净营运资本管理新增.doc

第七章 净营运资本管理（新增） P329/中文版第16章 3、6． 3．经营周期的变化。说明公司下列行为对经营周期的影响。（略） （解释：可以列出经营周期的计算公式，然后分别考虑） 3. a. I b. I c. D d. N e. D f. N 6．计算周期。考虑以下Zamboni Icers公司的财务报表信息。（略） 6. Inventory turnover = $52,143/{[$9,146 + 11,416]/2} = 5.07178 times Inventory period = 365 days/5.07178 = 71.967 days Receivables turnover = $70,126/{[$4,819 + 5,627]/2} = 13.42638 times Receivables period = 365 days/13.42638 = 27.185 days Operating cycle = 71.967 + 27.185 = 99.15 days Payables turnover = $52,143/{[$8,126 + 8,526]/2} = 6.26267 times Payables period = 365 days/6.26267 = 58.282 days Cash cycle = 99.15 – 58.28 = 40.87 days The firm is receiving cash on average 40.87 days after it pays its bills. P354/中文版第17章 14经济订货量。Trektronics商店每个月的月初存货为1000件移相器。每个月这些存货会用尽并需要再订货。如果每件移相器的持有成本是每年38美元，每次订货成本是600美元，总的持有成本是多少？再订货成本为多少？Trektronics应该增加还是减少它的订货量？请从订货量和订货频率等方面来说明Trektronics的最佳订货政策。 14. Carrying costs = (1,000/2)($38) = $19,000 Restocking costs = 12($600) = $7,200 EOQ = [2(12)(1,000)($600)/$38]1/2 = 615.59 注释： Number of orders per year = 12(1,000)/616 = 19.49 times The firm’s policy is not optimal, since the costs are not equal. The company should decrease the order size and increase the number of orders. 第八章 风险与收益 P236中文版第11章 9、19、35 9．收益和标准差。考虑下面的信息:（略） 经济状况 概率 收益率 股票A B C 繁荣 0.4 0.12 0.15 0.33 萧条 0.6 0.10 0.03 -0.06 9. a. 相同权重的组合收益率 boom: E[Rp] = (.12 + .15 + .33)/3 = .2000 ; bust: E[Rp] = (.10 + .03 (.06)/3 = .02333 E[Rp] = .40(.2000) + .60(.02333) = .0940 b. A\B各占15%、C占70%的组合方差 boom: E[Rp]=.15(.12) +.15(.15) + .7(.33) =.2715 bust: E[Rp] =.15(.10) +.15(.03) + .7((.06) = –.0225 E[Rp] = .40(.2715) + .60((.0225) = .0951 = .40(.2715 – .0951)2 + .60((.0225 – .0951)2 = .02074 收益和风险的比率。（略） 股票Y的β系数为0.9，期望收益率为10.1%，股票Z的β系数为1.4，期望收益率为14.2%， 如果无风险收益率是4%，市场风险溢价为7%，这两只股票的估价是否合理？ E[Ri] = .04 + .07(i Risk to reward ratio: Y: (.101 – .04) / .9 = .0678; Z: (.142 – .04) / 1.4 = .0729 .101 E[RY] = .04 + .07(.9) = .1030 ; Y plots below the SML and is overvalued. .1