你要放弃
范文一：公司理财案例分析
Jimmy’s Hot Dog Stands
根据题中所给数据，可得出下表：
由于此项目的NPV为正，所以应该做该项目的投资。
注：（1）depreciation 是对installation of specialized kitchen equipment和 furniture and fittings 采用直线法提折旧。即 Depreciation=（40,000+25,000）/5=13,000
（2）investment contains Purchase of real estate , installation of specialized kitchen equipment ,and furniture and fittings .so total cash flow of investment= Purchase of real estate+ installation of specialized kitchen equipment+ furniture and fittings+ furniture and fittings.
(3) 由于规模效应的存在，opening a second stand will decrease the cost of purchasing gourmet hot dogs from 75 cents to 60 cents.
considering the synergy, operating costs=0.6*200*7*52+18,400+72,800+22,200+96,000=253,080
(4)tax=income before tax*0.34
Net income=income before tax *（1-0.34）
（5）cash flow from operations= Sales revenues- Operating costs- tax at 34 percent
（6）NPV=?465,000+
153987.21.1
+
173987.21.1+
173987.21.1+
173987.21.1+
173987.21.1=176365>0
So the project should be accepted because its npv would be positive.
范文二：公司理财案例分析
Jimmy’s Hot Dog Stands
根据中所数据,可得出下表:题题题题题题题题题题题题题
Year 1Year 2Year 3Year 4Year 5Investment:
(1)Purchase of real estate
(2)installation of specialized kitchen equipment(3)furniture and fittings
(4) furniture and fittings(20,000)
(5)total cash flow of (20,000)
investment[(1)+(2)+(3)+(4)]
Income:
(6)Sales revenues510,000510,000510,000510,000510,000(7)Operating costs(253,080)(253,080(253,080(253,080(253,080
))))(8)depreciation(13,000)(13,000)(13,000)(13,000)(13,000)(9)income before tax[(6)-(7)-(8)]243,920243,920243,920243,920243,920
(10)tax at 34 percent82932.882932.882932.882932.882932.8(11)net income 160987.2160987.2160987.2160987.2160987.2(12)cash flow from operations[(6)-(7)-(10)]173987.2173987.2173987.2173987.2173987.2
(13)total cash flow of project [(5)+(12)]153987.2173987.2173987.2173987.2173987.2
PV@10%139988143791130719118835108032
NPV 176365
由于此目的题题题NPV题题题题题题题题题题题正,所以做目的投。
注:，1,depreciation 是题installation of specialized kitchen equipment和 furniture and fittings 采用直法提折旧。即题题题题题题题Depreciation=，40,000+25,000,/5=13,000
，2,investment contains Purchase of real estate , installation of specialized kitchen equipment ,and furniture and fittings
.so total cash flow of investment= Purchase of real estate+ installation of specialized kitchen equipment+ furniture and fittings+
furniture and fittings.
(3) 由于模效的存在,题题题题题题题题opening a second stand will decrease the cost of purchasing gourmet hot dogs from 75 cents to 60 cents.
considering the synergy, operating costs=0.6*200*7*52+18,400+72,800+22,200+96,000=253,080
(4)tax=income before tax*0.34
Net income=income before tax *，1-0.34,
，5,cash flow from operations= Sales revenues- Operating costs- tax at 34 percent
，6,NPV=-,+..+..+..+..+..=>46500015398721117398721121739872113173987211417398721151763650
So the project should be accepted because its npv would be positive.
范文三：公司理财案例分析
小案例 Stephenson房地产公司的资产重组
1( 如果罗伯特希望增加公司的总市值，我认为在购买土地的时候公司应该采用负债融资，
因为债务具有税盾作用，有债务时，财务杠杆可以通过税盾增加公司价值。 2( 公司公告购买前的市场价值资产负债表如下:
Stephenson房地产公司
资产负债表
(在公告购买前)
资产 $ 487,500,000 权益 $ 487,500,000 总资产 $ 487,500,000 债务加权益 $ 487,500,000
3( 假定公司公告准备用权益融资
(1) 项目的净现值为:25000000*(1-40%)/12.5%-100000000= 200000000(美元) (2) 公司公告准备用权益为此项目融资后的市场价值资产负债表如下:
Stephenson房地产公司
资产负债表
(在公告用权益作为项目融资时)
资产 $ 487,500,000 权益 $ 507,500,000 项目净现值 $ 20,000,000 (15,000,000股) 总资产 $ 507,500,000 债务加权益 $ 507,500,000
公司股票最新的每股价格为:507500000/15000000=33.83(美元)
公司将需发行的股数为:100000000/33.83=2955665(股)
(3) 公司发行权益后但在进行购买前的市场价值资产负债表如下:
Stephenson房地产公司
资产负债表
(在发行权益后进行购买前)
资产 $ 487,500,000 权益 $ 607,500,000 项目净现值 $ 20,000,000 (17,955,665股) 新股发行的收益 $ 100,000,000 总资产 $ 607,500,000 债务加权益 $ 607,500,000
此时，公司共对外发行了17,955,665股股票，每股价格为:33.83美元 (4) 公司进行此购买后的市场价值资产负债表如下:
Stephenson房地产公司
资产负债表
(在进行购买后)
资产 $ 487,500,000 权益 $ 607,500,000 项目的现值 $ 120,000,000 (17,955,665股) 总资产 $ 607,500,000 债务加权益 $ 607,500,000
4( 假定公司决定用债务作为此项目的融资
(1) 公司的市场价值为:607500000+40%*100000000=647500000(美元) (2) 公司发行债券并购买土地后的市场价值资产负债表如下:
Stephenson房地产公司
资产负债表
(在发行债券并购买土地后)
资产 $ 487,500,000 权益 $ 547,500,000 项目的现值 $ 120,000,000 债务 $ 100,000,000 利息税盾的现值 $ 40,000,000 (15,000,000股) 总资产 $ 647,500,000 债务加权益 $ 647,500,000
此时公司股票的每股价格为:36.5美元
5( 债务融资能最大化公司每股价格，由上题:权益融资每股价格为:33.83美元，而债务
融资每股价格为36.5美元
小案例 electronic timing公司
1( 将出售设计所得资金发放一次特别股利，公司的价值将会降低，股票价格也会下降。 2( 将出售新设计所得资金用于偿还债务，扩大现有生产能力，可能会使公司价值上升，也
可能会使公司价值下降，原因如下:根据资本结构权衡理论，若公司负债超过最优负债
水平，偿还债务可能降低财务困境成本，因为使企业价值上升;若公司未超过最优负债
水平，减少负债后，减少了财务杠杆带来的税盾，使公司价值下降。 3( 皮特曼的看法是正确的。但这是无关的。
4( 公司通常不倾向于发放正常现金股利，或者说，公司一般避免发放正常现金股利。因为，
公司如果定期发放现金股利，若其将来不能够正常发放的话，会造成公司信誉丧失，使
投资者对其失去信心，最终公司股票可能会下跌。
5( 根据公式，只有公司ROE大于股东的期望报酬率时，公司才会选择保留盈余作为留存
收益进行再投资。这取决于权益持有者即股东的预期，如果股东期望报酬率大于ROE，
那么公司会选择发放现金股利，不保留盈余，若否，则反之。
6( 企业是否发放股利取决于公司的组织形式:若为公司制，发放给股东(若股东为公司)
的作为股利，其中的70%可以免征所得税;若为有限责任公司，发给股东的作为所得税，
要根据适用税率缴纳所得税，没有税收优惠。
范文四：公司理财案例分析
百事可乐长春合资经营公司:资本支出分析
组长:张崇洲 0849007 组员:杨璐峰 0849005
王斯奇 0849008
孔东亮 0849032
柳扬 0849039
徐文龙 0849001
罗昱昊 0849002
Corporate Finance Case Analysis
First of all, let’s take a short look at the general framework and structure of this Corporate Finance paper: There are all together 4 section included in the analysis:
Section ?: we briefly discuss the context of the case analysis such as Purpose, Approaches and Rules. Section ?: the analysis will be focused on our first financial instrument NPV to get a temporary conclusion.
ndSection ?: attention is paid to our 2 instrument IRR to justify the conclusion made in the former section. Section ?: we will combine these two approaches and information from the material to make the final decision.
Section ?
Backgrounds
Purpose of the following analysis: To make the financial decision of whether PepsiCo’s investment in Changchun
China is profitable or whether it is able to increase the value of the corporation for its shareholders.
Financial instruments used in the analysis: NPV & IRR
Rules of these instruments: a. If NPV 〉0, then this investment is acceptable.
If NPV = 0, then PepsiCo’s financial manager would be indifferent to it.
If NPV〈 0, then the project can be rejected.
b. If IRR 〉16%(the required return), then this investment is acceptable.
If IRR = 16%, then PepsiCo’s financial manager would be indifferent to it.
If IRR〈 16%, then the project can be rejected.
Section ?
NPV
NPV=Operating cash flow – Change in NWC – Capital spending (After discounting)
To calculate NPV, we need to break down OCF that is not directly provided by the case: OCF=EBIT + Depreciation – Taxes
Therefore, NPV= EBIT + Depreciation – Taxes – Change in NWC – Capital spending (After discounting)
Since factors including EBIT, Depreciation, Change in NWC and Capital spending have been explicitly given in the case, the only thing we need to figure out is Taxes. According to the material, we know that rates of Taxes can be applied to 5 different periods respectively, which will be showed in the Table?.
Period 1995-1996 1997-1998 1999-2000 2001 2002-2006
Tax rate 0 0 7.50% 10.50% 18%
Table?
Thus far we have obtained everything we need in order to calculate the NPV. To make it clear, values of EBIT, Depreciation, Change in NWC, Taxes and Capital spending of different years will be incorporated into one single
table(Table?).
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
EB N/A -1975 -144 2608 1955 3904 4470 5355 8555 10251 12533 15425 18998
DE N/A 896 2069 2838 2843 295 3362 4018 4235 4444 4506 4679 4266
TA N/A 0 0 0 0 293 335 562 1540 1845 2256 2777 3420
CH N/A 732 1558 1538 367 622 684 1317 1258 1491 1543 1645 1725
CA 11698 5778 11086 5581 1325 5375 7838 3426 4823 5003 4445 4523 5820
Table?
We now go back to our previous objective to derive OCF(Operating Cash Flow) through combining EBIT, Depreciation and Taxes, whose values have been showed in Table?. And their relationship with OCF has been
covered previously as OCF=EBIT + Depreciation – Taxes.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
OCF N/A -1079 1925 5446 4798 3906 7497 8811 11250 12850 14783 17327 19844
Table ?
So far we are very close to get NPV as we have already known OCF, Change in NWC and Capital spending. What we’ll do next is to calculate the overall cash flow based the relationship: Total Cash Flow(TF)= OCF – Change in
NWC – Capital spending.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
-11698 -7589 -10719 -1673 3106 -2091 -1025 4068 5169 6356 8795 11159 12299 TF
Table ?
Now we make a stop, and begin to focus on one specific cash flow. It’s the Terminal Value of the project. According to
the case, the financial manager of PepsiCo had predicted the method of evaluating the Terminal Value of the project after 12 years of operation. The formula is:
Terminal Value = [Cash Flow * (1+ growth rate)] / (discounting rate – growth rate)
Necessary data: Cash Flow = 12299 Growth rate = 5% Discounting rate = 16% Based on these three pieces of information, it’s not difficult for us to find the Terminal Value:
Terminal Value = [12299 * (1 + 5%)] / (16% - 5%) = 117400
This step is critically important, because when we are discounting the Total Cash Flow, Terminal Value should be considered. Moreover, one thing we need to care about is that the Growth rate 5% is a conservative estimate according to the case. That means the rate can possibly be much larger than 5%, leading the Terminal Value to be more than 117400. This is also vital for our final analysis of this project ( which will be discussed later on this paper).
Assisted by all the information we hammered out previously, we begin the process of discounting total cash flow.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
D -11698 -6542 -7966 -1072 1715 -996 -421 1439 1577 1671 1994 2181 21849
Table?
Since we have got everything we need for evaluating this project, we now turn our attention back to the ultimate goal of calculating NPV with Excel.
NPV = 3731 (Required return = 16%)
Therefore, we are able to make a temporary conclusion that PepsiCo’s investment in Changchun China is profitable,
and it will increase the value of the corporation for its shareholders. However, let’s repeat one thing again: this
conclusion is temporary, because we need other indicators to justify this conclusion (which will be discussed in the next section).
In the final part of this section, we review the process of how we use different sorts of information in the material to find NPV by which we determine the value of the project:
Table?(Tax rates)?Table?(info)?Table ?(OCF)?Table ?(Cash flow)?Table?(Discounted @16%)?NPV
Section ?
IRR
In order to understand why we use IRR as another financial instrument, we, first of all, remind ourselves of what IRR is and how it can help us determine the value of a certain project:
The IRR is the required return resulting in a 0 NPV, when used as the discount rate. It provides us with a useful and helpful assistance when evaluating an investment, because IRR can effectively serve as a benchmark by which we are able to determine whether a specific required return is financially qualified or detrimental. That means we can find out if a project is going to bring a corporation profits or losses.
Now let’s review the rules of using IRR to make the conclusion in this case.
There are altogether 3 possibilities about IRR which will lead us to find 3 different outcome: A. If IRR 〉16%(the required return), then this investment is acceptable.
B. If IRR = 16%, then PepsiCo’s financial manager would be indifferent to it.
C. If IRR〈 16%, then the project can be rejected.
In Section ?, we have devoted so much efforts to figure out the Total Cash Flow. What we will do next is just to take advantage of the results in Section ?, because we already get the total cash flow that is indispensable for
calculating IRR.
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
D -11698 -6542 -7966 -1072 1715 -996 -421 1439 1577 1671 1994 2181 21849
Table?
There are 2 methods of computing IRR: one is the so-called “error and trial”, and another is simple enough to use
financial calculators or computer programs to do the math. The following result comes from Excel:
IRR = 16.78% (when NPV = 0)
Now we have finished most of our work in this section, because we only need to make a comparison between the IRR(16.78%) and the required turn (16%). The outcome is sharply obvious, fitting into the situation A (IRR 〉16%).
Since the required return is 16% which is less than 16.78%, we are convinced that under such required return, PepsiCo’s investment in Changchun China is profitable, and it will increase the value of the corporation for its shareholders.
Again in the final part of this section, we review the process of calculating the IRR and how we use it to make a financial decision:
Total cash flow ( determined in the previous section) ? Do the math (Excel) ? IRR
Section ?
Combination
We have said at the beginning of the paper that in this section we will combine the two approaches used in Section? and Section ? along with some basic information given in the material to make the final conclusion. Before we make our final decision, let’s make 2 separate conclusions A and B based on NPV & IRR and other important
information, provided by the case, respectively.
Conclusion A (based on NPV & IRR):
We will, first of all, use both NPV and IRR to make the financial decision:
In Section? where we use NPV as a financial instrument to determine the value of the project, we concluded that the investment is profitable.
In Section ? where we use IRR as another instrument, we get the same answer.
Thus, it is justified to make the conclusion that PepsiCo’s investment in Changchun China is profitable, and it will
increase the value of the corporation for its shareholders.
Conclusion B (based on other important information in the material):
The most important information that directly or indirectly leads us to find the conclusion can be characterized by supporting policies, favorable foreign exchange rate and promising long-term advantages, which will be summarized in the following 3 points:
a. In Guilin China PepsiCo could only get 17% of its earnings, though 80% shares were held by it. Thus, the
financial manager should be delighted because there is no such barrier and disadvantage in Changchun China.
That means PepsiCo is able to make greater profits from this city. Moreover, the government provides a series of
tax reduction policies that have been showed in Table?. With these 2 welcoming policies, the financial manager
should be inspired and encouraged about the corporation’s investment in Changchun China.
Period 1995-1996 1997-1998 1999-2000 2001 2002-2006
Tax rate 0 0 7.50% 10.50% 18%
Table?
b. From Table 5 in the given case, we can find that the foreign exchange rate between RMB and Dollar leave
PepsiCo with a considerably great profit margin. As we can see in this table that the inflation rate in the United
States is 3.5%, while it’s 12% in China, which means U.S. dollar is going to strengthen or RMB is depreciating.
Thus, the purchasing power of U.S. dollar will be increasingly strong, and this international financial trend is
beneficial to U.S. corporations and companies, because their cost can be saved due to Dollar’s stronger
purchasing power.
c. At the final page of the given material, we know that profits and dividends are not the primary concern for
PepsiCo’s shareholders. What they really want is to obtain more market shares in China rather than making
profits in the short run. Therefore, although this project may not seem to be greatly profitable even at the end of
the 12-year period, it has already finish the most important task: occupy the market and win its race with
Coca-Cola.
With the theoretical and practical supports from the point a, b and c, we are convinced to say that this project is valuable for the corporation and stands for shareholders’ interest. The financial manager should implement it.
To sum up, Conclusion A and Conclusion B which we have just made are both leading us to a same answer:
PepsiCo’s investment in Changchun China is profitable, and it will increase the value of the corporation for its
shareholders.
范文五：公司理财案例分析
速动比率:均比80-83同期高，且保持在1以上，说明企业资产迅速变现能力强。
流动性比率:也比80-83同期高，虽说大于2.5，可能存在存货过多导致的数值大的可能，但是之前银行已经核实了该企业的主要 问题是生产能力不足，而使得客户不敢向其下大额订单，可以知道不存在存货堆积的问题，并且由企业提供的数据可以知道，该公司将84年1月份到7月份的订单数量以及在此基础上预测的销售数量并以此预测公司的销售利润，较为可信。而且该公司面临的问题是生产能力不足，产品供不应求的状态，因此存货的问题并不严重，不会出现存货过多存货堆积的情况。
负债比率:比80-83同期小，说明企业的债务负担比较轻，面临破产清算的风险较小，对其偿还银行的贷款的能力是一个好的信号。
股东权益比率:比80-83同期大，也是一个好的信号，且由前一项贷款的限制条件可以知道，只要企业遵守不发放股利的这一项约束，可以保证大量的税后利润留在企业用于经营，保障了其对银行贷款的偿还。
operating profit margin=18.27和前四年比，处于近似的水平，且高于前两年的值，说明企业这段时期的经营状况良好，利润还是有保障的。
return on assets=12.98% 略低于前四年的平均值，但和83年仍然差不多，这对企业的资产回报是一个肯定。
return on equity=18.01%
total asset turnover=1.26
fixed asset turnover=2.268
inventory turnover=3.78
这四个指标均低于前四年同期水平，表明企业在周转问题上存在一些不足，但我们认为这并不影响企业总体的偿债能力， days in receivables=8.38高于前四年同期，说明企业在应收账款的回收上作得还是挺成功的。
从相关指标的分析上得出的结果是倾向于银行可以发放这笔贷款给企业。
但是我们再从别的方面综合考虑一下。该企业在前一笔56万的贷款时违背了与银行签署的关于固定资产方面的限制，这对于银行和企业之间的信用关系是一次很大的威胁。同时在84年8月底的时候，银行官员发现了注意到了企业的银行账户余额在提走了32万之后还有多于24万的余额，这在一定程度上证明了该企业并不是真正的缺乏这么多钱，企业要求进一步借贷的目的以及该笔贷款的用途可能比不只是向企业所标明的只是为了扩大生产这么简单。因此，在character 这一方面，银行对于这笔贷款还应该采取更谨慎的态度。
因此，综合考虑分析，我们建议银行可以考虑发放贷款，但是应该再适当地加上一些限制性
条件，例如把上次贷款关于固定资产和资金的限制范围再缩窄一点，同时适当地加上一些若
违反了限制条件而产生的惩罚条例。
