NO.PZ2021091701000003
问题如下：
SOA Company needs to raise 75 million, in local currency, for substantial new
investments next year. Specific details, all in local currency, are as follows:
Investments of 10 million in receivables and 15 million in inventory. Fixed
capital investments of 50 million, including 10 million to replace depreciated
equipment and 40 million of net new investments.
Net income is expected to be 30 million, and dividend payments will be 12 million. Depreciation charges will be 10 million.
Short-term financing from accounts payable of 6 million is expected. The firm
will use receivables as collateral for an 8 million loan. The firm will also issue a
14 million short-term note to a commercial bank.
Any additional external financing needed can be raised from an increase in
long-term bonds. If additional financing is not needed, any excess funds will be
used to repurchase common shares.
What additional financing does SOA require?
选项：
A.SOA will need to issue 19 million of bonds.
SOA will need to issue 26 million of bonds.
SOA can repurchase 2 million of common shares.
解释：
A is correct. SOA must issue 19 million of bonds.
The firm requires 75 million of financing in local currency terms. Given the planned sources (before bond financing or repurchases) total 56 million, SOA
will need to issue 19 million of new bonds.
关于内部融资的计算没有问题，我的问题是：28亿内部融资是通过此次融资75亿以后下一年形成的，而不是独立于75亿募资拟投项目之外的其他项目产生的企业内部收益。
75亿募资应该是在项目初期就全部投入的， 拟投项目自身的28亿收益在75亿募资期初尚未形成，无法作为同一项目的初始投入？我的理解是，如果是独立于本次拟投项目之外的其他项目收益是可以作为内部融资来源的。
