1. 下面是友朋公司2013年的損益表,以及2012年與2013年的資產負債表:假設該公司預估2014年的銷貨淨額將成長15%,且公司於2013年的產能已滿載,為了支應未來銷貨的成長,公司必須增購固定資產。其次,有關該公司2014年編制的預估財務報表內的會計項目之假設如下:【1】銷貨成本與銷貨呈直接變動關係;【2】折舊費用和利息費用不與銷貨呈直接變動關係;【3】股利政策與2013年相同,未分配的股利全部成為保留盈餘;【4】所有資產與銷貨呈直接變動關係;【5】應付帳款與銷貨呈直接變動關係,但應付票據、長期負債及股東權益則否;【6】在2014年,公司仍維持與2013年相同的長期負債-總資產比率。 1.請您預估友朋公司2014年的外部融資需求? 2.發行普通股新股與舉借長期負債金額各是多少?
2. 假設您欲購買一部新車,車價總額$45,000,自備款$3,000,差額由銀行辦理汽車貸款,年利率12%,分兩年按月本息定額攤繳。1.每個月應繳付多少?2.第一個月繳付的本息金額中,有多少是利息的部分?參考資料:PVIFr, t = 1/(1+r)t, PVIFAr, t = [1-1/(1+r)t]/r,FVIFr, t = (1+r)t, FVIFAr, t = [(1+r)t-1]/r;PVIF8%, 1 = 0.9259, PVIF8%, 2 = 0.8573, PVIF8%, 3 = 0.7938, PVIF8%, 4 = 0.7350, PVIF8%, 5 = 0.6806,PVIF12%, 1 = 0.8929, PVIF12%, 2 = 0.7972, PVIF12%, 3 = 0.7118, PVIF12%, 14 = 0.2046, PVIF14%, 1 = 0.8772, PVIF14%, 2 = 0.7695, PVIF14%, 3 = 0.6750, PVIF18%, 1 = 0.8475, PVIF18%, 2 = 0.7182, PVIF18%, 3 = 0.6086PVIF18%, 4 = 0.5158, PVIF18%, 5 = 0.4371;PVIF10%, 14 = 0.2633, PVIF10%, 9 = 0.4241, PVIF10%, 5 = 0.6209, PVIF5%, 28 = 0.2551, PVIF5%, 18 = 0.4155,PVIF5%, 14 = 0.5051, PVIF5%, 9 = 0.6446, PVIF6%, 24 = 0.2470, PVIF5%, 10 = 0.6139, PVIF2%, 12 = 0.7885;PVIFA12%, 14 = 6.6282, PVIFA10%, 14 = 7.3667, PVIFA10%, 9 = 5.7590, PVIFA10%, 9 = 3.7908,PVIFA5%, 9 = 7.1078, PVIFA5%, 18 = 11.6896, PVIFA5%, 14 = 9.8986, PVIFA5%, 28 = 14.8981,PVIFA6%, 24 = 12.5504, PVIFA1%, 24 = 21.2434, PVIFA1%, 12 = 11.2551, PVIFA18%, 42 = 2.6901,PVIFA5%, 10 = 7.7217;FVIF6%, 24 = 4.0489, FVIF6%, 12 = 2.0122, FVIFA10%, 14 = 27.975, FVIFA5%, 28 = 58.403;
3. 假想您買進一張12年期,年票面利率10%,每半年付息一次,面額$1,000,市價$874.52之債券,並持有至到期日。1.您投資此債券之到期收益率或殖利率(Yield to Maturity, YTM)為何?2.如果債券發行公司於發行日宣佈,該債券發行屆滿5年時以$1,150收回此項在外流通之債券,在收回收益率(Yield to Call, YTC)為10%時,則此項債券現在的市價為何?參考資料:PVIFr, t = 1/(1+r)t, PVIFAr, t = [1-1/(1+r)t]/r,FVIFr, t = (1+r)t, FVIFAr, t = [(1+r)t-1]/r;PVIF8%, 1 = 0.9259, PVIF8%, 2 = 0.8573, PVIF8%, 3 = 0.7938, PVIF8%, 4 = 0.7350, PVIF8%, 5 = 0.6806,PVIF12%, 1 = 0.8929, PVIF12%, 2 = 0.7972, PVIF12%, 3 = 0.7118, PVIF12%, 14 = 0.2046, PVIF14%, 1 = 0.8772, PVIF14%, 2 = 0.7695, PVIF14%, 3 = 0.6750, PVIF18%, 1 = 0.8475, PVIF18%, 2 = 0.7182, PVIF18%, 3 = 0.6086PVIF18%, 4 = 0.5158, PVIF18%, 5 = 0.4371;PVIF10%, 14 = 0.2633, PVIF10%, 9 = 0.4241, PVIF10%, 5 = 0.6209, PVIF5%, 28 = 0.2551, PVIF5%, 18 = 0.4155,PVIF5%, 14 = 0.5051, PVIF5%, 9 = 0.6446, PVIF6%, 24 = 0.2470, PVIF5%, 10 = 0.6139, PVIF2%, 12 = 0.7885;PVIFA12%, 14 = 6.6282, PVIFA10%, 14 = 7.3667, PVIFA10%, 9 = 5.7590, PVIFA10%, 9 = 3.7908,PVIFA5%, 9 = 7.1078, PVIFA5%, 18 = 11.6896, PVIFA5%, 14 = 9.8986, PVIFA5%, 28 = 14.8981,PVIFA6%, 24 = 12.5504, PVIFA1%, 24 = 21.2434, PVIFA1%, 12 = 11.2551, PVIFA18%, 42 = 2.6901,PVIFA5%, 10 = 7.7217;FVIF6%, 24 = 4.0489, FVIF6%, 12 = 2.0122, FVIFA10%, 14 = 27.975, FVIFA5%, 28 = 58.403;
4. 假想您擬於今年初投資環宇科技公司之普通股,根據市場訊息:該股去年之現金股利是$2.5,預期該公司未來每股盈餘及股利成長率是10%,與環宇股有相同投資風險之慶耀科技公司的股票報酬率是18%;1.如果環宇公司未來每年皆有10%之成長率,該股目前每股價值多少?2.如果環宇公司10%之成長率只能維持前四年,第五年起之成長率將降為4%,在其他條件不變下,該股目前每股價值多少?