《4筹资方案决策上.pptVIP

4 筹资方案决策 知识框架： 筹资方式P65 知识框架： 4.1 筹资方式分析 4.1.2 负债资金筹资方式 P73 三、长期借款筹资的优缺点：P73 （3）、发行公司债券 4.1.2 负债资金筹资方式 P77 【提示】注意相关规定在案例中出现。 例如，某股份有限公司是一家上市公司，目前公司总资产是10亿元，资产负债率60%（目前公司债券余额为0）。2011年3月公司召开董事会会议，会议议程主要讨论一个大型项目的融资方案。其中一个方案是发行3亿元的公司债券。要求：分析债券筹资的可行性。 　　『正确答案』债券筹资方案不可行。 　　理由：筹资后累计债券余额3亿元÷净资产4亿元×100%＝75%，超过了40%，不符合发行要求。 债券筹资优缺点 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 　　（1）债券的种类 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 　　（2）债券的偿还方式 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 　【答案】 　　现金占用情况： 　　b＝Δy/Δx＝（1600－1500）/（1700－1500）＝0.5 　　a＝y－bx＝1600－0.5×1700＝750 　　应收账款占用情况： 　　b＝Δy/Δx＝（1100－1000）/（1700－1500）＝0.5 　　a＝y－bx＝1100－0.5×1700＝250 　　存货占用情况： 　　b＝Δy/Δx＝（1100－1000）/（1700－1500）＝0.5 　　a＝y－bx＝1100－0.5×1700＝250 　　固定资产占用