2010注会《财务成本管理》冲刺实验模拟试题(2)

　　Solution

　　(1)

　　(2) The weighted average number of common shares outstanding in 2009=800+100×8/12-80×4/12=840ten thousand shares

　　Earnings per share=(Net income-Preferred dividends)/Weighted average number of common shares outstanding

　　=(110-10×5)/840

　　=0.07Yuan

　　P/E ratio=Market value per share/Earnings per share=20/0.07=285.71

　　P/E ratio indicates the amount that common shareholders willing to pay for every net profit, and also indicates the investors’ future expectation to the company. In this question, the amount that common shareholders willing to pay for every net profit is 285.71 Yuan, it is much more than the price in usual condition (10~12), it is to say that the investors are over optimistic to the company’s future prospect.

　　Net asset per share

　　=Common shareholders’ equity/number of common shares outstanding

　　=[1444-(15+5)×10]/(800+100-80)

　　=1.52Yuan

　　P/B ratio=Market value per share/Net asset per share=20/1.52=13.16

　　It is to say that the amount that common shareholders willing to pay for every net assets is 13.16Yuan.

　　Sales revenue per share=Sales revenue/ weighted average number of common shares outstanding=6430/840=7.65Yuan

　　P/S ratio=Market value per share/Sales revenue per share=20/7.65=2.61

　　It is to say that the amount that common shareholders willing to pay for every sales revenue is 2.61Yuan.

　　(3) The probable problem of the company: ①Inefficient management of accounts receivable ② Much more fixed assets investment ③Low sales revenue.

　　【该题针对“财务分析”知识点进行考核】

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