参考答案

(1)净经营资产销售百分比=1/4+1/2=75%2010年净经营资产=1000×75%=750(万元)2010年税后经营利润=750×20%=150(万元)2010年税后利息费用=(750/2)×6%=22.5(万元)2010年净利润=150-22.5=127.5(万元)2011年股权现金流量=127.5×(1+10%)-375×10%=102.75(万元)2012年股权现金流量=127.5×(1+10%)×(1+8%)-375×(1+10%)×8%=118.47(万元)2013年股权现金流量=127.5×(1+10%)×(1+8%)×(1+5%)-375×(1+10%)×(1+8%)×5%=136.76(万元)
(2)预测期现金流量现值=102.75×(P/F, 12%,1)+118.47×(P/F, 12%,2)=91.75+94.44=186.19(万元)后续期现金流量终值=136.76/(12%-5%)=1953.71(万元)后续期现金流量现值=1953.71×(P/F,12%,2)=1557.50(万元)股权价值=186.19+1557.50=1743.69(万元)English answers:
(1) Net operating assets to sales ratio=1/4+1/2=75%Net operating assets in 2010=1000×75%=750(万元)Operating profit after tax in2010=750×20%=150(万元)Interest expenses after tax in 2010=(750/2)×6%=22.5(万元)Net profit in 2010=150-22.5=127.5(万元)Cash flow of shares in 2011=127.5×(1+10%)-375×10%=102.75(万元)Cash flow of shares in 2012=127.5×(1+10%)×(1+826)-375×(1+10%)×8%=118.47(万元)Cash flow of shares in 2013=127.5×(1+10%)×(1+8%)×(1+5%)-375×(1+10%)×(1+8%)×5%=136.76(万元)
(2) The present value of cash flow in the expected period=102.75×(P/F, 12%,1)+118.47×(P/F, 12%,2)=91.75+94.44=186.19(万元)The final value of cash flow in the subsequent period=136.76/(12%-5%)=1953.71(万元)The present value of cash flow in the subsequent period=1953.71×(P/F,12%,2)=1557.50(万元)The value of shares=186.19+1557.50=1743.69(万元)