题目内容
假定某公司2015年的销售成本为50万元，销售收入为250万元，年初资产总额为150万元，年底资产总额为230万元，则其总资产周转率约为()。
查看答案
搜索结果不匹配？点我反馈
更多问题
Arbore Co is a large listed company with many autonomous departments operating as investment centres. It sets investment limits for each department based on a three-year cycle. Projects selected by departments would have to fall within the investment limits set for each of the three years. All departments would be required to maintain a capital investment monitoring system, and report on their findings annually to Arbore Co’s board of directors.
The Durvo department is considering the following five investment projects with three years of initial investment expenditure, followed by several years of positive cash inflows. The department’s initial investment expenditure limits are $9,000,000, $6,000,000 and $5,000,000 for years one, two and three respectively. None of the projects can be deferred and all projects can be scaled down but not scaled up.
PDur05 project’s annual operating cash flows commence at the end of year four and last for a period of 15 years. The project generates annual sales of 300,000 units at a selling price of $14 per unit and incurs total annual relevant costs of $3,230,000. Although the costs and units sold of the project can be predicted with a fair degree of certainty, there is considerable uncertainty about the unit selling price. The department uses a required rate of return of 11% for its projects, and inflation can be ignored.
The Durvo department’s managing director is of the opinion that all projects which return a positive net present value should be accepted and does not understand the reason(s) why Arbore Co imposes capital rationing on its departments. Furthermore, she is not sure why maintaining a capital investment monitoring system would be beneficial to the company.
Required:
(a) Calculate the net present value of project PDur05. Calculate and comment on what percentage fall in the selling price would need to occur before the net present value falls to zero. (6 marks)
(b) Formulate an appropriate capital rationing model, based on the above investment limits, that maximises the net present value for department Durvo. Finding a solution for the model is not required. (3 marks)
(c) Assume the following output is produced when the capital rationing model in part (b) above is solved:
Required:
Explain the figures produced in each of the three output categories. (5 marks)
(d) Provide a brief response to the managing director’s opinions by:
(i) Explaining why Arbore Co may want to impose capital rationing on its departments; (2 marks)
(ii) Explaining the features of a capital investment monitoring system and discussing the benefits of maintaining such a system. (4 marks)
巴塞尔委员会将银行资产按流动性高低分为四类，下列属于其他可在市场上交易的证券是()。
下列关于操作风险评估说法错误的是()。
关于风险管理的“三道防线”说法错误的是()。
微信支付 
支付宝支付