问答题
B公司上年财务报表主要数据如下:
单位:万元
收入
2000
税后利润
200
股利
120
收益留存
80
年末负债
1800
年末股东权益
1200
年末总资产
3000
要求回答下列互不相关的问题:
(1)假设该公司今年计划销售增长率是10%,其他财务比率不变,销售不受市场限制,销售净利率涵盖了增加负债的利息,并且公司不打算发行新的股份或回购股票。计算收益留存率达到多少时可以满足销售增长所需资金。
(2)如果计划销售增长率为15%,不变的销售净利率可以涵盖增加负债的利息,销售不受市场限制,并且不打算改变当前的资本结构、收益留存率和经营效率。计算应向外部筹集多少权益资金。
【参考答案】
(1)因为销售净利率不变,所以:
净利润增长率=销售增长率=10%
今年净利润=200×(1+10%......
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A公司是一家生产企业,其财务分析采用改进的管理用财务报表分析体系,该公司2010年、2011年改进的管理用财务报表相关历史数据如下: 单位:万元 金额 项目 2011年 2010年 资产负债表项目(年末) 净负债 900 600 股东权益 2400 1500 续表 金额 项目 2011年 2010年 净经营资产 3300 2100 利润表项目(年度) 销售收入 6000 4800 税后经营净利润 495 294 减:税后利息费用 45 36 净利润 450 258 要求: (1)假设A公司上述资产负债表的年末金额可以代表全年平均水平,请分别计算A公司2010年、2011年的净经营资产净利率、经营差异率、杠杆贡献率和权益净利率。 (2)利用因素分析法,按照净经营资产净利率差异、税后利息率差异和净财务杠杆差异的顺序,定量分析2011年权益净利率各驱动因素相比上年权益净利率变动的影响程度(以百分数表示)。 (3)A公司2012年的目标权益净利率为30%。假设该公司2012年保持2011年的资本结构和税后利息率不变,净经营资产周转次数可以提高到2.5次,税后经营净利率至少应达到多少才能实现权益净利率目标?
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单项选择题
A German law requiring social media companies like Facebook and Twitter to quickly remove hate speech from their sites is set to be revised following criticism that too much online content is being blocked,according to officials The law.Which came into full force on Jan.I,is the most ambitious effort by a western democracy to control what appears on social media.It aims to ensure Germanys tough prohibitions against hate speech,including pro-Nazi ideology,are enforced online by requiring sites to remove banned content within 24 hours or face fines of up to 50 million euros($62 million).The law,called NetzDG for short,is an international test case and how it plays out is being closely watched by other countries considering similar measures German politicians forming a new government told Reuters they want to add an amendment to help web users get incorrectly deleted material restored online.The lawmakers are also pushing for social media firms to set up an independent body to review and respond to reports of offensive content from the public,rather than the individual companies doing that themselves.Such a system,similar to how video games are policed in germany,could allow a more considered approach to complex decisions aboutwhether to block content,legal experts say The proposed changes follow widespread criticism from opponents of the law,including free speech campaigners and the Association of German Journalists,who say the threat of hefty fines is prompting internet firms to err on the side of caution and block more content than is necessary.They point to several high-profile cases,including when a satirical magazine's Twitter account was blocked after it parodied anti-Muslim comments Facebook,which says it has 1,200 people in Germany working on reviewing posts out of 14,000 globally responsible for moderating content and account security,said it was not pursuing a strategy to delete more than necessary . People think deleting illegal content is easy but it's not, said Richard Allan,Facebooks vice president for EMEA public policy. Facebook reviews every NetzDG report carefully and with legal expertise,where appropriate.When our legal experts advise us,we follow their assessment so we can meet our obligations under the law,Twitter declined to comment on how it is implementing the law,while Google's You Tube said it would continue to invest heavily in staff and technology to comply with NetzDG Among other countries considering similar measures,France is looking at rules to block fake news Britain is seeking to stop online harassment of politicians and Japan is looking to restrict suicidal posts after a suspected serial killer found his victims by trawling TwitterIt can be inferred from the 4th paragraph that the proposed changes
A.causedthecriticismfromopponentsofthelegislationsandGermanjournalists
B.stimulatedtheoppositionoffreespeechcampaignersandGermanjournalists
C.originatedfromthethreatofheftyfinesnegativelyinfluencinginternetfirms
D.camefromtheblockedcontentonasatiricalmagazine'sTwitteraccount
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