公司金融作業(yè)一

1、江蘇師范高校商學(xué)院課程作業(yè)與試驗(yàn)課程名稱(chēng)：公司金融班 級(jí)：姓 名：學(xué) 號(hào)：開(kāi)頭日期： 年 月 H商學(xué)院公司金融作業(yè)、閱讀與上機(jī)練習(xí)（主導(dǎo)教材：楊麗榮.公司金融學(xué).北京：科學(xué)出版社，第三版）第一章公司金融的基本范疇L企業(yè)主要有哪幾種形式，其中公司制的優(yōu)缺點(diǎn)主要有哪些？.如何定義公司金融？公司金融的目標(biāo)和主要討論內(nèi)容是什么？.公司金融的原那么有哪些?以向銀行貸款為例，試分析如何運(yùn)用這些原那么進(jìn) 行思索和解決問(wèn)題?.簡(jiǎn)要分析公司中股東、管理者和債權(quán)人有什么樣的利益沖突，這些沖突應(yīng) 如何解決？.計(jì)算：稅法環(huán)境對(duì)公司金融的影響？眾望軟件公司總資產(chǎn)規(guī)模100萬(wàn)，全部為自有股份，當(dāng)年息稅前 收益（即未支付利

2、息和所得稅前的收益）為10萬(wàn)，公司所得稅稅率 25%,年末不分紅。計(jì)算：（1）納稅總額；（2）稅后利潤(rùn)和股東收益率（稅后利潤(rùn)/總股本）（3）稅后公司價(jià)值賬面數(shù)（資產(chǎn)總值=負(fù)債價(jià)值+股東價(jià)值）其他條件不變，假如眾望軟件公司總資產(chǎn)規(guī)模100萬(wàn)，其中20 萬(wàn)為負(fù)債資金，年利息率為8%,年末不分紅。計(jì)算：（1）納稅總額；（2）稅后利潤(rùn)和股東收益率（稅后利潤(rùn)/總股本）(3)稅后公司價(jià)值賬面數(shù)(資產(chǎn)總值=負(fù)債價(jià)值+股東價(jià)值)(4)從股東角度計(jì)算負(fù)債的實(shí)際利息率；(5)比擬兩種狀況差異。(6)”從我國(guó)稅收角度,比擬兩種狀況下我國(guó)所得稅收入 的差另外并通過(guò)網(wǎng)絡(luò)搜尋,解釋“資本弱化”名詞。6”.閱讀與分析Ten

3、 Axioms That Form the Foundation of Corporate FinanceAxioms 1: The risk-return trade-off-We wont 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 thi

4、s 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 an

5、d 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

6、 4: Incremental cash flowsIt9s 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 fr

7、om all decisions on an incremental basis.Axioms 5: The curse of competition markets-Why its 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.Axi

8、oms 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 arc the implications of efficient markets tell us? First, the price is ri

9、ght. Second, earning manipulations through accounting methods that do not affect cash flows are nor reflected in the prices.Axioms 7: The agency problem- Managers wont work for the owners unless its in their best interest. The agency problem result from the separation of management and the ownership

10、 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

11、will be after-tax incremental cash flows to the firm as a whole. Taxes also play a role in determining a firms 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 corpora

12、tions 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 projects or an assets risk is very difficult.Axioms 10: Ethical behavior is doing the right

13、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

14、 a business can experience is a loss of the publics confidence in its ethical standards.-Kewon et al. Foundations of Finance” 分析要求：閱讀全文，并從中選擇一個(gè)原那么談?wù)勀愕睦斫狻?.案例分析：萬(wàn)科一中國(guó)A股上市公司最正確公司治理獎(jiǎng)（一）企業(yè)簡(jiǎn)介股票代碼：000002,全稱(chēng)為萬(wàn)科企業(yè)股份，成立于1984年5 月，是目前中國(guó)最大的專(zhuān)業(yè)住宅開(kāi)發(fā)企業(yè)，也是股市里的代表性地產(chǎn)藍(lán)籌 股?？偛吭O(shè)在深圳，至2022年，已在20多個(gè)城市設(shè)立分公司。2022年公 司完成新開(kāi)工面積1248

15、萬(wàn)平方米，實(shí)現(xiàn)銷(xiāo)售面積897.7萬(wàn)平方米，銷(xiāo)售金 額1081. 6億元。營(yíng)業(yè)收入507. 1億元，凈利潤(rùn)72. 8億元。這意味著，萬(wàn) 科領(lǐng)先成為全國(guó)第一個(gè)年銷(xiāo)售額超千億的房地產(chǎn)公司。在企業(yè)領(lǐng)導(dǎo)人王石的帶著下，萬(wàn)科通過(guò)專(zhuān)注于住宅開(kāi)發(fā)行業(yè)，建立起 內(nèi)部完善的制度體系，組建專(zhuān)業(yè)化團(tuán)隊(duì)，樹(shù)立專(zhuān)業(yè)品牌，以所謂“萬(wàn)科化” 的企業(yè)文化（一、簡(jiǎn)潔不簡(jiǎn)單；二、法律規(guī)范不權(quán)謀；三、透亮不黑箱；四、責(zé)任不放任）享譽(yù)業(yè)內(nèi)。（二）公司治理概況秉持做簡(jiǎn)潔而不是簡(jiǎn)單，做透亮而不是封閉，做法律規(guī)范而不是權(quán)謀的理念，根據(jù)公司法證券法等法律、行政法規(guī)、部門(mén)規(guī) 章的要求，萬(wàn)科逐步建立了符合實(shí)際的公司組織制度和法人治理結(jié)構(gòu)。股 東大

16、會(huì)、董事會(huì)、監(jiān)事會(huì)分別按其職責(zé)行使決策權(quán)、執(zhí)行權(quán)和監(jiān)督權(quán)。董 事會(huì)建立了審計(jì)、薪酬與提名、投資與決策三個(gè)專(zhuān)業(yè)委員會(huì)，提高董事會(huì) 運(yùn)作效率。董事會(huì)11名董事中，4名獨(dú)立董事。獨(dú)立董事?lián)?dāng)各個(gè)專(zhuān)業(yè)委 員會(huì)的召集人，樂(lè)觀發(fā)揮作用。遵循“專(zhuān)業(yè)化+法律規(guī)范化+透亮度=萬(wàn)科化”的原那么，依據(jù)企業(yè)實(shí)際經(jīng)營(yíng)特點(diǎn)，根據(jù)權(quán)責(zé)明確、結(jié)構(gòu)合理、權(quán)力與責(zé)任對(duì)等的原那么， 萬(wàn)科系統(tǒng)科學(xué)地設(shè)置了公司內(nèi)部經(jīng)營(yíng)管理機(jī)構(gòu)，建立起了一套符合現(xiàn)代企 業(yè)要求的經(jīng)營(yíng)管理法律規(guī)范和流程，致力形成“陽(yáng)光照亮的體制”。為了 加強(qiáng)內(nèi)部風(fēng)險(xiǎn)掌握，公司建立了系統(tǒng)的內(nèi)部掌握制度，形成了完整的內(nèi)部 掌握體系。公司篤信“陽(yáng)光是最好的解毒劑”，堅(jiān)持準(zhǔn)時(shí)、充

17、分的信息披露，對(duì) 投資者在財(cái)務(wù)、管理、政策等各方面保持透亮。公司一向重視投資者關(guān)系，除了按要求披露外，公司還努力通過(guò)不同的方式加強(qiáng)投資者的 溝通與互動(dòng)。公司實(shí)施以均衡計(jì)分卡為核心的組織績(jī)效管理，分別從公司財(cái)務(wù)、客 戶(hù)、內(nèi)部流程和員工學(xué)習(xí)與進(jìn)展以及可持續(xù)進(jìn)展等多個(gè)維度對(duì)公司進(jìn)展進(jìn) 行評(píng)估。在各個(gè)維度，公司均建立了客觀的組織績(jī)效衡量指標(biāo)?？蛻?hù)滿足 度和員工滿足度數(shù)據(jù)，均來(lái)自獨(dú)立第三方調(diào)查。公司提出“客戶(hù)是萬(wàn)科永 久的伙伴”，在業(yè)內(nèi)領(lǐng)先提出了完整的客戶(hù)理念、聘請(qǐng)獨(dú)立第三方進(jìn)行客 戶(hù)滿足度調(diào)查，以客戶(hù)為導(dǎo)向，為客戶(hù)供應(yīng)高質(zhì)量的產(chǎn)品和服務(wù)。在實(shí)際運(yùn)作中，上述理念和規(guī)章的嚴(yán)格遵循和實(shí)施，為增加公司競(jìng)爭(zhēng) 力

18、供應(yīng)了重要的保障，同時(shí)也為實(shí)現(xiàn)公司的長(zhǎng)期增長(zhǎng)和有效運(yùn)營(yíng)目標(biāo)打下 了堅(jiān)實(shí)的基礎(chǔ)。2005年，萬(wàn)科成為國(guó)內(nèi)第一家完成股權(quán)分置改革的同時(shí)包含A股和B 股的公司，進(jìn)一步理順了股東之間的關(guān)系，使全部股東的利益更趨全都。 分散的股權(quán)結(jié)構(gòu)，第一大股東持股僅16. 3%的實(shí)際狀況，使萬(wàn)科不同股東的 利益能更多得到均衡。為了保持公司在治理水平上的優(yōu)勢(shì)，公司2005年度股東大會(huì)通過(guò)了首 期(06-08年)限制性股票激勵(lì)方案，該激勵(lì)方案建立了股東與職業(yè)經(jīng)理 團(tuán)隊(duì)的利益共享與約束機(jī)制，對(duì)于吸引和保存優(yōu)秀管理人才和核心關(guān)鍵員 工，完善公司中長(zhǎng)期激勵(lì)機(jī)制起到了重要作用。公司的較佳的治理水平得到了投資者認(rèn)可和廣泛贊譽(yù)。公司

19、屢次獲得 國(guó)際權(quán)威機(jī)構(gòu)如英國(guó)投資者關(guān)系(IR)、亞洲貨幣(Aisamoney)、 財(cái)資(The Asset)等評(píng)比的國(guó)內(nèi)最正確公司治理獎(jiǎng)。去年，在由鵬元資 信、證券時(shí)報(bào)和深圳證券信息推出的國(guó)內(nèi)首個(gè)付諸實(shí)際應(yīng)用的公司治理評(píng) 級(jí)體系中，獲得唯一的“AAA ”級(jí)最高評(píng)價(jià)。(三)萬(wàn)科對(duì)社會(huì)責(zé)任的反響2004年初，萬(wàn)科總經(jīng)理郁亮在企業(yè)進(jìn)展的順境中提出了 “3+1”的經(jīng) 營(yíng)管理目標(biāo)一一萬(wàn)科的目標(biāo)是成為最受投資者歡迎、最受客戶(hù)歡迎、最受 員工歡迎和最受社會(huì)敬重的企業(yè)，萬(wàn)科的經(jīng)營(yíng)管理睬圍繞這個(gè)目標(biāo)來(lái)運(yùn)作。 郁亮認(rèn)為，這“三個(gè)最受歡迎、一個(gè)最受敬重”是對(duì)萬(wàn)科愿景“成為中國(guó) 房地產(chǎn)行業(yè)領(lǐng)跑者”的詳細(xì)解釋和最新闡述

20、。把最受社會(huì)敬重列為企業(yè)經(jīng) 營(yíng)管理的目標(biāo)之一，這在國(guó)內(nèi)企業(yè)中是少見(jiàn)的，也是領(lǐng)先的。2022年由世 界權(quán)威的品牌價(jià)值討論機(jī)構(gòu)一一世界品牌價(jià)值試驗(yàn)室舉辦的2022世界品牌 價(jià)值試驗(yàn)室年度大獎(jiǎng)評(píng)比活動(dòng)在京綻開(kāi)，在住宅品牌類(lèi)的評(píng)比工程中，萬(wàn) 科地產(chǎn)憑借優(yōu)異的品牌印象和品牌活力，一舉囊括“2022年度中國(guó)最具競(jìng) 爭(zhēng)力品牌”和“中國(guó)購(gòu)買(mǎi)者滿足度第一品牌”這兩項(xiàng)榮譽(yù)稱(chēng)號(hào)。案例分析要求：(1)萬(wàn)科公司首期(06-08年)限制性股票激勵(lì)方案合約設(shè)計(jì)主 要解決什么代理問(wèn)題？(2)假如合約是不完全的，就是存在剩余掌握權(quán)和剩余收益權(quán)，在萬(wàn)科公 司中，通過(guò)什么機(jī)制保證這些剩余掌握權(quán)不被濫用于為某一利益方謀取私利？(3)

21、號(hào)通過(guò)學(xué)校圖書(shū)館電子資源“中國(guó)學(xué)術(shù)期刊全文數(shù)據(jù)庫(kù)”查找以下文 獻(xiàn)“萬(wàn)科的公司治理溢價(jià)”(李德剛,2007,董事會(huì),4： 58-59),回答什 么是公司治理溢價(jià)?8*.案例與閱讀:Three Kinds of Ownership Structures: Alignment Effect and Control Contestability (Bebchuk, Kraahman & Triantis, 2000)(l)Dispersed Ownership (DO): in which no shareholder owns over 5% shares of the firmThe import

22、ant thing is protecting investors from managerial entrenchment and expropriation. The principal mechanisms that limit the type I agency cost are control contestability from the market for corporate control and the market for professional managers.A well-functioning takeover market subjects firms to

23、a continuous auction process. In principal, firms should therefore be ultimately owned and managed by those who maximize their value (Jensen & Ruback, 1983).(2)Controlled Structure (CS): in which a large block-holder owns a majority of firms sharesSo, there is little room for control contestability. The problem becomes the expropriation of small investors by large controlling shareholders. The principle mechanism that limits this