公司理财第26章.doc

Chapter 26: Corporate Financial Models and Long-term Planning CONCEPT QUESTIONS – CHAPTER 26 26.1 ( What are the two dimensions of the financial-planning process? The time frame and the level of aggregation. Why should firms draw up financial plans? It accomplishes various goals: It improves interactions between investment proposals for the different operating activities of the firm. It provides opportunities for the firm to work through various investment and financial alternatives. It provides greater flexibility. It avoids surprises. When might the goals of growth and value maximization be in conflict and when would they be aligned? They might be in conflict if management is willing to accept negative NPV projects just for the sake of growth. They would be aligned if growth is an indeterminate goal that leads to higher value. What are the determinants of growth? Profit margin Asset utilization Payout ratio Debt ratio Answers to End-of-Chapter Problems 26.1 Forecast sales: S = 0.00001 GNP = 0.00001 ($2,050 billion) = $20,500,000 Compute the other values: CA = $500,000 + 0.25 ($20,500,000) = $5,625,000 FA = $1,000,000 + 0.50 ($20,500,000) = $11,250,000 CL = $100,000 + 0.10 ($20,500,000) = $2,150,000 NP = 0.02 ($20,500,000) = $410,000 Compute the new amount of retained earnings: (RE = NP (1 - 0.34) = $410,000 (0.66) = $270,600 RE = $3,400,000 + $270,600 = $3,670,600 Compute the new amount of bonds: Debt-to-Asset Ratio = ($1,100,000 + $2,500,000) / ($3,000,000 + $6,000,000) = 0.40 Bonds = [(CA + FA) x 0.40] - CL = ($5,625,000 + $11,250,000) (0.40) - $2,150,000 = $4,600,000 Compute the new amount of stock: Stock = [(CA + FA) - (CL + Bonds + RE)] = ($5,625,000 + $11,250,000) - ($2,150,000 + 4,600,000 + 3,670,600) = $6,454,400 Balance Sheet Current Assets 5,625,000 Current Liabilities $2,150,000 Fixed Assets 11,250,000 Bonds 4,600,000 Total Assets $16,875,000 Common Stock 6,454,400 Retained Earnings 3,670,600 Total Liabs CS $16,