根據(jù)資料四、資料五和資料六的有關(guān)信息，采用實(shí)體現(xiàn)金流量模型計(jì)算收購南風(fēng)眼鏡90%股權(quán)的價(jià)格金額(需分步驟列出計(jì)算過程);并簡要說明為什么實(shí)務(wù)中估計(jì)企業(yè)價(jià)值大多使用實(shí)體現(xiàn)金流量模型而非股權(quán)現(xiàn)金流量模型。
根據(jù)資料五，假設(shè)南風(fēng)眼鏡B類門店固定成本中的租金保持不變，但通過相關(guān)改進(jìn)措施可使B類門店固定成本中的人工費(fèi)用和其他費(fèi)用分別下降15%，計(jì)算分析B類門店銷售收入需平均增長百分之幾才能達(dá)到B類門店的盈虧平衡。
簡要說明：(1)與普通債券以及普通股相比，可轉(zhuǎn)換債券籌資的優(yōu)缺點(diǎn);(2)上市公司發(fā)行可轉(zhuǎn)換債券，除了應(yīng)當(dāng)符合增發(fā)股票的一般條件之外，還應(yīng)符合哪些條件。
根據(jù)華盛股份2009年度利潤分配及資本公積轉(zhuǎn)增股本方案，分別計(jì)算實(shí)施該項(xiàng)利潤分配及資本公積轉(zhuǎn)增股本方案對華盛股份的股本、資本公積及未分配利潤的影響金額;并簡要說明：(1)公司法關(guān)于公積金的提取有哪些規(guī)定; (2)按照公司法規(guī)定，公積金有哪些用途。
In early 2011, Mr. Colin heard from a friend that the landlord of the largest store of Hua Guang Optical (華光眼鏡) was considering whether to sell the building (where the store was located) to another company for Rmb22 million. The existing lease contract between Hua Guang Optical and the landlord will expire by the end of 2013. Mr. Colin was not familiar with the relevant laws in China. Therefore, he wrote an email to Sky Consulting to consult on (i) whether the existing lease contract will be terminated because of the sale of the building by the landlord; (ii) whether Hua Guang Optical should offer the landlord more than Rmb22 million if Hua Guang Optical wants to buy the building; and (iii) whether the landlord can sell the building without letting Hua Guang Optical know about that. On behalf of Sky Consulting, please write an email to reply to Mr. Colin.
On behalf of Li (李琳), please write an email to Mr. Colin to (1) explain whether Su (蘇小青) can join the audit engagement team; and (2) explain the general principles in judging whether Gong Xin Accounting Firm (公信) can provide the advisory service to Nan Feng Optical (南風(fēng)眼鏡), and seek further clarification from Mr. Colin regarding the nature of the advisory service required.
Answer：
(1)
● Finding: A stores were profitable, B stores were loss making; Half of B stores were in operation for<3 years. Management attributed the losses to the new
stores, whose sales have not yet ramped up.
● Implication: historical profitability adversely affected by B stores
● Recommendation: Suggest further investigate the market potential outside central area, so as to (i) assess whether the market for B stores are really promising,
(ii) tailor relevant sales and marketing strategy for B stores to improve their performance, and (iii) identify stores that should be closed.
(2)
●Finding:Debt ratio continued to increase. Difficulty to get bank financing.
●Implication: Liquidity risk
●Recommendation: Future financing plan to be considered in advance.
(3)
●Finding: There are 8 stores without written rental contract
●Implication: Risk of not being able to secure the lease (without contract protection), in particular after the change of ownership of Nan Feng Optical
●Recommendation: To sign lease contract before acquisition is completed
(4)
●Finding: Unrecorded liability of Rmb4.5 million identified (financial lease)
●Implication: Net debt understated, hence impact the deal price calculation
●Recommendation: Suggest management to correct the error.
(5)
●Finding: Net investment was understated in the cash flow forecast
●Implication: Cash flow overstated; enterprise value in LOI overstated
●Recommendation: Suggest re-calculate the enterprise value
(6)
●Finding: Sales accountant also act as the cashier
●Implication: Internal control risk caused by no segregation of duties
●Recommendation: Segregation of duty
(7)
●Finding: Chen Nan and Zhang Xiao take critical roles in the daily business
●Implication: The business of Nan Feng likely to be adversely affected if they leave the company after acquisition
●Recommendation: Chen Nan and Zhang Xiao’s continued service in the company (at least in the short term) necessary.
Consider make it a condition in the deal negotiation
7. 根據(jù)資料四、資料五和資料六的有關(guān)信息，采用實(shí)體現(xiàn)金流量模型計(jì)算收購南風(fēng)眼鏡90%股權(quán)的價(jià)格金額(需分步驟列出計(jì)算過程);并簡要說明為什么實(shí)務(wù)中估計(jì)企業(yè)價(jià)值大多使用實(shí)體現(xiàn)金流量模型而非股權(quán)現(xiàn)金流量模型。(5.5分)
答：收購南風(fēng)眼鏡90%股權(quán)的價(jià)格計(jì)算步驟如下：
(1)扣減少計(jì)的凈投資，經(jīng)調(diào)整后預(yù)測期各年實(shí)體現(xiàn)金流量為：1100萬，1115萬，1260萬，1315萬，1667萬
(2)經(jīng)調(diào)整后預(yù)測期現(xiàn)金流量現(xiàn)值為：1100*0.8929+1115*0.7972+1260*0.7118+1315*0.6355+1667*0.5674=4549.47萬
(3)經(jīng)調(diào)整后后續(xù)期現(xiàn)金流量現(xiàn)值為：1667*(1+5%)÷(12%-5%)*0.5674=14187.84萬
(4)實(shí)體價(jià)值=4549.47+14187.84=18737.31萬
(5)凈債務(wù)價(jià)值=4000+3000+450=7450萬，或凈債務(wù)價(jià)值=4000+3000+450-485=6965萬
(6)90%股權(quán)的收購價(jià)格為：(18737.31-7450)*90%=10158.58萬元，或90%股權(quán)的收購價(jià)格為：(18737.31-6965)*90%=10595.08萬元
在實(shí)務(wù)中大多使用實(shí)體現(xiàn)金流量模型，主要是因?yàn)橛靡杂?jì)算股權(quán)現(xiàn)金流量現(xiàn)值的股權(quán)成本受資本結(jié)構(gòu)的影響較大，估計(jì)起來比較復(fù)雜。比如債務(wù)增加時(shí)，風(fēng)險(xiǎn)上升，股權(quán)成本會(huì)上升，而上升的幅度不容易測算。
而用以計(jì)算實(shí)體現(xiàn)金流量現(xiàn)值的加權(quán)平均資本成本則受資本結(jié)構(gòu)的影響較小，其中債務(wù)成本的變化和股權(quán)成本的相應(yīng)變化基本上能互相抵消，所以平均資本成本對資本結(jié)構(gòu)變化不敏感，在實(shí)務(wù)當(dāng)中比較容易估計(jì)。
8. 根據(jù)資料五，假設(shè)南風(fēng)眼鏡B類門店固定成本中的租金保持不變，但通過相關(guān)改進(jìn)措施可使B類門店固定成本中的人工費(fèi)用和其他費(fèi)用分別下降15%，計(jì)算分析B類門店銷售收入需平均增長百分之幾才能達(dá)到B類門店的盈虧平衡。(4分)
答：盈虧平衡分析：
B類店單店月平均固定成本=2.9+1.9*85%+1.2*85%=5.54萬
變動(dòng)成本率=3.3÷8.3=39.76%
盈虧平衡點(diǎn)銷售收入=5.54÷(1-39.76%)=9.20萬
增長百分比=9.20÷8.3-1=10.84%。B類店需增長10.84%的銷售才能達(dá)到盈虧平衡。
9. 簡要說明：(1)與普通債券以及普通股相比，可轉(zhuǎn)換債券籌資的優(yōu)缺點(diǎn);(2)上市公司發(fā)行可轉(zhuǎn)換債券，除了應(yīng)當(dāng)符合增發(fā)股票的一般條件之外，還應(yīng)符合哪些條件。(4分)
答：(1)可轉(zhuǎn)債優(yōu)缺點(diǎn)：
優(yōu)點(diǎn)：
①與普通債券相比，可轉(zhuǎn)債券使公司能以較低的利率先取得資金。由于票面利率低于同一條件下的普通債券利率，降低了前期籌資成本。
②與普通股相比，可轉(zhuǎn)債券使公司取得了以高于當(dāng)前股價(jià)出售普通股的可能性。在發(fā)行新股時(shí)機(jī)不理想時(shí)，可先發(fā)可轉(zhuǎn)債，然后通過轉(zhuǎn)換實(shí)現(xiàn)較高價(jià)格的股權(quán)籌資。
不至于因?yàn)橹苯影l(fā)行新股而進(jìn)一步降低股票市價(jià)，而且由于轉(zhuǎn)換期較長，轉(zhuǎn)股時(shí)對股價(jià)的影響也較溫和，有利于穩(wěn)定股票。
缺點(diǎn)：
?、俟蓛r(jià)上漲風(fēng)險(xiǎn)。雖然可轉(zhuǎn)債的轉(zhuǎn)換價(jià)格高于其發(fā)行時(shí)的股價(jià)，但如果轉(zhuǎn)換時(shí)股價(jià)大幅上漲，公司只能以較低的固定轉(zhuǎn)換價(jià)格換出股票，會(huì)降低公司的股權(quán)籌資額。
②股價(jià)低迷風(fēng)險(xiǎn)。發(fā)行可轉(zhuǎn)債，如股價(jià)沒有達(dá)到轉(zhuǎn)股所需要的水平，可轉(zhuǎn)債持有者沒有如期轉(zhuǎn)股，則公司只能繼續(xù)承擔(dān)債務(wù)。尤其在有回售條款的情況下，公司短期集中償債壓力大。尤其有些公司發(fā)行可轉(zhuǎn)債的目的是為了籌集權(quán)益資本，股價(jià)低迷會(huì)使其原定目標(biāo)無法實(shí)現(xiàn)。
?、劭偦I資成本高于普通債券。盡管可轉(zhuǎn)債的票面利率低于普通債券，但是考慮轉(zhuǎn)股成本后的總籌資成本要高于普通債券。
(2)除了符合增發(fā)股票的一般條件外，發(fā)行可轉(zhuǎn)債還需符合的條件：
?、僮罱?個(gè)會(huì)計(jì)年度加權(quán)平均凈資產(chǎn)收益率平均不低于6%?？鄢墙?jīng)常性損益后的凈利潤與扣除前的凈利潤相比以低者作為計(jì)算依據(jù);
?、诒敬伟l(fā)行后累計(jì)公司債券余額不超過最近一期期末凈資產(chǎn)額的40%;
?、圩罱?個(gè)會(huì)計(jì)年度實(shí)現(xiàn)的年均可分配利潤不少于公司債券1年的利息。
10. 根據(jù)華盛股份2009年度利潤分配及資本公積轉(zhuǎn)增股本方案，分別計(jì)算實(shí)施該項(xiàng)利潤分配及資本公積轉(zhuǎn)增股本方案對華盛股份的股本、資本公積及未分配利潤的影響金額;并簡要說明：(1)公司法關(guān)于公積金的提取有哪些規(guī)定; (2)按照公司法規(guī)定，公積金有哪些用途。(4分)
答：實(shí)施該項(xiàng)利潤分配及資本公積轉(zhuǎn)增股本方案對華盛股份的股本、資本公積及未分配利潤的影響金額計(jì)算如下：
股本增加50000*0.2+50000*0.4 = 30000萬元
資本公積減少50000*0.4 = 20000萬元
未分配利潤減少50000*0.1+50000*0.2 =15000萬
(1)公積金提取的規(guī)定：
?、俜ǘüe金按抵減年初累計(jì)虧損后的本年凈利潤按10%的比例提取，當(dāng)法定公積金累計(jì)額達(dá)到公司注冊資本50%時(shí)可不再繼續(xù)提取。
②任意公積金按照公司股東大會(huì)的決議提取。
?、酃救绻麤]有提取法定公積金之前就向股東分配利潤的，必須將違反規(guī)定發(fā)放的利潤退還給公司。
(2)公司法規(guī)定的公積金用途：
?、購浹a(bǔ)虧損。盈余公積(包括法定盈余公積和任意盈余公積)可以用以彌補(bǔ)虧損，但是資本公積不得用于彌補(bǔ)公司虧損。
?、跀U(kuò)大生產(chǎn)經(jīng)營。盈余公積和資本公積均可做此項(xiàng)用途。
③轉(zhuǎn)增資本。用法定公積金轉(zhuǎn)增資本時(shí)，轉(zhuǎn)增后留存的法定公積金不得少于轉(zhuǎn)增前公司注冊資本的25%;對于任意公積金和資本公積轉(zhuǎn)增資本則沒有比例限制。
11. In early 2011, Mr. Colin heard from a friend that the landlord of the largest store of Hua Guang Optical (華光眼鏡) was considering whether to sell the building (where the store was located) to another company for Rmb22 million. The existing lease contract between Hua GuangOptical and the landlord will expire by the end of 2013. Mr. Colin was not familiar with the relevant laws in China. Therefore, he wrote an email to Sky Consulting to consult on (i) whether the existing lease contract will be terminated because of the sale of the building by the landlord;
(ii) whether Hua Guang Optical should offer the landlord more than Rmb22 million if Hua Guang Optical wants to buy the building; and (iii)whether the landlord can sell the building without letting Hua Guang Optical know about that. On behalf of Sky Consulting, please write an email to reply to Mr. Colin. (2.5 分)
Answer：
(i) Change of ownership of the property does not impair the validity of the existing lease contract. So the existing contract will continue to be valid before it expires
by the end of 2013.
(ii) Under same terms, lessee has the priority to buy the property. So Hua Guang Optical does not have to offer a higher price.
(iii) worried that landlord sell the building without letting them know. The landlord should give the lessee a reasonable notice period before selling the building. If
the landlord sells the building without notifying the lessee, the lessee can ask landlord for indemnification of any losses caused.
12. On behalf of Li (李琳), please write an email to Mr. Colin to (1) explain whether Su (蘇小青) can join the audit engagement team; and (2)explain the general principles in judging whether Gong Xin Accounting Firm (公信) can provide the advisory service to Nan Feng Optical (南風(fēng)眼鏡), and seek further clarification from Mr. Colin regarding the nature of the advisory service required. (8分)
Answer：
Dear Mr. Colin,
Thanks for letting me know that the former deputy finance manager, Su, of Nan Feng Optical has recently joined our firm. I am afraid that Su can’t join the
engagement team; it will impair audit independence. According to the CICPA ethical guidelines, the fact that an audit team member was recently a director, senior
officer, or employee in certain special positions of the audit client, may create self-interest, self-review, or familiarity threats. Examples of special positions
mentioned above include an employee in the finance department of the audit client who prepared certain accounting records, on which the firm will audit and
express opinion. The ethical guidelines further states that if an audit team member was in such a position during the period covered by the audit engagement, the
threat to independence is consider so serious that no safeguards could possibly reduce the threat to an acceptable level. So the only solution is to remove him/her
from the engagement team. Therefore, I am afraid Su cannot be a member of the audit engagement team of Nan Feng Optical.
Regarding the advisory service you mentioned in your email, first of all, thank you very much for considering Gong Xin CPA. I need to know more details of
the nature of the service you require before I can draw a definitive conclusion on whether we, as the auditor, are allowed to provide such advisory service.
The CICPA ethical guidelines have provided general principles to assess whether the provision of non-assurance services might create self-review threat
against our audit independence. In general, we should make sure not to take any management roles, such as the design and implementation of internal controls.
Usually, providing professional advices and comments is not regarded as management role. To avoid taking management role, we need to ensure that client’s
management team makes decisions, evaluates service results, and take responsibility for actions taken following the service results.
In relation to the improvement of Nan Feng Optical’s management analysis system, I wish to clarify with you on the following questions, in order to help me
understand the nature of the service required. (1)Is the management analysis system a critical part of the financial reporting and internal control? Does the
information generated from the management analysis system has material impact on the accounting records or financial statements to be audited? If the answer
to either of the questions is yes, then we are not allowed to provide any service in relation to the design and implementation of such system (as Nan Feng Optical
is a subsidiary of a public company). (2)What is the nature of the specific advisory service that you expect us to provide? It is generally fine for us to provide
comments and suggestions on the system that was designed and implemented by you or other service providers.
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