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ruby5ltc · 2022年05月09日

请问

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275


1、这一步骤计算为什么不考虑初始现金流投入，即股票的发行成本3000元（CF0=-3000)?

2、能否CF0=-3000,CF1~CF10=30000，N=10, I/Y=8.8,来计算PV=194236.275？

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2 个答案

王琛_品职助教 · 2022年05月11日

嗨，爱思考的PZer你好：


如果考虑期初投入-103000，即CF0=-103000,CF1~CF10=30000，N=10, I/Y=8.8,这样算出来的PV就是答案，这个结果就不能再减去outlay（-103000）了，对吗?

是的，因为期初投入就是 initial outlay 哈，你要再减去就算重复了

另外，严谨的说，按上述算法，得到结果是 NPV 哈，并不是 PV，因为已经考虑了期初投入的现金流出，相当于一步到位算出了 NPV

而解析是分了两步，第一步先将第一年到期末的现金流，折现到零时刻；第二步再和零时刻的期初投入 initial outlay -103000 求和

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王琛_品职助教 · 2022年05月10日

嗨，爱思考的PZer你好：


1）这一步骤计算为什么不考虑初始现金流投入，即股票的发行成本3000元（CF0=-3000)?

同学问的是解析的倒数第二行

这里的背景，是计算项目第一年到第十年，每年 30000 的现金流，折现到零时刻的现值

并没有考虑期初的现金流，所以没有涉及发行成本

解析最后一行才考虑了期初现金流

2）能否CF0=-3000,CF1~CF10=30000，N=10, I/Y=8.8,来计算PV=194236.275？

思路可以，但是数据代入错了，CF0 除了考虑发行成本，还要考虑期初投入 -100000，所以应该是 -103000，完整的计算器按法，也请参考：https://class.pzacademy.com/qa/79951

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