🌊Yuri🌊 · 2023年05月18日

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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：

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.

这道题NI之前的那些明细都不用看吧？反正计算也不会用到

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2 个答案

王琛_品职助教 · 2023年07月25日

嗨，爱思考的PZer你好：

@信鸽子

应收账款和库存为什么是去向，而不是来源，他们不是内部的来源吗？

关于 receivables 和存货，题干的关键词为 "Investments of 10 million in receivables and 15 million in inventory"，属于资金「去向」，即 75 个 million 中，有 10 个 million 投资在应收， 15 个 million 投资在存货

关于投资在应收，原版书中并没有详细解释，我个人的理解是，这 10 个 million 作为备用资金

因为公司在经营过程中，难免会遇到应收账款，但是这些前收不回来，占用了资金

所以现在留 10 个 million，以备应收账款收不回来时，可以满足日常经营使用

关于投资在存货，可以理解为用 15 个 million 购买存货，以用作日常生产使用

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