公司金融作业一

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江苏师范大学商学院

课程作业与实验

课程名称： 公司金融 班 级： 姓 名： 学 号： 开始日期： 年 月 日

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商学院

《公司金融》作业、阅读与上机练习

（主导教材：杨丽荣.公司金融学.北京：科学出版社,第三版）

第一章 公司金融的基本范畴

1.企业主要有哪几种形式，其中公司制的优缺点主要有哪些？

2.如何定义公司金融？公司金融的目标和主要研究内容是什么？

3.公司金融的原则有哪些？以向银行贷款为例，试分析如何运用这些原则进行思考和解决问题？

4.简要分析公司中股东、管理者和债权人有什么样的利益冲突，这些冲突应

如何解决？

5.计算：税法环境对公司金融的影响？

众望软件公司总资产规模100万，全部为自有股份，当年息税前收益（即未支付利息和所得税前的收益）为10万，公司所得税税率25%，年末不分红。

计算：（1）纳税总额；

（2）税后利润和股东收益率（税后利润/总股本） （3）税后公司价值账面数（资产总值=负债价值+股东价值）

其他条件不变，如果众望软件公司总资产规模100万，其中20万为负债资金，年利息率为8%，年末不分红。

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计算：（1）纳税总额；

（2）税后利润和股东收益率（税后利润/总股本） （3）税后公司价值账面数（资产总值=负债价值+股东价值） （4）从股东角度计算负债的实际利息率； （5）比较两种情况差异。

（6）*从国家税收角度，比较两种情况下国家所得税收入的差别，并通过网络搜索，解释“资本弱化”名词。

6*.阅读与分析

Ten Axioms That Form the Foundation of Corporate Finance

Axioms 1: The risk-return trade-off---We won’t take on additional risk unless we expected to be compensated with additional return. This risk-return relationship will be a key concept as we value stocks, bonds and proposed new projects throughout this text.

Axioms 2: The time value of money---A dollar received today is worth more than a dollar received in the future. In this text, we will use this concept to bring the future benefits and costs of a projects back to the present. Then, if the benefits outweigh the costs, the project create wealth and should be accepted.

Axioms 3: Cash –not profit- is king. Cash flow are received by the firm and can be reinvested, which correctly reflect the timing of the benefits and costs. Accounting profits, on the other hand are shown when they are earned rather than when the money is actually in hand.

Axioms 4: Incremental cash flows---It’s only what changes that counts. The incremental cash flow is the difference between the cash flows if the project is taken on versus what they will be if the project is not taken on. We will take this incremental concept beyond cash flows and look at all consequences from all decisions on an incremental basis.

Axioms 5: The curse of competition markets---Why it’s hard to find exceptionally profitable projects. The two most common ways of making markets less competition are to differentiate the product in some key way or to achieve a cost advantage over competitors.

Axioms 6: Efficient capital markets---The markets are quick and the prices are right. Efficient markets are markets in which the value of all assets and securities at any instant in time full reflect all available information. What are the implications of efficient markets tell us? First, the price is right. Second, earning manipulations

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through accounting methods that do not affect cash flows are nor reflected in the prices.

Axioms 7: The agency problem- Managers won’t work for the owners unless it’s in their best interest. The agency problem result from the separation of management and the ownership of the firm. We will spend considerable time monitoring managers and trying to align their interests with shareholders.

Axioms 8: Taxes bias business decisions- Hardly any decision is made by the financial manager without considering the impact of taxes. For example, the cash flows we will consider will be after-tax incremental cash flows to the firm as a whole. Taxes also play a role in determining a firm’s financial structure, or mix of debt and stock. Interest payments are a tax-deductible expense, whereas dividend payments to stockholders may not be used as deductions in computing a corporation’s taxable profits.

Axioms 9: All risk is not equal- Some risk can be diversified away, and some can not. We should realize that the process of diversification can reduce risk, and as a result, measuring a project’s or an asset’s risk is very difficult..

Axioms 10: Ethical behavior is doing the right thing and ethical dilemmas are everywhere in finance. Many Students ask, “is ethics really relevant?” This is a good question and deserves an answer. First, although business errors can be forgiven, ethical errors tend to end careers and terminate future opportunities. Second, the most damaging event a business can experience is a loss of the public’s confidence in its ethical standards.

---Kewon et al. “Foundations of Finance”

分析要求：阅读全文，并从中选择一个原则谈谈你的理解。

7.案例分析：万科—中国A股上市公司最佳公司治理奖 （一）企业简介 股票代码：000002，全称为万科企业股份有限公司，成立于1984年5月，是目前中国最大的专业住宅开发企业，也是股市里的代表性地产蓝筹股。总部设在深圳，至2009年，已在20多个城市设立分公司。2010年公司完成新开工面积1248万平方米，实现销售面积897.7万平方米，销售金额1081.6亿元。 营业收入507.1亿元，净利润72.8亿元。这意味着，万科率先成为全国第一个年销售额超千亿的房地产公司。

在企业领导人王石的带领下，万科通过专注于住宅开发行业，建立起

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