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资料:A公司正在研究其股利分配政策。目前该公司发行在外的普通股共100万股,净资产200万元,今年每股支付1元股利。预计未来3年的税后利润和需要追加的资本性支出如下: 年份 1 2 3 税后利润/万元 200 250 200 资本支出/万元 100 500 200 假设公司目前没有借款并希望逐步增加负债的比重,但是资产负债率不能超过30%。筹资时优先使用留存收益,其次是长期借款,必要时增发普通股。假设上表给出的“税后利润”可以涵盖增加借款的利息,并且不考虑所得税的影响。增发股份时,每股面值1元,预计发行价格每股2元,假设增发的股份当年不需要支付股利,下一年开始发放股利。 要求: (1)假设维持目前的每股股利,计算各年需要增加的借款和股权资金。 (2)假设采用剩余股利政策,计算各年需要增加的借款和股权资金。

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案例分析题A college education is an investment in the future. But it can be a (36) investment. The College Board (37) that the costs at a four-year public college in the United States increased 10 percent this past school year. That was less than the (38) percent increase the year before, but still much higher than the (39) rate. Public colleges and universities still cost a lot less than private ones. Financial aid often helps. But financial (40) tell parents to start college (41) plans when their child is still very young. All 50 states and the District of Columbia (42) what are called 5-20-9 plans. These plans are named after the part of the federal tax law that created them in 1996. States use private investment companies to (43) most programs. Every state has its own rules governing 5-20-9 plans. Some of the plans are free of state taxes. And all are free of federal taxes. (44) . (45) . Families must decide how aggressively they want to put money into stocks, bonds or other investments. (46) . This kind of savings program is called a prepaid tuition plan. 42()

案例分析题A college education is an investment in the future. But it can be a (36) investment. The College Board (37) that the costs at a four-year public college in the United States increased 10 percent this past school year. That was less than the (38) percent increase the year before, but still much higher than the (39) rate. Public colleges and universities still cost a lot less than private ones. Financial aid often helps. But financial (40) tell parents to start college (41) plans when their child is still very young. All 50 states and the District of Columbia (42) what are called 5-20-9 plans. These plans are named after the part of the federal tax law that created them in 1996. States use private investment companies to (43) most programs. Every state has its own rules governing 5-20-9 plans. Some of the plans are free of state taxes. And all are free of federal taxes. (44) . (45) . Families must decide how aggressively they want to put money into stocks, bonds or other investments. (46) . This kind of savings program is called a prepaid tuition plan. 36()

Space is a dangerous place, not only because of meteors (流星) but also because of rays from the sun and other stars. The atmosphere again acts (67) our protective blanket on (68) . Light gets through, and this is essen- tial (69) plants to make the food which we (70) . Heat, (71) , makes our environments tolerable and some ultraviolet rays (紫外线 ) penetrate the (72) . Cosmic ( 宇宙的) rays of various kinds come (73) the air from outer space, but (74) quantities of radiation from the sun are screened off. As (75) as men leave the atmosphere they are (76) to this radiation; (77) their spacesuits or the walls of their spacecraft, if they are inside, (78) prevent a lot of radiation damage. Radiation is the greatest known danger to explorers in (79) . Doses of radiation are measured in (80) called "reins (霍姆)". We all 81 radiation here on earth from the sun, from cosmic rays and from radioactive minerals. The " (82) " dose of radiation that we receive each year is about 100 millirems; it (83) according to where you live, and this is a very rough estimate. Scientists have reason to think (84) a man can (85) up with far more radia- tion (86) this without being damaged; the figure of 60 rems has been agreed.

A. with
B. from
C. under
D. for

Space is a dangerous place, not only because of meteors (流星) but also because of rays from the sun and other stars. The atmosphere again acts (67) our protective blanket on (68) . Light gets through, and this is essen- tial (69) plants to make the food which we (70) . Heat, (71) , makes our environments tolerable and some ultraviolet rays (紫外线 ) penetrate the (72) . Cosmic ( 宇宙的) rays of various kinds come (73) the air from outer space, but (74) quantities of radiation from the sun are screened off. As (75) as men leave the atmosphere they are (76) to this radiation; (77) their spacesuits or the walls of their spacecraft, if they are inside, (78) prevent a lot of radiation damage. Radiation is the greatest known danger to explorers in (79) . Doses of radiation are measured in (80) called "reins (霍姆)". We all 81 radiation here on earth from the sun, from cosmic rays and from radioactive minerals. The " (82) " dose of radiation that we receive each year is about 100 millirems; it (83) according to where you live, and this is a very rough estimate. Scientists have reason to think (84) a man can (85) up with far more radia- tion (86) this without being damaged; the figure of 60 rems has been agreed.

A. conventional
B. common
C. general
D. normal

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