财务管理学实验-筹资决策综合分析-——博乐教育.doc

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Experiment Report
课程 中级财务管理 实验名称 筹资综合分析(Financing Decision)
Ⅰ 实验目的(Purposes)
熟悉和掌握资本成本（cost of capital）的计算，财务风险(financial risk)分析以及筹资决策(financing decision)的方法。

Ⅱ 实验原理(Principles)
筹资方式的选择是筹资决策的基本内容。决策时要从财务风险(financial risk)、资本成本（cost of capital）、每股收益（EPS）以及有关限制条件等诸多方面进行综合考虑、权衡利弊得失，最后做出决策。本实验涉及偿债能力（solvency）、获利能力(profitability)、资本成本(cost of capital)等相关财务指标的计算和不同筹资方式的优缺点等财务管理知识。

Ⅲ 实验资料（Informations）
2001年8月，南方家具公司管理层研究公司资金筹措(Raising funds)问题，其有关情况如下：

1.基本情况(basic situations)
南方家具公司成立于1990年，经过10年的发展，到2000年资产达到794万元，销售收入达到1620万元，净利润达到74万元。尽管2000年是家具待业的萧条年，但该公司销售收入和净利仍比上行分别增长了8.7%和27.6%。目前，该公司规模偏小，生产线较少，不能在每年向市场推出大量的新产品，因而利润的增长幅度相对降低。公司计划在今后5年中，使销售收入成倍增长。为了达到这一目标，公司必须扩大生产规模，计划新建一家分厂，年投资500万元，2003年投资300万元。这将是同待业中规模最大，现代化程度最高的工厂。此外，需要50万元的资金整修和装备现有的厂房和设备，300万元的流动资金弥补生产规模扩大而引起的流动资金的不足。这三项合计共需资金1150万元。在未来几年中，通过公司内部留用利润和提高流动资金利用效果，可解决350万元资金，但此外的800万元必须从外部筹措。2001年9月2日董事会将正式讨论筹资问题。

2、行业情况(industry situations)
家具业是高度分散的行业，在1000多家家具企业中，销售收入超过1500万元的不到30家。在过去　的几年中，家具行业一直经历着兼并和收购的风险，而且其趋势愈演愈烈。但该行业的发展前景是可观的，经济不景气的时期已经过去，该行业也会随着经济的复苏而发展起来。南方家具公司和同行业三家公司2000年的财务资料如下表如示。(单位：万元)
南方家具公司和同行业三家家具公司财务状况表(financial position)
项目
AA公司
BB公司
CC公司
南方公司
销售收入Sales
3713.2
12929.3
7742.7
1620
净利NP
188.4
1203.2
484.9
74
流动比率current ratio
3.2
7.2
4.3
4.08
流动资本 WC
1160.7
4565.1
2677.8
425
资产负债率（%）Gearing
1.4
2.0
10.4
28.1
流动资本占普通股权益（%）
65.4
64.9
67.3
74.4
销售净利率（%）NP percentage
5.1
9.3
6.3
4.58
股东权益报酬率（%）ROE
10.6
17.1
12.2
13.6
普通股每股收益EPS
0.70
2.00
1.93
1.23
普通股每股股利dividend
0.28
0.80
0.60
0.30
市盈率P/E
16.2
17.8
16.2
9.6

3、南方家具公司财务状况(financial position)
南方家具公司现有长期借款85万元，其中10万元在1年内到期，年利率为5.5%。每年末偿还本金10万元。借款合约规定公司至少要保持225万元的流动资金。南方公司于1996年以每股5元公开发行普通股170000股。目前公司发行在外的普通股共计600000股，其股利政策保持不变，年股利支持率为35%。此外，公司2001年固定资产投资30万元。
公司近几年的资产负债表及损益表如下表所示：
南方家具公司资产负债表(Balance Sheet)
项目
1998年
1999年
2000年
2001年8月31日
资产(Assets)

　现金cash
26
23
24
63
　应收账款A/P
209
237
273
310
　存货inventory
203
227
255
268
　其他流动性资产other
8
10
11
14
　流动资产合计CA
446
497
563
655
　固定资产原值PPE
379
394
409
424
　减：累计折旧A.depreciation
135
155
178
189
　固定资产净值NBV
244
239
231
235
资产总计(total)
690
736
794
890
负债及股东权益(L&OE)
7
7

　应付账款A/P
62
90
102
125
　一年内到期的长期存款borrowing
10
10
10
10
　应付股利dividends

5
　应付税款tax
36
25
26
50
　流动负债合计CL
108
125
138
170
　长期负债NCL
105
95
85
85
　股东权益OE
477
516
571
635
负债及股东权益合计(total)
690
736
794
890

南方家具公司损益表(Income Statement)
项目
1996年
1997年
1998年
1999年
2000年
2001年8月31日
销售净额Sales
1062
1065
1293
1491
1620
1279
销售成本COGS
853
880
1046
1201
1274
968
销售毛利GP
209
185
247
290
346
311
销售及管理费用S&A
111
122
142
160
184
136
利息费用interest
8
7
7
6
5
3
税前利润profit
90
56
98
124
157
172
所得税（50%）Tax
44
27
51
66
83
87
净收益NP
46
44
47
58
74
85
普通股每股收益EPS
0.77
0.73
0.78
0.97
1.23
1.42
每股股利dividend
0.27
0.27
0.27
0.30
0.30
0.27
折旧depreciation

21
22
22

4、南方家具公司预计财务资料
南方家具公司预计息税前利润表(EBIT)
项目
2001年
2002年
2003年
2004年
2005年
销售净额Sales
2080
2500
3100
3700
4200
销售成本COGS
1574
1890
2347
2800
3179
销售毛利 GP
506
610
753
900
1021
销售及管理费用S&A
223
270
335
400
454
息税前利润EBIT
283
340
418
500
567
折旧费depreciation
23
75
100
100
100

5、筹资方式(methods of finance)
公司管理部门最初倾向于发行股票筹资，公司目前股份21.06元，扣除预计5%的发行费用，每股可筹资20元；发行股票400000股，可筹集资金800万元。这种方案必须在董事会讨论决定后于2002年初实施。
但投资银行建议通过借款方式筹资，他们认为借款筹资可以降低资本成本。借款的有关条件为：
（1） 年利率7%，期限10年。
（2） 从2004年末开始还款，每年末偿还本金80万元。
（3） 借款的第一年，公司的流动资金必须保持在借款总额的50%，以后每年递增10%，直到达到未偿还借款的80%。
（4） 股东权益总额至少为600万元。
借款利息在每年末支付。

要求：计算两种筹资方式的资本成本(cost of capital)，计算不同筹资方式对公司财务状况(financial position)的影响，并为该公司做出筹资决策(financing decision)并说明理由。

Ⅳ Process

1. Borrowing costs, stock cost

South CO. 2001－2005 interest （loan financing）
Year
2001
2002
2003
2004
2005
loan at start of period
85.00
75.00
865.00
855.00
765.00
loan
0.00
800.00
0.00
0.00
0.00
payment
10.00
10.00
10.00
90.00
90.00
loan at end of period
75.00
865.00
855.00
765.00
675.00
interest payment
4.68
60.13
59.58
59.03
52.88

South CO. 2001－2005 interest （stock financing）
Year
2001
2002
2003
2004
2005
loan at start of period
85.00
75.00
65.00
55.00
45.00
payment
10.00
10.00
10.00
10.00
10.00
loan at end of period
75.00
65.00
55.00
45.00
35.00
interest payment
4.68
4.13
3.58
3.03
2.48

2001-2005interest payments(loan financing)
interset payment=5.5%*loan at s.o.p+7%*loan

2001-2005interest payments(stock financing)
interset payment=5.5%*loan at s.o.p

2. projected profit-and-loss statement

South CO. 2001－2005 expected profit and loss（loan financing）
Year
2001
2002
2003
2004
2005
Net Sales
2080.00
2500.00
3100.00
3700.00
4200.00
EBIT
283.00
340.00
418.00
500.00
567.00
Interest
4.68
60.13
59.58
59.03
52.88
Profit Before Tax
278.33
279.88
358.43
440.98
514.13
Profit After Tax
139.16
139.94
179.21
220.49
257.06
dividend
48.71
48.98
62.72
77.17
89.97
remaining earning
90.46
90.96
116.49
143.32
167.09
Depreciation
23.00
75.00
100.00
100.00
100.00

South CO. 2001－2005 expected profit and loss（stock financing）
Year
2001
2002
2003
2004
2005
Net Sales
2080.00
2500.00
3100.00
3700.00
4200.00
EBIT
283.00
340.00
418.00
500.00
567.00
Interest
4.68
4.13
3.58
3.03
2.48
Profit Before Tax
278.33
335.88
414.43
496.98
564.53
Profit After Tax
139.16
167.94
207.21
248.49
282.26
dividend
48.71
58.78
72.52
86.97
98.79
remaining earning
90.46
109.16
134.69
161.52
183.47
Depreciation
23.00
75.00
100.00
100.00
100.00

2001-2005 expected profit and loss(loan financing)
BT profit=EBIT-interest payment
AT profit=BT profit*(1-50%)
income tax=50%

2001-2005 expected profit and loss(stock financing)
BT profit=EBIT-interest payment
AT profit=BT profit*(1-50%)
income tax=50%

3. projected balance sheet

South CO. 2001－2005 expected assets and liabilities（loan financing）
Year
2001
2002
2003
2004
2005
current assets
675.64
1167.38
1124.98
1329.41
1549.09
NBV
238.00
663.00
863.00
763.00
663.00
asset
913.64
1830.38
1987.98
2092.41
2212.09
current liabilities
177.19
212.96
264.07
315.19
357.78
longterm liabilities
75.00
865.00
855.00
765.00
675.00
shareholder's equity
661.46
752.42
868.90
1012.22
1179.31
total
913.64
1830.38
1987.98
2092.41
2212.09

South CO. 2001－2005 expected assets and liabilities（stock financing）
Year
2001
2002
2003
2004
2005
current assets
675.64
1185.58
1161.38
1464.01
1780.07
NBV
238.00
663.00
863.00
763.00
663.00
assets
913.64
1848.58
2024.38
2227.01
2443.07
current liabilities
177.19
212.96
264.07
315.19
357.78
longterm liabilities
75.00
65.00
55.00
45.00
35.00
shareholder's equity
661.46
1570.62
1705.30
1866.82
2050.29
total
913.64
1848.58
2024.38
2227.01
2443.07

2001－2005 expected assets and liabilities（loan financing）
stockholder's equity=remainig earning+last year equity
longterm liabilities=loan at s.o.p+loan-payment
current liability=net sales*138/1620
total=current liabilities+shareholeder's equity

2001－2005 expected assets and liabilities（stock financing）
stockholder's equity=remainig earning+last year equity
longterm liabilities=loan at s.o.p-payment
current liability=net sales*138/1620
total=current liabilities+shareholeder's equity

4. related financial index

South CO. 2001－2005 related financial index（loan financing）
Year
2001
2002
2003
2004
2005
current ratio
3.81
5.48
4.26
4.22
4.33
current assets
498.46
954.42
860.90
1014.22
1191.31
gearing
0.28
0.59
0.56
0.52
0.47
current assets of shareholder's equity
0.75
1.27
0.99
1.00
1.01
net operating cash flow
162.16
214.94
279.21
320.49
357.06
debt refunding rate
11.05
3.07
4.01
2.15
2.50
financial leverage
1.02
1.21
1.17
1.13
1.10
net profit margin on sales
6.69%
5.60%
5.78%
5.96%
6.12%
return on equity
22.58%
19.79%
22.11%
23.44%
23.46%
EPS
2.32
2.33
2.99
3.67
4.28
Dividend Per Share
0.81
0.82
1.05
1.29
1.50
liquidity limit

400.00
480.00
504.00
512.00

South CO. 2001－2005 related financial index（stock financing）
Year
2001
2002
2003
2004
2005
current ratio
3.81
5.57
4.40
4.64
4.98
current assets
498.46
972.62
897.30
1148.82
1422.29
gearing
27.60%
15.04%
15.76%
16.17%
16.08%
current assets of shareholder's equity
75.36%
61.93%
52.62%
61.54%
69.37%
net operating cash flow
162.16
242.94
307.21
348.49
382.26
debt refunding rate
11.05
17.20
22.63
26.76
30.64
financial leverage
1.02
1.01
1.01
1.01
1.00
net profit margin on sales
6.69%
6.72%
6.68%
6.72%
6.72%
return on equity
22.58%
15.05%
12.65%
13.91%
14.41%
EPS
2.32
1.68
2.07
2.48
2.82
Dividend Per Share
0.81
0.59
0.73
0.87
0.99

2001－2005 related financial index（loan financing）
liquity ratio=current asset/current liabilities
working capital=current asset-current liabilities
asset-liability ratio=(current+longterm liabilities)/asset
capital assets of shareholder's equity=current assets/shareholder's equiy
net operating cf=Depreciation+AT profit
debt refunding rate=net operating cf/(payment+interest payment)
financial leverage=EBIT/BT profit
net profit margin on sales=BT profit/net sales
return on equity=BT profit/(last year shareholder's equity+shareholder'se
quity)*2
EPS=AT profit/60
Dividend Per Share=dividend/60

2001－2005 related financial index（stock financing）
liquity ratio=current asset/current liabilities
working capital=current asset-current liabilities
asset-liability ratio=(current+longterm liabilities)/asset
capital assets of shareholder's equity=current assets/shareholder's equiy
net operating cf=Depreciation+AT profit
debt refunding rate=net operating cf/(payment+interest payment)
financial leverage=EBIT/BT profit
net profit margin on sales=BT profit/net sales
return on equity=BT profit/(last year shareholder's equity+shareholder's
equity)*2
EPS=AT profit/(60+extra dividends)
Dividend Per Share=dividend/(60+extra dividends)

5. value of market and cost of capital

South CO. 2001－2005 value of market and cost of capital（loan financing）
Year
2001
2002
2003
2004
2005
loan
75.00
865.00
855.00
765.00
675.00
stock market price
23.19
23.32
29.87
36.75
42.84
sotck market value
1391.63
1399.38
1792.13
2700.00
2100.00
the value
1466.63
2264.38
2647.13
3465.00
2775.00
The Proportion of Loans
5.11%
38.20%
32.30%
22.08%
24.32%
The Proportion of Stock
94.89%
61.80%
67.70%
77.92%
75.68%
loaning cost
2.75%
3.44%
3.44%
3.45%
3.46%
stocking cost
4.06%
3.70%
4.72%
4.53%
4.30%
The Cost of Capital
3.99%
3.60%
4.31%
4.29%
4.09%

South CO. 2001－2005 value of market and cost of capital（stock financing）
Year
2001
2002
2003
2004
2005
loan
75.00
65.00
55.00
45.00
35.00
stock market price
23.19
16.79
20.72
24.85
28.23
sotck market value
1391.63
1679.38
2072.13
2484.88
2822.63
the value
1466.63
1744.38
2127.13
2529.88
2857.63
The Proportion of Loans
5.11%
3.73%
2.59%
1.78%
1.22%
The Proportion of Stock
94.89%
96.27%
97.41%
98.22%
98.78%
loaning cost
2.75%
2.75%
2.75%
2.75%
2.75%
stocking cost
4.06%
2.67%
4.55%
4.42%
4.18%
The Cost of Capital
3.99%
2.67%
4.50%
4.39%
4.17%

2001－2005 value of market and cost of capital（loan financing）
market value=stock market price*60
the value=loan+market value
loaning proportion=loan/value
stocking proportion=market value/the value
loaning cost=interest payments/loan*(1-50%)
the value=loan+market value
total cost of capital=loaning proportion*loaning cost+stocking
proportion*stocking cost

2001－2005 value of market and cost of capital（stock financing）
market value=stock market price*60
the value=loan+market value
loaning proportion=loan/value
stocking proportion=market value/the value
loaning cost=interest payments/loan*(1-50%)
the value=loan+market value
total cost of capital=loaning proportion*loaning cost+stocking
proportion*stocking cost

Ⅴ Results
6.value of market and cost of capital

Through the chart that the value of loan financing is higher than stock financing, the cost of capital of loan financing is small lower than stock financing

7. Debt paying ability analysis and risk analysis
(1)Debt ratio is the total assets of enterprise and the amount of total debt ratio; when ratio is smaller, it shows that the enterprise's long-term solvency is stronger. This ratio is bigger, from enterprise owners, use a small amount of their own capital, formed more assets of the production and operation , not only to expand the scale of production and operation, still can use of financial leverage, get more investment profit. But if the ratio is too large, it shows that the enterprise's debt burden, enterprise's financial strength is not strong, solvency of warranty, adverse to the creditor.
(2) Debts and shareholders' equity ratio and say property ratio, is total debt and the ratio between the owner's equity. It reflects the enterprise investor equity to the creditor's equity of the security level. This ratio is lower, the rights and interests of creditors that ensure degree is higher, the smaller of the risks.
(3) The multiple of interest safeguard is to show enterprise interest pre-tax profits and interest expense ratio. The greater the multiple, explain the ability of the enterprise to pay interest expense is stronger.

8. analysis of profitability

9.The loan financing
advantages:
The loan financing is different from common stock financing, compared with the latter, the loan financing has the following advantages:
(1)The loan financing is enterprise's liabilities ,not the the money capital. The creditors usually only priority in the shareholder charging interest and principal right back, not share enterprise surplus profit, no enterprise oper