问答题

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?

【参考答案】

(1)2010年：
净经营资产净利率=294／2100×100％=14％
税后利息率=36／600×......

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