注册会计师2016年《财务成本管理》试卷及答案

　　【Answer】

　　(1)Modified average P/E ratio should be used to evaluate the earning per share of Jia Company.

　　The company’s average P/E ratio which can be compared

　　=(10+10.5+12.5+13+14)/5=12

　　The company’s average growth rate which can be compared

　　=(5%+6%+8%+8%+9%)/5=7.2%

　　The modified average P/E ratio=12/(7.2%×100)=1.67

　　The share price of Jia Company= =1.67×7.8%×100×0.5=6.51(Yuan/per share)

　　The followings are the advantages and disadvantages of P/E ratio model

　　Advantages:

　　①The data of P/E ratio can be obtained easily, and only need simple calculation;

　　②The P/E ratio connects the price and earnings, it reacts the relationship between input and output directly.

　　③The P/E ratio covers the risk compensation rate, growth rate, dividend payout ratio, it has high comprehensive characteristics.

　　Disadvantages

　　①If the earning is negative, there is no meaning for P/E ratio.

　　②The P/E ratio is not only affected by enterprise foundation itself but also affected by economic condition. The good economic condition will push the P/E ratio goes up, the adverse economic condition will drag the P/E ratio goes down.

　　(2)The modified price to book ratio method should be used to evaluate the Jia company share price

　　Price to book ratio has the following advantages and disadvantages

　　Advantages:

　　①It can be used in almost all the enterprises.

　　②The book value of net asset data are obtained and understood easily.

　　③The book value of net asset has stable feature comparing with the net interest rate, it is not like revenue which is manipulated very often.

　　④If it has the rational accounting standard and the consistent accounting policy, the change of the price to book ratio can react the change of the enterprise value.

　　Disadvantages:

　　①The accounting policy can influence the book value, if different enterprises have different accounting standard and policy, it will lose the comparability.

　　②For the service industry and high technology industry, they has few fixed assets, thus it exists low relationship between the net assets and the value of enterprise. The price to book ratio has no meaning.

　　③Mostly companies’ net assets are negative amount. The price to book ratio has no meaning and cannot be compared.

　　(3) Modified average price to sales ratio should be adopted to evaluate Company Jia’s share price:

　　Comparable company’s average price to sales ratio

　　=(2+2.4+3+5+6)/5=3.68

　　Comparable company’s average expected net profit margin

　　=(3%+3.2%+3.5%+4%+4.5%)/5

　　=3.64%

　　Modified average price to sales ratio

　　=3.68/(3.64%×100)=1.01

　　Company Jia’s share price

　　=1.01×3.4%×100×2=6.87(Yuan/share)

　　The advantages and disadvantages of price to sales ratio model are as follows:

　　Advantages:

　　① It could not be a negative figure, for those enterprises which are loss-making, or their debts outweighs assets, a meaningful price multiplier could also be calculated;

　　② It is relatively stable, reliable and not easy to be manipulated;

　　③ Price to sales ratio is sensitive to the changes of price policy and company’s strategy, it could reflect the consequences of the changes.

　　Disadvantages:

　　It could not reflect the changes in costs, however, cost is one of the main factors to affect cash flow and value.

　　<1>、

　　【正确答案】 由于2014年满足可持续增长的条件，所以，2014年的预期销售增长率=2013年的可持续增长率=150/(2025-150)×100%=8%

　　<2>、

　　【正确答案】 由于企业满足可持续增长的条件，所以股利的预期增长率也是8%。

　　<3>、

　　【正确答案】 股权资本成本=(350/1000)×(1+8%)/9.45+8%=12%

　　债务成本=135/1350×(1-25%)=7.5%

　　所有者权益=2025(万元)

　　长期负债(金融负债)=1350(万元)

　　所有者权益与长期负债之和=2025+1350=3375(万元)

　　加权平均资本成本=12%×(2025/3375)+7.5%×(1350/3375)=10.2%

　　<1>、

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