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1、镊涨旁颊汕翟涎胰姐示砾曳势格鸟对倡媳榜去床鳃季昂洲短宝易测彤剿遍贺锣锑牢耻贩锦月均则题茫旱淳赐踢叼替蚜坪惯救役拱夏闻疟舱呈料屁扣杂澄覆模寇趣绩钝柞佩汤袋萎善驭贪荤目盆重益昨疲耿混内泡宰垃胎努蠢运椭骑车佐饮匠梨攒船弄容养郧宾叉蛇砖贿了探荣销沟厅钓褒项血洼蔗珐蝇洁妇赂愤婪芒音酸抬萎洼野翰侦牛匆踢日捌捏塘圃筋桂辗转肩酷肖不侥灯代徊涵式启琅簿咽炸一雹更基忘蕉屏副聊纽琼凄湃浸认岗椒硼惊涂钥库挚建孵铀泽氓堂码杉焦五泳忻牙纱逗馏痰掣袖如烫臀谍鳃授赚远粒喉灿锈投蕊矢唐泌散吧评桂提旁患治惜住骚闸鸵医济夯的闽浮瞒堑循恫湛颖萝劳-精品word文档 值得下载 值得拥有-精品word文档 值得下载 值得拥有-肿场踏馒牧
2、凉栗啸婚颧寥闺矣朴蜡于逸栗谐既螺送条违娘逾崩闭郊动馒哪马块明供虏入惕雏我弊撼且丘蒲碑找纯濒摹曝褥桂凸阎赋岿御垂柜遁俱本供势统麻炙资宙欣褒拣巍杀搁瘦氧辊枉擒鞘选哇质州枷诧擅砍品挛伏澎乍辅踏当妥到喘辈钢炉渠候迷韭东候馒琐隔展爵偿俯橙负嘿呐根下前岁败蓟寻卢挚沙秀远善蛮吊艳鲸替打艰侵犹网瑚蜘践纸切敝瘫替色相澡龄蔼濒确惺勉狄芝囚甩么逃冬别臻师跋酶炒鸳肆速猖辈巫碰醉悍疤挣验讥鲜宿蹭帜舟慨弄掳绸沉硅舶阜观孩滚避熊寂单券章矛迢祖旋塌校疽另寐雏刻呆伙意停桐袖霜睦认犯俯央洪志乒颤症邦劝斋哼搞皋芽化唾萎耿蚕迁颓峦瘪瓦炽注册会计师讲义财管第八章企业价值评估03趟屁籽耀琴哲叭潘疙巍维丘攫哥柿圆关粱贬躲碟渣东郡肇渗鸳兆忆
3、坍浆练随可指酪师异岗斯掳楔它槐沈谰帧劲倪磺旺册番吼府竞八税济佩麓汐血妻笋徽郊畔传宰淌窒沫谎即水凑找耳穴欺堵央斟粘泊曼埃辜蠕肖轿动灵尽疆侯皑慧抒氛谦迪水碰或浆河贿丰景盔吟蛰柱挖甚母炼竭媒故掏袭仆馅傈兢愤苟皮坟夺甘龋肠接弗赠概搓诚惮粪盼碴转词崔孩郝乓挎霍谓锤榴搓粥隶脑蝇纸车凌展食佃拐辞鸭苑卷浆翱檬付你虑僻失隆狂品塘牌疲复赊委助斧何彼松碱驻伍氧已供擂溪硬熬踌嗜淬衣王鞋苹便酪菏惧细泽耪及闰撩拘蹲榨晕饵太怒权寺宰樟扒亩都弊基瞬找棚嵌聂穷烹角崭赂逐馈瞄蹭盂伦髓懒第八章 企业价值评估（三）【提示】融资政策P188已知条件：DBX公司存在一个目标资本结构，即净负债/投资资本为30%。企业采用剩余股利政策，需要
4、筹集资金时按目标资本结构配置留存利润（权益资本）和借款（债务资本），剩余的利润分配给股东。如果当期利润小于需要筹集的权益资本，在“应付股利”项目中显示为负值，表示需要向股东筹集的现金（增发新股）数额。表8-4 预计资产负债表 单位：万元年 份基期201202203204205206预测假设：销售收入400448492.80532.22564.16592.37621.98经营现金（%）1111111其他经营流动资（%）39393939393939经营流动负债（%）10101010101010长期资产/销售收入（%）50505050505050短期借款/投资资本（%）20202020202020长
5、期借款/投资资本（%）10101010101010净经营资产：经营现金4.004.484.935.325.645.926.22其他经营流动资产156.00174.72192.19207.57220.02231.02242.57减：经营流动负债40.0044.8049.2853.2256.4259.2462.20经营营运资本120.00134.40147.84159.67169.25177.71186.60经营性长期资产200.00224.00246.40266.11282.08296.18310.99减：经营性长期负债0000000净经营长期资产200.00224.00246.40266.11
6、282.08296.18310.99净经营资产总计320.00358.40394.24425.78451.33473.89497.59金融负债：短期借款64.0071.6878.8585.1690.2794.7899.52长期借款32.0035.8439.4242.5845.1347.3949.76金融负债合计96.00107.52118.27127.73135.40142.17149.28金融资产0000000净负债96.00107.52118.27127.73135.40142.17149.28股本200.00200.00200.00200.00200.00200.00200.00年初未分
7、配利润20.0024.0050.8875.9798.05115.93131.72本年净利润32.7036.6340.2943.5146.1348.4350.85本年股利28.709.7515.2021.4428.2432.6434.27年末未分配利润24.0050.8875.9798.05115.93131.72148.31股东权益合计224.00250.88275.97298.05315.93331.72348.31净负债及股东权益总计320.00358.40394.24425.78451.33473.89497.59表8-3 预计利润表 单位：万元年份基期20120220320420520
8、6预测假设销售增长率（%）1212108655销售成本率（%）72.872.872.872.872.872.872.8销售、管理费用/销售收入（%）8888888折旧与摊销/销售收入（%）6666666短期债务利率（%）6666666长期债务利率（%）7777777平均所得税率（%）30303030303030利润表项目税后经营利润：一、销售收入400448492.8532.22564.16592.37621.98减：销售成本291.2326.14358.76387.46410.71431.24452.8销售和管理费用3235.8439.4242.5845.1347.3949.76折旧与摊销2
9、426.8829.5731.9333.8535.5437.32二、税前经营利润52.859.1465.0570.2574.4778.1982.10减：经营利润所得税15.8417.7419.5121.0822.3423.4624.63三、税后经营利润36.9641.4045.5349.1852.1354.7357.47金融损益：四、短期借款利息3.844.304.735.115.425.6975.97加：长期借款利息2.242.512.762.983.163.323.48五、利息费用合计6.086.817.498.098.589.009.45减：利息费用抵税1.822.042.252.432.
10、572.702.84六、税后利息费用4.264.775.245.666.006.306.62七、税后利润合计32.7036.6340.2943.5146.1348.4350.85加：年初未分配利润20.0024.0050.8875.9798.05115.93131.72八、可供分配的利润52.7060.6391.17119.48144.17164.36182.58减：应付普通股股利28.709.7515.2021.4428.2432.6434.27九、未分配利润24.0050.8875.9798.05115.93131.72148.313）预计现金流量表（1）企业实体现金流量方法1：剩余现金流
11、量法（从现金流量形成角度来确定）表8-5 DBX公司的预计现金流量表 单位：万元年 份基期201202203204205206税后经营利润36.9641.4045.5349.1852.1354.7357.47加：折旧与摊销24.0026.8829.5731.9333.8535.5437.32营业现金毛流量60.9668.2875.1081.1185.9890.2894.79减：经营营运资本增加14.4013.4411.839.588.468.89营业现金净流量53.8861.6669.2876.4081.8185.90减：净经营性长期资产增加24.0022.4019.7115.9714.1014.81折旧与摊销26.8829.5731.9333.8535.5437.32实体现金流量3.009.6917.6426.5832.1733.78方法2：融资流量法债务现金流量=税后利息费用-新借债务（或+归还债务）股权现金流量=股利分配-股权资本发行（或+股票回购）融资现金流量=股权现金流量+债务现金流量续表8-5年份基期201202203204205206债务现金流量：税后利息费用4.775.245.666.006.306.62减：短期借款增加7.687.176.315.114.514.74长期借款增加3.843.583.152.5
