參考答案

(1)①經(jīng)營資產(chǎn)銷售百分比=620/800=77.5%經(jīng)營負(fù)債銷售百分比=(36+64) /800=12.5%銷售收入增長率=(1000-800) /800=25%②預(yù)計(jì)留存收益增加額預(yù)計(jì)銷售凈利率=100÷800×(1+10%)=13.75%預(yù)計(jì)的利潤留存率=1-60÷100=40%預(yù)計(jì)留存收益增加額=1000×13.75%×40%=55(萬元)③計(jì)算外部融資需求：外部融資額=(77.5%-12.5%)×(1000-800)-55-20=55(萬元)
(2)外部融資銷售增長比=55÷(1000-800)=27.5%或=(77.5%-12.5%)-13.75%×(125%÷25%)×40%-20/200=27.5%
(3)根據(jù)：77.5%-12.5%-13.75%×(1+g) /g×40%-20/(800×g) =0解得：g=13.45%
(4)可持續(xù)增長率=55÷(180+70+134)=14.32%
(5)在本年度通貨膨脹率為5%,其他因素不變的情況下：銷售收入=1000×(1+5%)=1050(萬元)銷售增長率=1050÷800-1=31.25%或：銷售增長率=(1+25%)×(1+5%)-1=31.25%外部融資額=(77.5%-12.5%)×(1050 - 800)-13.75%×1050×40%-20=84.75(萬元)追加外部融資額=84.75-55=29.75(萬元)
(6)股利支付率=60×(1+50%) /100=90%預(yù)計(jì)利潤留存增加額=1000×(100/800)×(1-90%) =12.5(萬元)外部融資額=(77.5%-12.5%)×(1000-800)-12.5-20=97.5(萬元)>50(萬元),故不可行。