409.6437346,806.353,888.362,917.981,073,521.2738356,806.353,898.902,907.451,069,622.3839366,806.353,909.462,896.891,065,712.9240376,806.353,920.042,886.311,061,792.8841386,806.353,930.662,875.691,057,862.2242396,806.353,941.312,865.041,053,920.9143406,806.353,951.982,854.371,049,968.9344416,806.353,962.682,843.671,046,006.2545426,806.353,973.422,832.931,042,032.8346436,806.353,984.182,822.171,038,048.6647446,806.353,994.972,811.381,034,053.6948456,806.354,005.792,800.561,030,047.9049466,806.354,016.642,789.711,026,031.2750476,806.354,027.512,778.831,022,003.7551486,806.354,038.422,767.931,017,965.3352496,806.354,049.362,756.991,013,915.9753506,806.354,060.332,746.021,009,855.6454516,806.354,071.322,735.031,005,784.3255526,806.354,082.352,724.001,001,701.9756536,806.354,093.412,712.94997,608.5657546,806.354,104.492,701.86993,504.0758556,806.354,115.612,690.74989,388.4659566,806.354,126.762,679.59985,261.7160576,806.354,137.932,668.42981,123.7761586,806.354,149.142,657.21976,974.6462596,806.354,160.382,645.97972,814.2663606,806.354,171.642,634.71968,642.616,806.354,171.642,634.7164616,806.354,182.942,623.41964,459.6765626,806.354,194.272,612.08960,265.4066636,806.354,205.632,600.72956,059.7767646,806.354,217.022,589.33951,842.7568656,806.354,228.442,577.91947,614.3169666,806.354,239.892,566.46943,374.4270676,806.354,251.382,554.97939,123.0471686,806.354,262.892,543.46934,860.1572696,806.354,274.442,531.91930,585.7173706,806.354,286.012,520.34926,299.7074716,806.354,297.622,508.73922,002.0875726,806.354,309.262,497.09917,692.826,806.354,309.262,497.0976736,806.354,320.932,485.42913,371.8977746,806.354,332.632,473.72909,039.2578756,806.354,344.372,461.98904,694.8979766,806.354,356.132,450.22900,338.7580776,806.354,367.932,438.42895,970.8281786,806.354,379.762,426.59891,591.0682796,806.354,391.622,414.73887,199.4483806,806.354,403.522,402.83882,795.9284816,806.354,415.442,390.91878,380.4785826,806.354,427.402,378.95873,953.0786836,806.354,439.392,366.96869,513.6887846,806.354,451.422,354.93865,062.266,806.354,451.422,354.9388856,806.354,463.472,342.88860,598.7989866,806.354,475.562,330.79856,123.2390876,806.354,487.682,318.67851,635.5591886,806.354,499.842,306.51847,135.7192896,806.354,512.022,294.33842,623.6993906,806.354,524.242,282.11838,099.4594916,806.354,536.502,269.85833,562.9595926,806.354,548.782,257.57829,014.1796936,806.354,561.102,245.25824,453.0697946,806.354,573.462,232.89819,879.6198956,806.354,585.842,220.51815,293.7799966,806.354,598.262,208.09810,695.506,806.354,598.262,208.09100976,806.354,610.722,195.63806,084.79101986,806.354,623.202,183.15801,461.59102996,806.354,635.722,170.63796,825.861031006,806.354,648.282,158.07792,177.581041016,806.354,660.872,145.48787,516.711051026,806.354,673.492,132.86782,843.221061036,806.354,686.152,120.20778,157.071071046,806.354,698.842,107.51773,458.231081056,806.354,711.572,094.78768,746.671091066,806.354,724.332,082.02764,022.341101076,806.354,737.122,069.23759,285.221111086,806.354,749.952,056.40754,535.276,806.354,749.952,056.401121096,806.354,762.822,043.53749,772.451131106,806.354,775.722,030.63744,996.741141116,806.354,788.652,017.70740,208.091151126,806.354,801.622,004.73735,406.471161136,806.354,814.621,991.73730,591.841171146,806.354,827.661,978.69725,764.181181156,806.354,840.741,965.61720,923.441191166,806.354,853.851,952.50716,069.601201176,806.354,866.991,939.36711,202.601211186,806.354,880.181,926.17706,322.431221196,806.354,893.391,912.96701,429.031231206,806.354,906.651,899.70696,522.396,806.354,906.651,899.701241216,806.354,919.931,886.41691,602.451251226,806.354,933.261,873.09686,669.191261236,806.354,946.621,859.73681,722.571271246,806.354,960.021,846.33676,762.561281256,806.354,973.451,832.90671,789.111291266,806.354,986.921,819.43666,802.191301276,806.355,000.431,805.92661,801.761311286,806.355,013.971,792.38656,787.791321296,806.355,027.551,778.80651,760.241331306,806.355,041.171,765.18646,719.081341316,806.355,054.821,751.53641,664.261351326,806.355,068.511,737.84636,595.751361336,806.355,082.241,724.11631,513.511371346,806.355,096.001,710.35626,417.511381356,806.355,109.801,696.55621,307.711391366,806.355,123.641,682.71616,184.071401376,806.355,137.521,668.83611,046.551411386,806.355,151.431,654.92605,895.121421396,806.355,165.381,640.97600,729.741431406,806.355,179.371,626.98595,550.371441416,806.355,193.401,612.95590,356.971451426,806.355,207.471,598.88585,149.501461436,806.355,221.571,584.78579,927.931471446,806.355,235.711,570.64574,692.221481456,806.355,249.891,556.46569,442.331491466,806.355,264.111,542.24564,178.221501476,806.355,278.371,527.98558,899.851511486,806.355,292.661,513.69553,607.191521496,806.355,307.001,499.35548,300.201531506,806.355,321.371,484.98542,978.831541516,806.355,335.781,470.57537,643.041551526,806.355,350.231,456.12532,292.811561536,806.355,364.721,441.63526,928.091571546,806.355,379.251,427.10521,548.841581556,806.355,393.821,412.53516,155.021591566,806.355,408.431,397.92510,746.591601576,806.355,423.081,383.27505,323.511611586,806.355,437.761,368.58499,885.741621596,806.355,452.491,353.86494,433.251631606,806.355,467.261,339.09488,965.991641616,806.355,482.071,324.28483,483.931651626,806.355,496.911,309.44477,987.011661636,806.355,511.801,294.55472,475.211671646,806.355,526.731,279.62466,948.481681656,806.355,541.701,264.65461,406.791691666,806.355,556.711,249.64455,850.081701676,806.355,571.761,234.59450,278.331711686,806.355,586.851,219.50444,691.481721696,806.355,601.981,204.37439,089.501731706,806.355,617.151,189.20433,472.361741716,806.355,632.361,173.99427,839.991751726,806.355,647.621,158.73422,192.381761736,806.355,662.911,143.44416,529.471771746,806.355,678.251,128.10410,851.221781756,806.355,693.631,112.72405,157.591791766,806.355,709.051,097.30399,448.541801776,806.355,724.511,081.84393,724.041811786,806.355,740.011,066.34387,984.021821796,806.355,755.561,050.79382,228.461831806,806.355,771.151,035.20376,457.321841816,806.355,786.781,019.57370,670.541851826,806.355,802.451,003.90364,868.091861836,806.355,818.16988.18359,049.921871846,806.355,833.92972.43353,216.001881856,806.355,849.72956.63347,366.281891866,806.355,865.57940.78341,500.711901876,806.355,881.45924.90335,619.261911886,806.355,897.38908.97329,721.881921896,806.355,913.35893.00323,808.531931906,806.355,929.37876.98317,879.161941916,806.355,945.43860.92311,933.741951926,806.355,961.53844.82305,972.211961936,806.355,977.67828.67299,994.531971946,806.355,993.86812.49294,000.671981956,806.356,010.10796.25287,990.571991966,806.356,026.37779.97281,964.202001976,806.356,042.70763.65275,921.502011986,806.356,059.06747.29269,862.442021996,806.356,075.47730.88263,786.972032006,806.356,091.93714.42257,695.042042016,806.356,108.43697.92251,586.622052026,806.356,124.97681.38245,461.652062036,806.356,141.56664.79239,320.092072046,806.356,158.19648.16233,161.902082056,806.356,174.87631.48226,987.032092066,806.356,191.59614.76220,795.442102076,806.356,208.36597.99214,587.082112086,806.356,225.18581.17208,361.902122096,806.356,242.04564.31202,119.862132106,806.356,258.94547.41195,860.922142116,806.356,275.89530.46189,585.032152126,806.356,292.89513.46183,292.142162136,806.356,309.93496.42176,982.212172146,806.356,327.02479.33170,655.192182156,806.356,344.16462.19164,311.032192166,806.356,361.34445.01157,949.692202176,806.356,378.57427.78151,571.122212186,806.356,395.84410.51145,175.282222196,806.356,413.17393.18138,762.112232206,806.356,430.54375.81132,331.572242216,806.356,447.95358.40125,883.622252226,806.356,465.41340.93119,418.212262236,806.356,482.92323.42112,935.282272246,806.356,500.48305.87106,434.802282256,806.356,518.09288.2699,916.712292266,806.356,535.74270.6193,380.972302276,806.356,553.44252.9186,827.532312286,806.356,571.19235.1680,256.342322296,806.356,588.99217.3673,667.352332306,806.356,606.83199.5267,060.522342316,806.356,624.73181.6260,435.792352326,806.356,642.67163.6853,793.122362336,806.356,660.66145.6947,132.462372346,806.356,678.70127.6540,453.762382356,806.356,696.79109.5633,756.982392366,806.356,714.9291.4327,042.052402376,806.356,733.1173.2420,308.942412386,806.356,751.3555.0013,557.602422396,806.356,769.6336.726,787.972432406,806.356,787.9718.380.00244合計1,633,523.791,200,000.00433,523.79利用Excel財務函數(shù)PMT、PPMT和IPMT計算第5最后一個月的還款額、應還本金及應還利息分別為：I63=PMT($F$1/12,240,-B16),J63=PPMT($F$1/12,D63,240,-$H$3),K63=IPMT($F$1/12,D63,240,-$H$3)，其他以此類推。表5-12 個人住房貸款分期付款時間表（等額本金法）MN0PQ1公積金貸款利率3.25%2還款期月還款額應還本金應還利息貸款余額301200000418250.0050003250.001195000528236.4650003236.461190000638222.9250003222.921185000748209.3850003209.381180000858195.8350003195.831175000968182.2950003182.2911700001078168.7550003168.7511650001188155.2150003155.2111600001298141.6750003141.67115500013108128.1350003128.13115000014118114.5850003114.58114500015128101.0450003101.04114000016138087.5050003087.50113500017148073.9650003073.96113000018158060.4250003060.42112500019168046.8850003046.88112000020178033.3350003033.33111500021188019.7950003019.79111000022198006.2550003006.25110500023207992.7150002992.71110000024217979.1750002979.17109500025227965.6350002965.63109000026237952.0850002952.08108500027247938.5450002938.54108000028257925.0050002925.00107500029267911.4650002911.46107000030277897.9250002897.92106500031287884.3850002884.38106000032297870.8350002870.83105500033307857.2950002857.29105000034317843.7550002843.75104500035327830.2150002830.21104000036337816.6750002816.67103500037347803.1350002803.13103000038357789.5850002789.58102500039367776.0450002776.04102000040377762.5050002762.50101500041387748.9650002748.96101000042397735.4250002735.42100500043407721.8850002721.88100000044417708.3350002708.3399500045427694.7950002694.7999000046437681.2550002681.2598500047447667.7150002667.7198000048457654.1750002654.1797500049467640.6350002640.6397000050477627.0850002627.0896500051487613.5450002613.5496000052497600.0050002600.0095500053507586.4650002586.4695000054517572.9250002572.9294500055527559.3850002559.3894000056537545.8350002545.8393500057547532.2950002532.2993000058557518.7550002518.7592500059567505.2150002505.2192000060577491.6750002491.6791500061587478.1350002478.1391000062597464.5850002464.5890500063607451.0450002451.0490000064617437.5050002437.5089500065627423.9650002423.9689000066637410.4250002410.4288500067647396.8850002396.8888000068657383.3350002383.3387500069667369.7950002369.7987000070677356.2550002356.2586500071687342.7150002342.7186000072697329.1750002329.1785500073707315.6350002315.6385000074717302.0850002302.0884500075727288.5450002288.5484000076737275.0050002275.0083500077747261.4650002261.4683000078757247.9250002247.9282500079767234.3850002234.3882000080777220.8350002220.8381500081787207.2950002207.2981000082797193.7550002193.7580500083807180.2150002180.2180000084817166.6750002166.6779500085827153.1350002153.1379000086837139.5850002139.5878500087847126.0450002126.0478000088857112.5050002112.5077500089867098.9650002098.9677000090877085.4250002085.4276500091887071.8850002071.8876000092897058.3350002058.3375500093907044.7950002044.7975000094917031.2550002031.2574500095927017.7150002017.7174000096937004.1750002004.1773500097946990.6350001990.6373000098956977.0850001977.0872500099966963.5450001963.54720000100976950.0050001950.00715000101986936.4650001936.46710000102996922.9250001922.927050001031006909.3850001909.387000001041016895.8350001895.836950001051026882.2950001882.296900001061036868.7550001868.756850001071046855.2150001855.216800001081056841.6750001841.676750001091066828.1350001828.136700001101076814.5850001814.586650001111086801.0450001801.046600001121096787.5050001787.506550001131106773.9650001773.966500001141116760.4250001760.426450001151126746.8850001746.886400001161136733.3350001733.336350001171146719.7950001719.796300001181156706.2550001706.256250001191166692.7150001692.716200001201176679.1750001679.176150001211186665.6350001665.636100001221196652.0850001652.086050001231206638.5450001638.546000001241216625.0050001625.005950001251226611.4650001611.465900001261236597.9250001597.925850001271246584.3850001584.385800001281256570.8350001570.835750001291266557.2950001557.295700001301276543.7550001543.755650001311286530.2150001530.215600001321296516.6750001516.675550001331306503.1350001503.135500001341316489.5850001489.585450001351326476.0450001476.045400001361336462.5050001462.505350001371346448.9650001448.965300001381356435.4250001435.425250001391366421.8850001421.885200001401376408.3350001408.335150001411386394.7950001394.795100001421396381.2550001381.255050001431406367.7150001367.715000001441416354.1750001354.174950001451426340.6350001340.634900001461436327.0850001327.084850001471446313.5450001313.544800001481456300.0050001300.004750001491466286.4650001286.464700001501476272.9250001272.924650001511486259.3850001259.384600001521496245.8350001245.834550001531506232.2950001232.294500001541516218.7550001218.754450001551526205.2150001205.214400001561536191.6750001191.674350001571546178.1350001178.134300001581556164.5850001164.584250001591566151.0450001151.044200001601576137.5050001137.504150001611586123.9650001123.964100001621596110.4250001110.424050001631606096.8850001096.884000001641616083.3350001083.333950001651626069.7950001069.793900001661636056.2550001056.253850001671646042.7150001042.713800001681656029.1750001029.173750001691666015.6350001015.633700001701676002.0850001002.083650001711685988.545000988.543600001721695975.005000975.003550001731705961.465000961.463500001741715947.925000947.923450001751725934.385000934.383400001761735920.835000920.833350001771745907.295000907.293300001781755893.755000893.753250001791765880.215000880.213200001801775866.675000866.673150001811785853.135000853.133100001821795839.585000839.583050001831805826.045000826.043000001841815812.505000812.502950001851825798.965000798.962900001861835785.425000785.422850001871845771.885000771.882800001881855758.335000758.332750001891865744.795000744.792700001901875731.255000731.252650001911885717.715000717.712600001921895704.175000704.172550001931905690.635000690.632500001941915677.085000677.082450001951925663.545000663.542400001961935650.005000650.002350001971945636.465000636.462300001981955622.925000622.922250001991965609.385000609.382200002001975595.835000595.832150002011985582.295000582.292100002021995568.755000568.752050002032005555.215000555.212000002042015541.675000541.671950002052025528.135000528.131900002062035514.585000514.581850002072045501.045000501.041800002082055487.505000487.501750002092065473.965000473.961700002102075460.425000460.421650002112085446.885000446.881600002122095433.335000433.331550002132105419.795000419.791500002142115406.255000406.251450002152125392.715000392.711400002162135379.175000379.171350002172145365.635000365.631300002182155352.085000352.081250002192165338.545000338.541200002202175325.005000325.001150002212185311.465000311.461100002222195297.925000297.921050002232205284.385000284.381000002242215270.835000270.83950002252225257.295000257.29900002262235243.755000243.75850002272245230.215000230.21800002282255216.675000216.67750002292265203.135000203.13700002302275189.585000189.58650002312285176.045000176.04600002322295162.505000162.50550002332305148.965000148.96500002342315135.425000135.42450002352325121.885000121.88400002362335108.335000108.33350002372345094.79500094.79300002382355081.25500081.25250002392365067.71500067.71200002402375054.17500054.17150002412385040.63500040.63100002422395027.08500027.0850002432405013.54500013.540244合計159162512000003916254.利用Excel財務函數(shù)PMT、PPMT和IPMT分別計算表5-11中單元格I63：K63、I75：K75、I87：K87的內容，具體見表5-11。5.利用中國建設銀行網(wǎng)上個人貸款計算器計算結果分別如下圖所示。實訓二債券價值評估自行查找債券相關信息，并練習計算，答案略。實訓三股票價值評估實訓3.1股票預期收益率的估計：深圳燃氣計算結果如表5-21的所示。表5-21 深圳燃氣（601139）收益率估價ABCDEF1報告期每股收益（元）10股分紅（元）每股股利（元）股利支付率股利增長率220090.241.000.1041.67%320100.261.300.1350.00%30.00%420110.331.300.1339.39%0.00%520120.271.360.1450.37%4.62%620130.361.430.1439.72%5.15%720140.361.430.1439.72%0.00%820150.311.000.1032.26%-30.07%920160.351.050.1130.00%5.00%1020170.401.500.1537.50%42.86%1120180.361.500.1541.67%0.00%1220190.371.800.1848.65%20.00%16股利增長率均值7.75%17（1）各年維持10股分紅1.80元的股利政策182020年6月30日收盤價6.519預期收益率2.77%20（2）各年股利預期按平均股利增長率穩(wěn)定增長212020年6月30日收盤價6.522預期收益率10.74%實訓3.2穩(wěn)定增長股票估價模型：中國銀行

計算結果如表5-23的所示。表5-23 中國銀行（601988）股票估價——穩(wěn)定增長股ABCDE1報告期每股收益（元）10股分紅（元）每股股利（元）股利支付率220060.18930.4000.0421.13%320070.24431.0000.140.93%420080.25641.3000.1350.70%520090.33621.4000.1441.64%620100.39301.4600.14637.15%720110.46681.5500.15533.20%820120.52131.7500.17533.57%920130.58611.9600.19633.44%1020140.61371.9000.1930.96%1120150.60951.7500.17528.71%1220160.62521.6800.16826.87%1320170.62841.7600.17628.01%1420180.65371.8400.18428.15%1520190.68581.9100.19127.85%16平均股利支付率33.02%172019年凈資產(chǎn)收益率16.08%18預期增長率（因素分析法）10.77%19投資必要收益率計算過程20無風險收益率2.75%21市場組合（上證綜指）收益率1.222中國銀行β系數(shù)13.50%23投資必要收益率15.65%24中國銀行股票價值4.34Excel中繪制每股收益與每股股利之間的變化趨勢下圖所示。圖中國銀行每股收益與每股股利變化趨勢圖實訓3.3兩階段股票估價模型：普利制藥計算結果如表5-24的所示。表5-24 普利制藥（300630）股票價值評估——兩階段股票價值評估模型ABCDEF1投資必要收益率計算過程2高增長時期穩(wěn)定增長時期3無風險收益率2.62%2.62%4市場風險溢價7%7%5普利制藥β系數(shù)1.150.86投資必要收益率10.67%8.22%7（1）高增長時期股利現(xiàn)值8年份每股收益（元）股利支付率每股股利（元）股利現(xiàn)值（元）901.09619.42%0.2128710115%1.2619.42%0.240.2211215%1.4519.42%0.280.2312315%1.6719.42%0.320.2413415%1.9219.42%0.370.2514515%2.2019.42%0.430.2615小計1.2016（2）穩(wěn)定增長時期股利現(xiàn)值1768%0.4639.62%0.1845.3318（3）股票內在價值19合計46.52模塊六風險與收益實訓一實際收益率與風險的衡量學生自行選取兩家上市公司的股票數(shù)據(jù)練習，答案略。實訓二預期收益率與風險的衡量實訓2.1單項資產(chǎn)預期收益率與風險的衡量根據(jù)實訓條件與要求計算結果如Excel電子表格6-6所示。表6-6 A、B、C三種股票的預期收益率與風險ABCDEFG1類別收益率概率預期收益率方差標準差標準離差率2A股票-20%0.15-3.00%1.04%3-5%0.25-1.25%0.32%412%0.303.60%0.10%520%0.204.00%0.37%630%0.103.00%0.56%7合計1.006.35%2.39%15.46%243.52%8A股票收益率大于5%的概率53.48%9B股票-10%0.05-0.50%0.11%10-5%0.30-1.50%0.30%118%0.403.20%0.04%1212%0.151.80%0.07%1320%0.102.00%0.23%14合計1.005.00%0.75%8.64%172.86%15B股票收益率大于5%的概率50.00%16C股票-15%0.10-1.50%0.41%17-6%0.20-1.20%0.26%1810%0.353.50%0.08%1912%0.253.00%0.11%2015%0.101.50%0.09%21合計1.005.30%0.95%9.75%184.01%22C股票收益率大于5%的概率51.23%實訓2.2投資組合預期收益率與風險的衡量根據(jù)實訓條件與要求計算結果如Excel電子表格6-8所示。表6-8 E、F股票投資組合預期收益率與風險ABCDEFGHIJKL1概率收益率預期收益率均值-收益率（均值-收益率）2方差協(xié)方差2E股票F股票E股票F股票E股票F股票E股票F股票E股票F股票30.10-8.00%-4.00%-0.80%-0.40%-13.10%-10.60%1.72%1.12%0.17%0.11%0.14%40.25-2.00%-16.00%-0.50%-4.00%-7.10%-22.60%0.50%5.11%0.13%1.28%0.40%50.3015.00%18.00%4.50%5.40%9.90%11.40%0.98%1.30%0.29%0.39%0.34%60.208.00%25.00%1.60%5.00%2.90%18.40%0.08%3.39%0.02%0.68%0.11%70.152.00%4.00%0.30%0.60%-3.10%-2.60%0.10%0.07%0.01%0.01%0.01%8合計5.10%6.60%0.62%2.47%1.00%9標準差7.89%15.70%10相關系數(shù)0.8011投資比重40%60%12投資組合預期收益率6.00%13投資組合方差1.47%14投資組合標準差12.11%實訓2.3投資組合預期收益率與風險的衡量學生自行選取兩家上市公司的股票數(shù)據(jù)練習，答案略。實訓三資本資產(chǎn)定價模型實訓3.1β系數(shù)的衡量學生自行選取兩家上市公司的股票數(shù)據(jù)練習，答案略。實訓3.2資本資產(chǎn)定價模型的應用根據(jù)實訓條件與要求計算結果如Excel電子表格6-16所示。表6-16 建投能源、燕京啤酒、深證成指收益率 2018年6月至2020年6月ABCDEFG1月收盤價（元）月收益率2日期建投能源燕京啤酒深證成指建投能源燕京啤酒深證成指32018-06-296.268.609379.474942018-07-315.576.739178.7806-11.02%-21.74%-2.14%52018-08-315.857.328465.46965.03%8.77%-7.77%62018-09-285.366.058401.0893-8.38%-17.35%-0.76%72018-10-315.056.597482.8302-5.78%8.93%-10.93%82018-11-304.405.687681.7494-12.87%-13.81%2.66%92018-12-284.815.697239.78919.32%0.18%-5.75%102019-01-315.025.647479.21534.37%-0.88%3.31%112019-02-285.905.959031.926617.53%5.50%20.76%122019-03-296.626.409906.863912.20%7.56%9.69%132019-04-308.026.419674.534621.15%0.16%-2.35%142019-05-317.777.388922.6946-3.12%15.13%-7.77%152019-06-286.646.869178.3135-14.54%-7.05%2.86%162019-07-316.706.649326.61470.90%-3.21%1.62%172019-08-306.096.239365.6764-9.10%-6.17%0.42%182019-09-305.576.349446.2382-8.54%1.77%0.86%192019-10-315.395.819635.3291-3.23%-8.36%2.00%202019-11-294.936.019582.1558-8.53%3.44%-0.55%212019-12-314.836.1210430.7662-2.03%1.83%8.86%222020-01-234.896.5210681.9041.24%6.54%2.41%232020-02-284.646.3110980.7746-5.11%-3.22%2.80%242020-03-314.955.859962.30476.68%-7.29%-9.28%252020-04-304.356.0410721.7796-12.12%3.25%7.62%262020-05-294.775.9610746.07649.66%-1.32%0.23%272020-06-304.826.3811992.34681.05%7.05%11.60%28β系數(shù)0.200.0929年無風險收益率4.25%30年市場組合收益率9.15%31年預期收益率5.23%4.67%32投資組合33投資比重60%40%34投資組合的β系數(shù)0.1535投資組合的預期收益率5.00%模塊九固定資產(chǎn)管理實訓2.1ABC1初始現(xiàn)金流量-282第1年現(xiàn)金流量03第2年現(xiàn)金流量104第3年現(xiàn)金流量105第4年現(xiàn)金流量106第5年現(xiàn)金流量107折現(xiàn)率=3%+1.5×（8%-3%）=10.5%8經(jīng)營期現(xiàn)金流量現(xiàn)值28.829凈現(xiàn)值0.8210IRR10.94%實訓2.2ABC1初始現(xiàn)金流量-10002第1年現(xiàn)金流量4003第2年現(xiàn)金流量4004第3年現(xiàn)金流量4005第4年現(xiàn)金流量4006第5年現(xiàn)金流量4007第6年現(xiàn)金流量2658第7年現(xiàn)金流量2659第8年現(xiàn)金流量26510第9年現(xiàn)金流量26511第10年現(xiàn)金流量36512折現(xiàn)率10%13經(jīng)營期現(xiàn)金流量現(xiàn)值2178.6214凈現(xiàn)值1178.6215內部收益率36.05%實訓2.3ABC1初始現(xiàn)金流量-2302第1年現(xiàn)金流量253第2年現(xiàn)金流量254第3年現(xiàn)金流量255第4年現(xiàn)金流量256第5年現(xiàn)金流量257第6年現(xiàn)金流量31.58第7年現(xiàn)金流量31.59第8年現(xiàn)金流量31.510第9年現(xiàn)金流量31.511第10年現(xiàn)金流量31.512第11年現(xiàn)金流量22.513第12年現(xiàn)金流量22.514第13年現(xiàn)金流量22.515第14年現(xiàn)金流量22.516第15年現(xiàn)金流量32.517折現(xiàn)率10%18經(jīng)營期現(xiàn)金流量現(xiàn)值204.1919凈現(xiàn)值-25.8120IRR8.01%21PI0.89實訓2.4ABC1初始現(xiàn)金流量-8502年金92.53折現(xiàn)率12%4期數(shù)N105年金現(xiàn)值522.656凈現(xiàn)值-327.35實訓2.5ABC1項目拖拉機吹雪機2初始現(xiàn)金流量-3000-35003第1年現(xiàn)金流量-250-7004第2年現(xiàn)金流量5008005第3年現(xiàn)金流量100012006第4年現(xiàn)金流量150020007第5年現(xiàn)金流量150020008折現(xiàn)率9%9%9經(jīng)營期現(xiàn)金流量現(xiàn)值3,001