2015年电大投资分析期末综合指导复习题答案小抄复习

投资分析期末综合指导复习题答案一、单选题1、项目可行性研究作为一个工作阶段，它属于（ A ）。A.投资前期 B.投资期 C.投资后期 D.运营期2、项目市场分析（ C ）A、只在可行性研究中进行 B、只在项目评估中进行C、在可行性研究和项目评估中都要进行 D、仅在设计项目产品方案时进行3、在下列说法中，错误的是（ AB ）A、基本建设项目属于固定资产内涵式扩大再生产B、更新改造项目属于固定资产外延式扩大再生产C、项目的规模一般是按其总投资额或项目的年生产能力来衡量的D、生产性项目主要是指能够形成物质产品生产能力的投资项目4、下列说法中错误的是（ C ）。A、项目市场调查是获得市场分析所需信息资料的手段 B、抽样调查属于非全面调查C、普查方式在市场分析中应用最为广泛 D、项目市场调查要符合准确、完整、时效和节约性原则5、某项目建成投产成可以运行10年，每年可以产生净收益5万元，若折现率为11%，则用7年的净收益就可以将期初投资全部收回。要求项目的期初投资，需要直接用到（ D ）。A、资金回收公式 B、年金终值公式 C、偿债基金公式 D、年金现值公式6、计算项目的财务净现值所采用的折现率为（ B ）A、财务内部收益率 B、基准收益率 C、财务净现值率 D、资本金利润率7、下列说法中正确的是（ B ）A、当 FNPV0时项目可行； B、当FIRRic时项目不可行；C、当Pt0该项目财务上是可行的FNPV（15%）=-1200(P/F,15%,1)-2000(P/F,15%,2)+200(P/F,15%,3)+1600(P/A,15%,5) P/F,15%,3) =-1200*0.8696-2000*0.7561+200*0.6575*3.3522 =-1043.52-1512.2+440.8143= -2114.9057FIRR=12%+2481.9146/(2481.9146-( -2114.9057)*(15%-12%)=0.12+0.5399*0.03= 13.6197%2、某房地产开发公司欲建房出售，根据市场预测，每平方米建筑面积可售1000元，每平方米建筑面积变动成本为500元，该公司年固定成本为80万元。问该公司的年销售量要达到多少才能做到盈亏平衡？，若公司要实现40万元年利润，销售量应达到多少？解：Q1=800000/(1000500)=1600(平方米)若要达到40万年利润,销售量应为:Q2=(F+S)/(PV)=(800000+400000)/(1000500)=2400(平方米)3、一房地产项目建设期为2年，第一年年初投入1500万元，全部是自有资金；第二年年初投入1000万元，全部是银行贷款。固定资产投资包括了固定资产投资方向调节税。固定资产贷款利率为10。该项目可使用20年。从生产期第一年开始，就达到生产能力的100。正常年份生产某产品10000吨，总成本费用1500万元。销售税金为产品销售收入的10。产品销售价格为2500元吨，并且当年生产当年销售，没有库存。流动资金为500万元，在投产期初由银行贷款解决。求：该房地产投资项目的投资利润率、投资利税率和资本金利润率。解：总投资=固定资产投资+固定资产投资方向调节税+建设期利息+流动资金 =1500+1000*（1+10%）+500 =3100万元正常年份利润=年产品销售收入年总成本费用年销售税金 =2500-1500-2500*10% =750万元正常年份利润=年产品销售收入年总成本费用 =25001500 =1000万元因此，投资利润率=正常年份利润/总投资*100% =750/3100*100% =24.19%投资利税率=正常年份利税总额/总投资*100%=1000/3100*100%=32.26% 资本金利润率=正常年份利润总额/资本金*100% =750/1500*100% =50%4、某投资项目第一年初投资1200万元，第二年初投资2000万元，第三年初投资1800，从第三年起连续年每年可获净收入1600万元。若期末残值免忽略不计，基准收益率12%，试计算财务净现值和财务内部收益率，并判断该项目在财务上是否可行。解：现金流量表1234-10支出120025001500收入10001000净现金流量-1200-2500-5001000FNPV（12%）=-1200(P/F,12%,1)-2500(P/F,12%,2)-500(P/F,12%,3)+1000(P/A12%,8) (P/F,12%,3)=-1200*0.893-2500*0.797+500*0.7118+1000*0.7118*4.9676=-1071.6-1992.5-355.9+3535.9376= 115.97360 财务上可行5、某企业用3 万元的优惠价格购进一台设备，在8 年使用期中,该设备每年的净现金流量为1000 元，第8 年末卖出时可得4 万元。若购买设备时借款利率为8，问是否应该购买此设备？画出现金流量图。解：现金流量表01-8净现金流量-300001000FNPV（8%）=-30000+1000(P/A，8%,8) (P/F,8%,1)+40000=-3000+5534.375+40000= 15534.3750,可以购买6、某公司拟建某投资项目总投资2000万元，建设期一年（视为第一年末完成全部投资），据估计，项目在生产期内的年净现金流在两种情况：400万元和500万元，它们发生的概率分别为0.6、0.4；项目生产期为8年、10年、12年的概率分别为0.2、0.5、0.3。按10%折现率计算，试用决策树法计算项目期望净现值及累计概率。解：E（NPV1）=400*0.6=240 E（NPV2）=500*0.4=2002000 (P/F,12%,1)+400(P/A，12%,8) (P/F,12%,1)= 1584.20819548642000 (P/F,12%,1)+400(P/A，12%,10) (P/F,12%,1)=-2000*.8928+400*5.65*0.8928=231.9282000 (P/F,12%,1)+400(P/A，12%,12) (P/F,12%,1)=-2000*0.8928+400*6.1943*0.8928=426.32000 (P/F,12%,1)+500(P/A，12%,8) (P/F,12%,1)= -2000*.8928+500*4.4976*0.8928=221.92000 (P/F,12%,1)+500(P/A，12%,10) (P/F,12%,1)= -2000*.8928+500*5.65*0.8928=736.362000 (P/F,12%,1)+500(P/A，12%,12) (P/F,12%,1)= -2000*0.8928+500*6.1943*0.8928=979.34期望值190.1+69.5784+76.734+17.752+147.272+17.5208=519.2052净现值大于零的累计概率为1，项目风险较小7、某房地产项目财务评估数据如下：正常年份的产量为52万平方米，销售收入为33652万元，可变成本为11151万元，销售税金为1578万元，年固定成本为10894万元。求盈亏平衡的产销量及生产能力利用率、产量安全度。解：BEP=*100%=52.07%盈亏平衡点的产量为52*52.07=27.08万平方米8、第8题与第9题一样。9、已知某种现货金融工具的价格为100元，假设该金融工具的年收益率为10，若购买该金融工具需要融资，融资的利率为12，持有渡现货金融工具的天数为180天，那么在市场均衡的情况下，该金融工具期货的价格为多少？解：C=S（y-r）*t/360 B=S-F在市场均衡的条件下，基差正好等于持有成本，即B= C，于是S（y-r）*t/360=S-F整理得：F =S1+（r - y）*t/360 =100 *1+（12%10%）*180/360 =101元10、某公司发行一种债券，每年支付利息为150元，债券面值为1000元，市场利率为5%，到期年限为10年，该公司债券的发行价格为多少？解：1772.2元11、一张面值为1000元的债券，年利率为5%，到2001年6月20日等值偿还，1995年6月20日的市价为1200元，问其最终收益率为多少？解：12、某工厂设计年产量为50万件产品，每件售价（P）14元，单位产品变动成本（V）为 10元件，固定成本（F）60万元。试求：用产销量（Q）、销售收入（R）、生产能力利用率（S）、产品价格等表示的盈亏平衡点和产销量安全度、价格安全度。（10分）来源：( :/blog.sina /s/blog_5d71fe0a0100dwub.html) - 投资分析期末综合指导复习题答案（三）_名妙_新浪博客RICHMOND After hearing that Washington Redskins tight ends coach Sean McVay had been promoted to offensive coordinator in January, tight end Jordan Reed called McVay to offer his congratulations and ask a question. Reed and McVay grew close last season, and Reed wondered whether McVay would still have time for him.“Can you believe that?” asked McVay, who smiled and shook his head while recalling the conversation Friday during a break from practice. “He actually thought Id be too busy for him. You always make time for guys like him.”Jason Reid is a sports columnist with the Washington Post. He joined the Posts Redskins team in 2007 after 15 years covering many beats at the Los Angeles Times. View ArchiveGoogle+Especially if youre an assistant coach who hopes to remain employed.Coach Jay Gruden has big plans for the young tight end, whose combination of size, speed hes listed at 6 feet 2, 237 pounds and covers the 40-yard dash in 4.7 seconds and route running make him a major matchup problem for defenses. And with deep-threat wide receiver DeSean Jackson often expected to draw double teams, Reed and others in the Redskins receiving corps should benefit from single coverage.No one needs to tell Gruden how to best use Reed. However, if Gruden ever has a question about Reed, he can call on McVay, who knows him better than anyone in the organization. The work they did together last fall could help Reed blast off this year. From the start, they developed a model coach-player relationship. “Hes o bviously a great player, but I really enjoy him as a person, too,” McVay said. “Hes a great guy, so you want to continue to be involved with him.”Generally, head coaches are father figures, disciplinarians. Position coaches are supposed to be like big brothers. The best skillfully walk the line of being a supervisor, teacher and friend. Theyre the ones in whom players usually confide. During three-plus seasons coaching Redskins tight ends, McVay had a good rapport with all players who reported to him. He took pride in working hard and being honest, figuring thats the best way to lead. For that, he earned the players respect.A third-round selection from Florida in the 2013 draft, Reed quickly learned that McVay had his back. Whatever he needed another question answered in the meeting room, extra work after practice or a quick tip on the sideline during games McVay delivered way before Reed ascended to the top of the depth chart.Some assistants attempt to latch onto fast-risers, hoping to advance their careers, and ignore the players at the bottom of the roster, but “Coach McVay always tries to help everybody,” Reed told me recently. “You know if he says something, he means it.”Reed peppered McVay with questions about every aspect of playing tight end in the NFL, his role in the Redskins offense and what he could do to improve. Although Reed began the season as the third-string tight end behind veterans Fred Davis andLogan Paulsen, coaches and players privately raved about the big plays he made in closed practices.It only was a matter of time, many said, before Reed supplanted Davis as the starter. Davis accelerated the process bycontinuing to be a knucklehead you cant repeatedly fall asleep in meetings and then complain about how youre being used and it became clear Reed was too good to remain on the sideline. When it comes to wood preference for their bats, players know what they like and dont like. Some swear by one type of wood. Others use multiple kinds. Their explanations for why maple is better than ash, or yellow birch is better than maple, or whatever their preferences, are rooted in perception, researchers said. In the case of wood, perception isnt reality.PerceptionWhen catcher Jose Lobaton was in Class AAA, someone told him he should use a yellow birch bat because it hardens with each impact. After Lobaton joined the Nationals, fellow catchers Wilson Ramos and Sandy Leon convinced Lobaton to try a maple bat.