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：
A.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.
不理解NI为什么要加上Depreciation, 不应该是NI直接减去Div吗？这样算出来的才应该是留存收益啊
