答案

模塊一財(cái)務(wù)比率綜合分析

1.短期償債能力2017年2018年2019年

營運(yùn)資本3620750062.005673435063.007648037056.00

流動(dòng)比率1.351.471.57

速動(dòng)比率0.971.151.28

現(xiàn)金比率0.951.141.26

現(xiàn)金流量比率0.210.330.30

2.長期償債能力

資產(chǎn)負(fù)債率0.430.450.47

產(chǎn)權(quán)比率0.740.820.87

權(quán)益乘數(shù)1.741.821.87

利息保障倍數(shù)200.65174.61201.20

現(xiàn)金流量利息保障倍數(shù)210.91291.23294.87

現(xiàn)金流量債務(wù)比0.170.260.23

3.營運(yùn)能力

應(yīng)收賬款周轉(zhuǎn)率152.68143.26

存貨周轉(zhuǎn)率10.549.59

流動(dòng)資產(chǎn)周轉(zhuǎn)率1.671.44

非流動(dòng)資產(chǎn)周轉(zhuǎn)率1.601.72

總資產(chǎn)周轉(zhuǎn)率0.820.78

4.盈利能力分析

營業(yè)凈利率0.050.060.07

資產(chǎn)利潤率0.050.05

權(quán)益凈利率0.090.10

5.增長能力分析

資產(chǎn)增長率0.100.09

凈資產(chǎn)增長率0.050.07

銷售收入增長率0.010.05

凈利潤增長率0.130.24

模塊二、杜邦財(cái)務(wù)分析

燕京啤酒青島啤酒

2017年2018年2019年2017年2018年2019年

營業(yè)凈利率20.60%1.98%2.30%5.26%5.87%6.89%

總資產(chǎn)周轉(zhuǎn)率64.59%63.98%81.71%78.40%

總資產(chǎn)凈利率1.28%1.47%4.80%5.40%

資產(chǎn)負(fù)債率11.17%22.24%23.93%42.62%45.15%46.63%

權(quán)益乘數(shù)1.131.291.311.741.821.87

凈資產(chǎn)收益率4.33%1.63%8.56%9.99%

模塊三、本量利分析

實(shí)訓(xùn)五本量利分析——保本點(diǎn)、成本結(jié)構(gòu)與產(chǎn)品定價(jià)

本案例屬于單品種保本或盈利情況的本量利分析，具體分析如下。

(1)可行性分析(試用本量利分析常印冰淇淋廠是否應(yīng)開業(yè))：

①成本資料：

單位變動(dòng)成本：

材料：214元

其中：淀粉100

白砂糖30

奶粉56

食用香精2

包裝紙棍25

水費(fèi)1

生產(chǎn)工人工資(計(jì)件)28

變動(dòng)性制造費(fèi)用26

其中：水費(fèi)2

電養(yǎng)15

煤炭費(fèi)5

氨4

單位變動(dòng)成本合計(jì)268元

固定成本：

固定性制造費(fèi)用：129000元

其中:生產(chǎn)管理人員工資36000(2x1500xl2)

技術(shù)人員工資24000(2000x12)

設(shè)備租金45000

車間倉庫相金24000(2000x12)

其他固定性費(fèi)用：12000

衛(wèi)生費(fèi)、稅金12000(1000x12)

固定成本合計(jì)：141000元

②單價(jià)：350元(0.35x1000)

③年銷售量：

日生產(chǎn)能力1000x12=12000支＜需求量

所以每天盡最大生產(chǎn)能力仍供不應(yīng)求，

全年最高銷量可達(dá)12000x300=3600000支，年銷售量相當(dāng)于3600鍋(12x300)

保本量=固定成本/(單價(jià)一單位變動(dòng)成本)=141000/(350-268)=1720鍋

年銷傕量3600＞保本量1720,而且遠(yuǎn)遠(yuǎn)大于保本量，所以該冰淇淋廠可以開業(yè)。

安全邊際率=(3600-1720)/3600=52.2%

實(shí)訓(xùn)六本量利分析一一兩種成本法下的利潤表編制

(1)變動(dòng)成本法損益表單位：元

-年第二年第三年合計(jì)

營業(yè)收入20000020C000200000600000

變動(dòng)成本900009C00090000270000

邊際貢獻(xiàn)11000011C000110000330000

固定成本：

固定性制造權(quán)用200002C0002000060000

固定管理費(fèi)用和銷售費(fèi)500005C00050000150000

用

小計(jì)700007C00070000210000

營業(yè)利潤400004C00040000120000

完全成本法損益表單位:

第一年第二年第三年合計(jì)

營業(yè)收入2000002000002onono6G0000

營業(yè)成本：

期初存貨成本0021333

當(dāng)期產(chǎn)品成本：11000012800092000330000

可供銷售產(chǎn)品成本110000128000113333

期末存貨成本0213330

銷售成本110000106667113333330000

毛利900009333386667270000

管理費(fèi)用和銷售費(fèi)用500005000050000150000

營業(yè)利潤400004333336667120000

（2）由上面的計(jì)算結(jié)果可以看到：

當(dāng)產(chǎn)量等于銷量，且無期初存貨時(shí)，兩種成本計(jì)算方法下計(jì)算的利潤完全相同；

當(dāng)產(chǎn)量大于銷量，且無期初存貨時(shí)，按變動(dòng)成本法計(jì)算的利潤小于按完全成本法計(jì)算的利潤；

當(dāng)產(chǎn)量小于銷量，按變動(dòng)成本法計(jì)算的利潤大于按完全成本法計(jì)算的利潤；

模塊五證券價(jià)值評(píng)估

實(shí)訓(xùn)一貨幣時(shí)間價(jià)值的衡量

實(shí)訓(xùn)1』個(gè)人儲(chǔ)蓄業(yè)務(wù)

1.查找現(xiàn)行人民幣存款基準(zhǔn)利率，如表5.5所示。

表5-5金融丸構(gòu)人民幣存款基準(zhǔn)利率

AB

1項(xiàng)目年利率（%）

2一、活期存款0.30

3二、定期存款

41.整存整取

53個(gè)月1.35

66個(gè)月1.55

71年1.75

82年2.25

93年2.75

105年2.75

112.零存整取、整存零取、存本取息

121年1.35

3年

131.55

145年

1.55

按一年以內(nèi)定期整存整取

153.定活兩便

同檔次利率打6折

16三、通知存款

天

1710.55

7天

181.10

注：若上述利率有調(diào)整，以銀行公布的實(shí)際利率為標(biāo)準(zhǔn)。

2.略

3.(1)

表5-6整存整取個(gè)人儲(chǔ)蓄業(yè)務(wù)計(jì)算表

DEFGHIM

1單利計(jì)息復(fù)利計(jì)息

存款期限

本金期限利率

種類

2本利和利息本利和

33個(gè)月800000.251.35%8027027080270.0)

46個(gè)月800000.51.55%8062062080620.00

51年8000011.75%81400140081400.0)

62年8000022.25%83600360083640.50

73年8000032.75%86600660086783.16

85年8000052.75%910001100091621.87

在Excel中繪制單利與復(fù)利計(jì)息下不同期限的本利和折線圖如圖5-1所示。

94000

92000

(90000

姻

88000

汰——單利

)86000

=84000*復(fù)利

￡

_82000

長80000

長78000

76000

74000

3個(gè)月6個(gè)月1年2年3年5年

存款期限

圖5-1單利與復(fù)利計(jì)息下不同期限的本利和

（2）采用中國建設(shè)銀行理財(cái)計(jì)算器計(jì)算3年期單利計(jì)息存款結(jié)果如圖5-2所示，其他期限計(jì)算與此相同。

方個(gè)人存款計(jì)算器（僅供參考）

計(jì)算結(jié)果（計(jì)算給"等于實(shí)一果，投資需函S）

存掰慮6600元

本息合計(jì)86600元

(3)表5-71年期、到期轉(zhuǎn)存儲(chǔ)蓄業(yè)務(wù)計(jì)算表

ABC

1本金8000()

2利率1.75%

3轉(zhuǎn)存期5.00

4本利和87249.33=FV(B2,B3?-B1)

4.表5-8零存整取睹蓄業(yè)務(wù)計(jì)算表——單利計(jì)息

ABC

1零存金額500

2存期（年）3

3存期（月）36

4年利率1.55%

5到期利息合計(jì)430.13=R1*R4/12*(R3*(B3+1))/2

6本利和18430.13=B1*B3+B5

表5-9零存整取儲(chǔ)蓄業(yè)務(wù)計(jì)算表——復(fù)利計(jì)息

DEF

1（1）復(fù)利計(jì)息下本利和的計(jì)算

2零存金額500

3存期（年）3

4存期（月）36

5年利率1.55%

6月利率0.13%

7本利和18,436.68=FV(E5/12,E4,-E2?1)

8到期利息合計(jì)436.68=E7-E2*E4

9（2）到期擬取出本利和20000元時(shí)的零存金額

10擬到期的本利和20000

11每月零存金額542.40=PMT(E6,E4?-E10,l)

12（3）到期擬取出本利和20000元時(shí)的存款期

13擬到期的本利和20000

14存款月數(shù)38.98=NPER(E6.-E2,.EI3,I)

實(shí)訓(xùn)L2個(gè)人住房貸款業(yè)務(wù)

1.現(xiàn)行人民幣貸款基準(zhǔn)利率如表5-10所示。

表5-10_______________金融磯構(gòu)人■幣貸款基準(zhǔn)利率__________________________________________

AB

1項(xiàng)目年利率（％）

2一、短期貸款

3一年以內(nèi)（含一年）4.35

4二、中長期貸款

5一至五年（含五年）4.75

6五年以上4.90

7三、個(gè)人住房公積金貸款

8五年以下（含五年）2.75

9五年以上3.25

2.略

3.利用Excel電子表格計(jì)算等額本息法和等額本金法兩種還款方式下，每月的還款額、應(yīng)還本金、應(yīng)還利

息以及貸款余額如下。

DEFGIIIJ

1公積金貸款利率3.25%財(cái)務(wù)函數(shù)應(yīng)用

2還款期月還款額應(yīng)還本金應(yīng)還利息貸款余額PMTPPMTIPMT

301200000.00

416.806.353,556.353,250.001,196,443.65

526,806.353,565.983,240.371,192.877.67

636.806.353.575.643.230.711,189.302.03

746.806.353.585.323,221.031,185.716.71

856.806.353,595.033,211.321,182.121.68

966.806.353,604.773,201.581,178.516.91

1076.806.353.614.533.191.821,174.902.37

II86.806.353.624.323J82.031.171,278.05

1296.806.353,634.143,172.211,167.643.91

13106,806.353,643.983,162.371,163.999.93

14116.806.353.653.853.152.501,160,346.08

15126.806353.663.753J42.601,156.682.34

16136,806.353,673.673,132.681,153.008.67

17146,806.353,683.623,122.731,149.325.05

18156.806.353,693.593,112.761,145.631.46

19166.806353.703.603J02.751,141,927.86

20176,806.353,713.633,092.721,138.214.23

21186,806.353,723.693,082.661,134.490.55

22196.806.353,733.773,072.581,130.756.78

23206.806.353,743.883,062.471,127,012.90

24216.806.353,754.023,052.331,123.258.87

25226,806.353,764.193,042.161,119.494.68

26236.806.353,774.383.031.961,115.720.30

27246.806.353,784.613,021.74IJI1.935.69

28256.806.353,794.863,011.491,108.140.84

29266.806.353,805.133,001.211,104.335.70

30276.806.353,815.442,990.911,100,520.26

31286.806.353.825.772,980.581.096.694.49

32296.806.353,836.132,970.21L092.858.35

33306,806.353,846.522,959.821,089.011.83

34316.806.353.856.942.949.411,085.154.89

35326.806.353.867.392,938.961.081.287.50

36336.806.353,877.862,928.491.077.409.64

37346,806.353,888362,917.981,073.521.27

38356.806.353.898.902.907.451,069.622.38

39366.806.353.909.462.896.891.065.712.92

40376.806.353,920.042,886.311.061.792.88

41386,806.353,930.662,875.691,057.862.22

42396.806.353,941.312,865.041,053.920.91

43406.806353,951.982,854.371.049.968.93

44416,806.353,962.682,843.671.046.006.25

45426,806.353,973.422,832.931,042.032.83

46436.806.353.984.182.822.171.038.048.66

47446.806.353,994.972,811.381,034.053.69

48456.806.354.005.792.800.561,030.047.90

49466.806.354.016.642.789.711,026.031.27

50476.806.354,027.512,778.831,022.003.75

51486,806.354,038.422,767.931,017.965.33

52496.806.354.049.362.756.991,013.915.97

53506.806.354.060.332,746.021.009.855.64

54516.806.354,071.322,735.031.005.784.32

55526.806.354,082.352,724.001,0()1.701.97

56536.806.354.093.412.712.94997,608.56

57546.806.354.104.492.701.86993,504.07

58556.806.354.115.612,690.74989.388.46

59566,806.354,126.762,679.59985,261.71

60576.806.354,137.932.668.42981,123.77

61586.806354.149.142.657.21976,974.64

62596,806.354,160.382,645.97972,814.26

63606,806.354,)71.642,634.71968,642.616,806.354,171.642,634.71

64616.806.354,182.942.623.41964,459.67

65626.806354J94.272,612.08960,265.40

66636,806.354,205.632,600.72956.059.77

67646,806.354,217.022,589.33951,842.75

68656.806.354.228.442.577.91947,614.31

69666.806.354.239.892.566.46943,374.42

70676.806.354,251.382,554.97939,：23.04

71686,806.354,262.892,543.46934,860.15

72696.806.354.274.442.531.91930,585.71

73706.806.354.286.012.520.34926,299.70

74716.806.354,297.622,508.73922,002.08

75726.806.354,309.262,497.09917,692.826,806.354,309.262,497.09

76736.806.354,320.932.485.42913,371.89

77746.806.354332.632,473.72909,039.25

78756.806.354,344.372,461.98904.694.89

79766,806.354,356.132,450.22900,338.75

80776.806.354.367.932.438.42895,970.82

81786.806.354.379.762.426.59891.591.06

82796.806.354391.622,414.73887,199.44

83806,806.354,403.522,402.83882,795.92

84816.806.354,415.442.390.91878,380.47

85826.806.354.427.402.378.95873,953.07

86836.806.354,439.392366.96869.513.68

87846,806.354,451.422,354.93865,062.266,806.354,451.422,354.93

88856.806.354,463.472.342.88860,598.79

89866.806354,475.562,330.79856,123.23

90876,806.354,487.682,318.67851.635.55

91886,806.354,499.842,306.51847,135.71

92896.806.354.512.022.294.33842.623.69

93906.806.354,524.242,282.11838,099.45

94916.806.354.536.502.269.85833,562.95

95926.806.354.548.782.257.57829,014.17

96936.806.354,561.102,245.25824,453.06

97946,806.354,573.462,232.89819,879.61

98956.806.354,585.842.220.51815,293.77

99966.806.354,598.262.208.09810.695.506.806354.598.262.208.09

100976.806.354,610.722,195.63806.084.79

101986.806.354,623.202,183.15801,461.59

102996.806.354.635.722.170.63796,825.86

1031006.806.354.648.282J58.07792,：77.58

1041016.806.354,660.872,145.48787,516.71

1051026,806.354,673.492,132.86782,843.22

1061036.806.354.686.152,120.20778,：57.07

1071046.806354.698.842.107.51773.458.23

1081056,806.354,711.572,094.78768J46.67

1091066,806.354,724.332,082.02764,022.34

1101076.806.354,737.122,069.23759,285.22

III1086.806354,749.952,056.40754.535.276.806.354.749.952.056.40

1121096,806.354,762.822,043.53749,772.45

113IIO6,806.354,775.722,030.63744,996.74

114ill6.806.354.788.652.017.70740,208.09

1151126.806.354.801.621004.73735,406.47

1161136.806.354,814.621,991.73730,591.84

1171146,806.354,827.661,978.69725,764.18

1181156.806.354,840.741.965.61720,923.44

1191166.806.354.853.851.952.50716.069.60

1201176.806.354,866.991,939.36711,202.60

1211186.806.354,880.181,926.17706,322.43

1221196.806.354,893.391.912.96701,429.03

1231206.806.354.906.651.899,70696.522.396.806.354.906.651.899.70

1241216.806.354,919.931,886.41691.602.45

1251226,806.354,933.261,873.09686,669.19

1261236.806.354.946.621.859.73681122.57

1271246.806.354.960.021.846.33676,762.56

1281256.806.354,973.45L832.90671J89.11

1291266,806.354,986.921,819.43666,802.19

1301276.806.355.000.431.805.92661,801.76

1311286.806.355.013.971.792.38656,787.79

1321296.806.355,027.551,778.80651,760.24

1331306,806.355,041.171,765.18646J19.08

1341316.806.355.054.821.751.53641,664.26

1351326.806355.068.511,737.84636.595.75

1361336,806.355,082.241,724.11631,513.51

1371346,806.355,096.001,710.35626,417.51

1381356.806.355.109.80L696.55621307.71

1391366.806.355,123.641.682.71616,：84.07

1401376.806.355.137,521.668.836