筹资决策问题.

选择发行股票还是发行债券的问题某公司原有资产1000万元，权益乘数为2。普通股每股面值10元，每股净资产16元。公司的边际贡献率为40%，全部固定成本和费用（不包括债务利息）为200万元，债务资本成本平均为10%。公司所得税率为33%。公司拟追加投资300万元扩大业务，每年固定成本增加30万元，并使变动成本率降低至原来的75%，其筹资方式有二：（1）全部发行普通股30万股（每股面值与现在普通股每股面值相同）（2）按面值发行公司债券300万元，票面利率12%（按十年期限提取偿债基金，利率为12%）。要求：（1）计算每股收益无差别点及此时的每股收益。（2）若筹资后公司年均销售额可达800万元，则宜采用上述何种方式筹资（以提高每股收益为标准）？1000230050%1000500101631.2540%30%200100%10%33%3003023075%#55%12%12%10800发行股票发行债券年偿债基金17.10总收益107.2065.98每股收益（元）1.752.11优选择方案为0.36737.44737.44变动成本率降低率每股收益无差异点82%1.37每股收益差额每股收益无差别点（公式法）每股收益无差别点（插值法）每股收益无差别时的每股收益优选方案为发行债券每股收益随年均销售额变化灵敏度分析发行公司债券利率提取偿债基金利率发行债券的期限（年）筹资后公司的年均销售额追加投资后固定成本增加融资后的固定成本追加投资后变动成本率降低率融资后的边际贡献率公司原有股票股数边际贡献率固定成本债务资本成本所得税率追加投资额公司原有资产权益乘数公司原有资产负债率公司原有负债普通股每股面值（元）每股净资产（元）资产负债率=1-1/权益乘数公司拥有股票数=（公司总资产每股收益=[（销售额1.752.110.36-1.2579592-3.78448798-2.526528792.953469394.4699120241.5164426361.752.110.364.116.742.630.44-0.46-0.90每股收益随年均销售额变化灵敏度分析权益乘数=（公司总资产-公司负债）/每股净资产（销售额*边际贡献-固定成本-负债成本）*（1-所得税率）]/股票股数1.371.752.11737.44-2-10123453004005006007008009001000每股收益（元）年均销售额（万元）每股收益随年均销售额变化图发行股票发行债券优选方案为发行债券年均销售额=800变动成本降低率=75%-10123456730%40%50%每股收益（元）每股收益随变动成本率降低率变化图优选方案为发行债券1.752.111.3782%50%60%70%80%90%100%变动成本率降低率每股收益随变动成本率降低率变化图发行股票发行债券1000230050%1000500101631.2530%40%35%20040%10%45%33%50%30055%3060%23065%75%#70%55%75%12%80%12%85%1090%80095%发行股票发行债券100%年偿债基金17.10总收益107.2065.98每股收益（元）1.752.11优选择方案为0.36737.44737.441.37每股收益随年均销售额变化灵敏度分析每股收益差额公司原有资产权益乘数公司原有资产负债率公司原有负债普通股每股面值（元）每股净资产（元）公司原有股票股数边际贡献率固定成本融资后的边际贡献率债务资本成本所得税率追加投资额追加投资后固定成本增加融资后的固定成本追加投资后变动成本率降低率每股收益无差别点（公式法）每股收益无差别点（插值法）每股收益无差别时的每股收益发行公司债券利率提取偿债基金利率发行债券的期限（年）筹资后公司的年均销售额优选方案为发行债券1.752.110.36-1.257959-3.78449-2.526532.95346944.4699121.516443737.44494.63513.41533.68555.61579.42605.36633.74664.91699.30737.44779.99827.74881.73943.241013.98每股收益随年均销售额变化灵敏度分析发行债券发行股票75%800737.44400.00500.00600.00700.00800.00900.001000.001100.0030%40%50%60%70%80%90%100%年均销售额（万元）变动成本率降低率变动成本率降低率-年均销售额平面上的每股收益无差异线优选方案为发行债券年均销售额=800变动成本降低率=75%824.011000-22-1.550%-1500-0.5100160.531.25140%1.5200210%0.3633%3003023075%#55%12%12%10800发行股票发行债券年偿债基金17.10总收益107.2065.98每股收益（元）1.752.11优选择方案为0.36737.4475%0.50824.01公司原有资产权益乘数公司原有资产负债率公司原有负债固定成本债务资本成本所得税率追加投资额普通股每股面值（元）每股净资产（元）公司原有股票股数边际贡献率发行公司债券利率提取偿债基金利率发行债券的期限（年）筹资后公司的年均销售额追加投资后固定成本增加融资后的固定成本追加投资后变动成本率降低率融资后的边际贡献率筹资后公司的年均销售额(公式法）追加投资后变动成本率降低率每股收益差额每股收益差额每股收益无差别点（公式法）优选方案为发行债券30%35%40%45%50%55%262.37272.33283.08294.71307.34321.10320.43332.60345.73359.94375.36392.17378.50392.87408.38425.16443.38463.23436.56453.14471.03490.38511.40534.30494.63513.41533.68555.61579.42605.36552.69573.68596.33620.83647.44676.43610.76633.95658.97686.06715.46747.49668.82694.22721.62751.28783.48818.56726.89754.49784.27816.50851.50889.62536.59556.96578.95602.74628.57656.7260%65%70%75%80%85%336.16352.69370.93391.16413.73439.06410.55430.74453.02477.73505.29536.23484.95508.80535.12564.30596.86633.40559.34586.85617.21650.87688.42730.57633.74664.91699.30737.44779.99827.74708.14742.96781.39824.01871.55924.91782.53821.02863.48910.58963.121022.08856.93899.07945.58997.151054.681119.25931.32977.131027.671083.721146.251216.42687.50721.31758.62800.00846.15897.9690%95%100%467.70500.33537.85571.20611.05656.88674.71721.78775.92778.22832.51894.95881.73943.241013.98985.231053.971133.021088.741164.701252.051192.251275.431371.091295.761386.161490.12956.521023.261100.0075%800737.44发行债券发行股票20040060080010001200140030%40%50%60%70%80%90%100%年均销售额（万元）变动成本率降低率变动成本率降低率-年均销售额平面上决策区域优选方案为发行债券年均销售额=800变动成本率降低率=75%1000230050%1000500101631.250.3640%60020080010%33%742.963003023075%#55%12%12%10800发行股票发行债券年偿债基金17.10总收益107.2065.98每股收益（元）1.752.11优选择方案为0.36737.44737.441.370.650.5742.96筹资后公司的年均销售额优选方案为发行债券提取偿债基金利率发行债券的期限（年）每股收益差额的双参数灵敏度分析追加投资后变动成本率降低率每股收益差额每股收益无差别点（插值法）每股收益差额每股收益无差别点（公式法）每股收益无差别点（插值法）每股收益无差别时的每股收益追加投资额追加投资后固定成本增加融资后的固定成本追加投资后变动成本率降低率融资后的边际贡献率发行公司债券利率每股净资产（元）公司原有股票股数边际贡献率固定成本债务资本成本所得税率每股收益随年均销售额变化灵敏度分析公司原有资产权益乘数公司原有资产负债率公司原有负债普通股每股面值（元）1.752.110.36-1.2579592-3.78449-2.5265288742.9630%35%40%2.953469394.4699121.51644264-2262.37272.33283.08-1.5320.43332.60345.73-1378.50392.87408.38-0.5436.56453.14471.030.500.80.650494.63513.41533.680.15128345-0.98285-0.41578270.5552.69573.68596.331.621454880.1092790.865366721610.76633.95658.971.5668.82694.22721.620.52726.8875754.4908784.27330.36536.5854556.962578.9474每股收益差额的双参数灵敏度分析每股收益随年均销售额变化灵敏度分析45%50%55%60%65%70%75%80%294.71307.34321.10336.16352.69370.93391.16413.73359.94375.36392.17410.55430.74453.02477.73505.29425.16443.38463.23484.95508.80535.12564.30596.86490.38511.40534.30559.34586.85617.21650.87688.42555.61579.42605.36633.74664.91699.30737.44779.99620.83647.44676.43708.14742.96781.39824.01871.55686.06715.46747.49782.53821.02863.48910.58963.12751.28783.48818.56856.93899.07945.58997.151054.68816.5037851.4967889.6235931.3246977.12741027.6681083.7231146.2456602.7397628.5714656.7164687.50721.3115758.6207800.00846.1538585%90%95%100%439.06467.70500.33537.85536.23571.20611.05656.88633.40674.71721.78775.92730.57778.22832.51894.95827.74881.73943.241013.98924.91985.231053.971133.021022.081088.741164.701252.051119.251192.251275.431371.09