公司金融作业一.docx

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1、江苏师范高校商学院课程作业与试验课程名称： 公司金融班 级：姓 名：学 号：开头日期：年 月 日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讨论内容是什么？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索和解决问题?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（

2、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，假如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。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）比较两种状况差异。（6） *从我国税收角度,比较两种状况下我国所得税收入的差别,并通过网络搜寻,解释“资本弱化”名词。6*.阅读与分析

3、Ten Axioms That Form the Foundation of Corporate FinanceAxioms 1: The risk-return trade-off-We wont take on additional risk unless weexpected to be compensated with additional return. This risk-return relationship willbe a key concept as we value stocks, bonds and proposed new projects throughout th

4、istext.Axioms 2: The time value of money-A dollar received today is worth morethan a dollar received in the future. In this text, we will use this concept to bring thefuture benefits and costs of a projects back to the present. Then, if the benefitsoutweigh the costs, the project create wealth and s

5、hould be accepted.Axioms 3: Cash -not profit- is king. Cash ow are received by the firm and canbe reinvested, which correctly reflect the timing of the benefits and costs. Accountingprofits, on the other hand are shown when they are earned rather than when the moneyis actually in hand.Axioms 4: Incr

6、emental cash flows-Its only what changes that counts. Theincremental cash flow is the difference between the cash flows if the project is takenon versus what they will be if the project is not taken on. We will take thisincremental concept beyond cash flows and look at all consequences from alldecis

7、ions on an incremental basis.Axioms 5: The curse of competition markets-Why it,s hard to findexceptionally profitable projects. The two most common ways of making markets lesscompetition are to differentiate the product in some key way or to achieve a costadvantage over competitors.Axioms 6: Efficie

8、nt capital markets-The markets are quick and the prices areright. Efficient markets are markets in which the value of all assets and securities atany instant in time full reflect all available information. What are the implications ofefficient markets tell us? First, the price is right. Second, earn

9、ing manipulationsthrough accounting methods that do not affect cash flows are nor reflected in theprices.Axioms 7: The agency problem- Managers wont work for the owners unless itsin their best interest. The agency problem result from the separation of managementand the ownership of the firm. We will

10、 spend considerable time monitoring managersand trying to align their interests with shareholders.Axioms 8: Taxes bias business decisions- Hardly any decision is made by thefinancial manager without considering the impact of taxes For example, the cashflows we will consider will be after-tax increme

11、ntal cash flows to the firm as a whole.Taxes also play a role in determining a firms financial structure, or mix of debt andstock. Interest payments are a tax-deductible expense, whereas dividend payments tostockholders may not be used as deductions in computing a corporation taxableprofits.Axioms 9

12、: All risk is not equal- Some risk can be diversified away, and some cannot. We should realize that the process of diversification can reduce risk, and as aresult, measuring a projects or an assets risk is very difficult.Axioms 10: Ethical behavior is doing the right thing and ethical dilemmas areev

13、erywhere in finance. Many Students ask, “is ethics really relevant?5 This is a goodquestion and deserves an answer. First, although business errors can be forgiven,ethical errors tend to end careers and terminate future opportunities. Second, the mostdamaging event a business can experience is a los

14、s of the ublic,s confidence in itsethical 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：万科一中国A股上市公司最佳公司治理奖（-）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2022年，已在20多个城市设立分公司。2022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

15、入507. 1亿元，净利润72.8亿元。这意味着，万科领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，建立起内部完善的制度体系，组建专业化团队，树立专业品牌，以所谓“万科化”的企业文化（一、简洁不简单；二、法律规范不权谋；三、透亮不黑箱；四、责任不放任）享誉业内。（二）公司治理概况秉持做简洁而不是简单，做透亮而不是封闭，做法律规范而不是权谋的理念，根据公司法证券法等法律、行政法规、部门规章的要求，万科逐步建立了符合实际的公司组织制度和法人治理结构。股东大会、董事会、监事会分别按其职责行使决策权、执行权和监督权。董事会建立了审计、薪酬与提名、投资与决策三个专业委员会，提高董事会运作效率。董事会11名董事中，4名独立董事。独立董事担当各个专业委员会的召集人，乐观发挥作用。遵循“专业化+法律规范化+透亮度二万科化”的原则，依据企业实际经营特点，根据权责明确、结构合理、权力与责任对等的原则，万科系统科学地设置了公司内部经营管理机构，建立起了一套符合现代企业要求的经营管理法律规范和流程，致力形成“阳光照亮的体制”。为了加强内部风险掌握，公司建立了系统的内部掌握制度，形成了完整的内部掌握体系。公司笃信“阳光是最好的解毒剂”，坚持准时、