2015年cpa讲义《财管》第八章企业价值评估03

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1、高顿财经CPA培训中心第八章企业价值评估（三）【提示】融资政策P188已知条件：DBX公司存在一个目标资本结构，即净负债/投资资本为30%。企业采用剩余股利政策，需要筹集资金时按目标资本结构配置留存利润（权益资本）和借款（债务资本），剩余的利润分配给股东。如果当期利润小于需要筹集的权益资本，在“应付股利”项目中显示为负值，表示需要向股东筹集的现金（增发新股）数额。表8-4预计资产负债表单位：万元年份基期20×120×220×320×420×520×6预测假设：销售收入400448492.80532.22564.16592.37621.98

2、经营现金（%）1111111其他经营流动资（%）39393939393939经营流动负债（%）10101010101010长期资产/销售收入（%）50505050505050短期借款/投资资本（%）20202020202020长期借款/投资资本（%）10101010101010净经营资产：经营现金4.004.484.935.325.645.926.22其他经营流动资产156.00174.72192.19207.57220.02231.02242.57减：经营流动负债40.0044.8049.2853.2256.4259.2462.20经营

3、营运资本120.00134.40147.84159.67169.25177.71186.60经营性长期资产200.00224.00246.40266.11282.08296.18310.99减：经营性长期负债0000000净经营长期资产200.00224.00246.40266.11282.08296.18310.99净经营资产总计320.00358.40394.24425.78451.33473.89497.59金融负债：短期借款64.0071.6878.8585.1690.2794.7899.52长期借款32.0035.8439.42

4、42.5845.1347.3949.76金融负债合计96.00107.52118.27127.73135.40142.17149.28金融资产0000000净负债96.00107.52118.27127.73135.40142.17149.28股本200.00200.00200.00200.00200.00200.00200.00年初未分配利润20.0024.0050.8875.9798.05115.93131.72本年净利润32.7036.6340.2943.5146.1348.4350.85本年股利28.709.7515.2021.4

5、428.2432.6434.27年末未分配利润24.0050.8875.9798.05115.93131.72148.31ofwork,relationships,needandpossibility,putqualityfirst."Improvestructure",referspartycarefully".IsamustadheretotheindividualabsorptionTheprincipleofthedevelopmentofamatureone,andstrictlyperformintheadmissionpro

6、cedure,topreventthePartymember高顿财经CPA培训中心电话：400-600-8011网址：cpa.gaodun.cn微信公众号：gaoduncpa高顿财经CPA培训中心股东权益合计224.00250.88275.97298.05315.93331.72348.31净负债及股东权益总计320.00358.40394.24425.78451.33473.89497.59表8-3预计利润表单位：万元年份基期20×120×220×320×420×520×6预测假设销售增长率（%）1212108655销售成本率（%）72

7、.872.872.872.872.872.872.8销售、管理费用/销售收入（%）8888888折旧与摊销/销售收入（%）6666666短期债务利率（%）6666666长期债务利率（%）7777777平均所得税率（%）30303030303030利润表项目税后经营利润：一、销售收入400448492.8532.22564.16592.37621.98减：销售成本291.2326.14358.76387.46410.71431.24452.8销售和管理费用3235.8439.4242.5845.1347.3949.76折旧与摊销2426.8

8、829.5731.9333.8535.5437.32二、税前经营利润52.859.1465.0570.2574.4778.1982.10减：经营利润所得税15.8417.7419.5121.0