Question

2道公司财务英文题，大家来帮帮忙啊

1.Constraints on Growth
Las Pierdas Tours wishes to maintain a growth rate of 14 percent per year and a debt-equity ratio of .30. Profit margin is 6.2 percent, and the ratio of total assets to sales is constant at 1.55. Is this growth rate possible? To answer, determine what the dividend payout ratio must be. How do you interpret the result

2.

Sales ¥ 54,000,000 Current assets ¥ 26,000,000 Long-term debt 58，000，000
Costs 34,800,000 Fixed assets 105,000,000 Equity 73，000，000
Taxable income ¥ 19,200,000 Total assets ¥131,000,000 Taxes (34%) 6,528,000
Net income ¥12,672,000

Asset and costs are proportional to sales. The company maintains a constant 30 percent dividend payout ratio and a constant debt-equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued?
英文我看的懂的，我希望大家能帮助解答 这两道题目里面的条件，不知道怎么运用，明白的朋友可以帮忙提点一下！

Answer 1

1.强制生长
拉斯维加斯在观光旅游上希望保持每年14%的增长速度和达0.3的债务股本比率。利润率为6.2%，而在销售总资产的比率保持在1.55。这一增长率是可能的吗？若要回答，必须确定派息比率。你如何解释结果?

“债务股本比率”是企业报告期末总负债与所有者权益合计之比。它既反映了企业长期偿债能力，同时也反映了企业的资本结构和企业利用外借资金的程度。

“派息比率”是指股息占盈利的百分比。计算方法为每股股息除以每股盈利。

综上，本题就是让你解答当满足此类情况的条件。

2.销售：5400万 流动资产：2600万 长期负债：5800万
成本：10500万 固定资产：3480万 股票：7300.0万
应纳税所得额：1920万 总资产：13100万 税率：34％ 652.80万总资产
净收入1267.2万

资产和成本成正比销售。该公司保持一个恒定30%的利润派息率和恒定的债务股本比例。假设没有新的股票发行，最大的可持续销售增长是多少？

“利润派息率”是指派发的金额占利润额的比例。

综上，本题即除去发行股票即资产动用的可能，求在利润派息率与债务股本比例影响下最大的增长率。

Answer 2

The secret of success in financial management is to increase value, that is a simple secret, but not very helpful. It is like advising an investor in the market to buy low and sell high the problem is how to do it.
There may be a few activities in which one can read a textbook and then do it but financial management is not one of them. That is why finance is worth studying. Who wants to work in a field where there is no room for judgment, experience, creativity and a pinch of luck? Although this book cannot supply any of these items, it does present the concepts and information on which good financial decisions are based and it shows you how to use the tools of the trade of finance.
We start in this chapter by explaining what a corporation is and introducing you to the responsibilities of its financial managers we will distinguish real assets from financing decisions we stress the importance of financial markets both national and international to the financial markets but it is also about people. the success of a corporation depends on how well it harnesses everyone to work to a common end. The financial manager must appreciate the conflicting objectives often encountered in financial management. Resolving conflicts is particularly difficult when people have different information. This is an important theme which runs through to the last chapter of this book. In this chapter we will start with some definitions and examples.
1.1 What is a corporation?
Not all businesses are corporations. Small ventures can be owned and managed by a single individual. They are called sole proprietorships. In other cases several people may join to own and manage a partnership. However, this book is about corporate finance. So we need to explain what a corporation is.
Almost all large and medium-sized businesses are organized as corporations. For example, General motors, bank of America Microsoft and GE are corporations so are oversea businesses, such as British petroleum Unilever nestle Volkswagen and Sony. In each case stockholders who hold shares in the business own the film.
…
Unlike partnerships and sole proprietorships, corporations have limited liability, which means that stockholders cannot be held personally responsible for the film’s debts. When Enron and WorldCom went belly-up in 2002---two of the largest bankruptcies ever---no one demanded that their stockholders put up more money to cover the companies’ debts. Stockholders can lose their entire investment, but no more.
Although a corporation is owned by its stockholders, it is legally distinct from them. It is based on articles of incorporation that set out the purpose of business, how many shares can be issued, the number of directors to be appointed, and so on. These articles must conform to the laws of the state in which the business is incorporated. For many legal purposes, the corporation is considered as a resident of its state. As a legal “person”, it can borrow or lend money, and it can sue or be sued. It pays its own taxes (but it cannot vote!)
There are also some disadvantages to organizing as a corporation. Managing a corporation’s legal machinery and communicating with shareholders can be time-consuming and costly. Furthermore, in the United States there is an important tax drawback. Because the corporation is a separated legal entity, it is taxed separately. So corporations pay tax on their profits, and, in addition, shareholders pay tax on dividends they receive from the company. The United States is unusual in this respect. To avoid taxing the same income twice, most other countries give shareholders at least some credit for the tax that the company has already paid.
Financial managers of large corporations also need to be men and women of the world. They must decide not only which assets the firm should invest in but also where whose assets should be located. Take Nestle, for example. It is a Swiss company, but only a small proportion of its production takes place in Switzerland. Its 520 or so factories are located in 82 countries. Nestlé’s managers must therefore know how to evaluate investments in countries with different currencies, interest rates, inflation rates, and tax systems.
The financial markets in which the firm raises money are likewise international. The stockholders of large corporations are scattered around globe. Shares are traded around the clock in New York, London, Tokyo, and other financial centers. Bonds and bank loans move easily across national boundaries. A corporation that needs to raise cash doesn’t have to borrow from his hometown bank. Day-to-day cash management also becomes a complex task for firms that produce or sell in different countries. For example, think of the problems that Nestlé’s financial managers face in keeping track of cash receipts and payments in 82 countries.
We admit Nestle is unusual, but few financial managers can close their eyes to international financial issues. So through out the book we will pay attention to differences in financial systems and examine the problems of investing and raising money internationally.