查看完整版本: 王自强案例第14题修正

王自强案例第14题修正

<span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-fareast-language: ZH-CN;"><font size="3"><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;"><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-fareast-language: ZH-CN;">因为第</span><span lang="EN-US" style="mso-fareast-language: ZH-CN; mso-fareast-font-family: SimSun;"><font face="Times New Roman">2</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-fareast-language: ZH-CN;">题税后利润新版改了，所以</span><span lang="EN-US" style="mso-fareast-language: ZH-CN; mso-fareast-font-family: SimSun;"><font face="Times New Roman">14</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-fareast-language: ZH-CN;">题应跟着改</span><span lang="EN-US"><p></p></span></p></span><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">14.</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">根据自强制鞋厂的财务报表，若王先生每年税后盈余的</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">60%</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">用于再投资，</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">40%</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">当作红利领回。若有同行要求王自强先生出售鞋厂，要求的税后报酬率为</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">25%</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">时，合理的售价为（</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;"><span style="mso-spacerun: yes;">&nbsp;&nbsp;&nbsp; </span></span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">）。</span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun;">（红利贴现法，答案取最接近值</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體;">)</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;"><p></p></span></p><p class="MsoNormal" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt 38.25pt; TEXT-INDENT: -17.25pt; TEXT-ALIGN: justify; mso-list: l0 level1 lfo1; tab-stops: list 39.0pt;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: SimSun; mso-bidi-font-size: 12.0pt;"><span style="mso-list: Ignore;">A．<span style="FONT: 7pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">1,200,000</span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;"><span style="mso-spacerun: yes;">&nbsp; </span><p></p></span></p><p class="MsoNormal" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt 38.25pt; TEXT-INDENT: -17.25pt; TEXT-ALIGN: justify; mso-list: l0 level1 lfo1; tab-stops: list 39.0pt;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: SimSun; mso-bidi-font-size: 12.0pt;"><span style="mso-list: Ignore;">B．<span style="FONT: 7pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">1,500,000</span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;"><span style="mso-spacerun: yes;">&nbsp; </span><p></p></span></p><p class="MsoNormal" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt 38.25pt; TEXT-INDENT: -17.25pt; TEXT-ALIGN: justify; mso-list: l0 level1 lfo1; tab-stops: list 39.0pt;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: SimSun; mso-bidi-font-size: 12.0pt;"><span style="mso-list: Ignore;">C．<span style="FONT: 7pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">1,750,000</span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;"><span style="mso-spacerun: yes;">&nbsp; </span><p></p></span></p><p class="MsoNormal" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt 38.25pt; TEXT-INDENT: -17.25pt; TEXT-ALIGN: justify; mso-list: l0 level1 lfo1; tab-stops: list 39.0pt;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: SimSun; mso-bidi-font-family: SimSun; mso-bidi-font-size: 12.0pt;"><span style="mso-list: Ignore;">D．<span style="FONT: 7pt &quot;Times New Roman&quot;;">&nbsp; </span></span></span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">2,000,000</span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-font-kerning: 0pt; mso-bidi-font-family: 新細明體;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體;"><p></p></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體;">14. </span><span style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun;">答案</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-font-family: 新細明體;">: A<p></p></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt 60pt; TEXT-INDENT: -36pt; mso-para-margin-left: 2.0gd; mso-char-indent-count: -3.0;"><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">解析</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">: ROE=253,990/1,000,000=25.4%</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">，保留盈余再投资比率</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">b=60%</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">，盈余成长率</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">=b*ROE =60%*25.4%=15.24% </span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">，下一年度红利</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">=253,990</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">*40%*(1+15.24%)= 117,079</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元，利用固定红利增长模型，合理售价</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">=117,079</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">/(25%-15.24%)=1,199,580</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;"><p></p></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"></p></font></span>

<p>林老师，第二题修改后的计算结果仍是257110，不是253990！</p>

原来的答案是253990,最新的改成257110了,其实也没多大意思,只不过将养老金抵扣税否,题目上说清楚就是了,毕竟我们不是考文学,现在倒不明白到底哪个对了![em06]

<p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span lang="EN-US" style="mso-fareast-language: ZH-CN; mso-fareast-font-family: SimSun;"><font face="Times New Roman">5/23</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">更新的习题集中新版第</span><span lang="EN-US" style="mso-fareast-language: ZH-CN; mso-fareast-font-family: SimSun;"><font face="Times New Roman">2</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">题的答案是</span><span lang="EN-US" style="mso-fareast-language: ZH-CN; mso-fareast-font-family: SimSun;"><font face="Times New Roman">253990</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">元</span><span lang="EN-US"><p></p></span></p>

<div class="msgheader">QUOTE:</div><div class="msgborder"><b>以下是引用<i>林鸿钧老师</i>在2007-6-16 9:15:55的发言：</b><br/><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span lang="EN-US" style="mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN;"><font face="Times New Roman">5/23</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">更新的习题集中新版第</span><span lang="EN-US" style="mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN;"><font face="Times New Roman">2</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">题的答案是</span><span lang="EN-US" style="mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN;"><font face="Times New Roman">253990</font></span><span lang="ZH-CN" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">元</span><span lang="EN-US">
                                <p></p></span></p><p></p><p></p></div><p></p>[em02][em04]我哭……

第二题是2006年，所以生计费用还应用1600，而不是用800计算啊！所以税后利润是257350.

253,990<span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元</span><span lang="EN-US" style="FONT-FAMILY: SimSun; mso-fareast-language: ZH-CN; mso-fareast-font-family: 新細明體;">*40%*(1+15.24%)= 117,079</span><span lang="ZH-CN" style="FONT-FAMILY: 新細明體; mso-ascii-font-family: SimSun; mso-hansi-font-family: SimSun; mso-fareast-language: ZH-CN;">元，请问红利为什么要乘以<font face="宋体">1+15.24%?</font></span>

<p>因为求的是D1</p>

乱,没个标准

到底谁对

王志强案例第8题

这个第8题王志强应有保额算出来是1410000，怎么会是1362000呢？

[s:85] [s:85]