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Evelyne 王雪凝 · 2022年06月07日

请问算出来PV后，如何计算NPV？

  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.

理解初期投资金额是100000，成本3000，但是不理解如何计算NPV？

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1 个答案

王琛_品职助教 · 2022年06月07日

嗨，从没放弃的小努力你好：


1

NPV 是项目期间，所有现金流折现到零时刻的现值，根据现金流发生的时间，分为：期初、期间、期末。一级的题目比较简单，一般期末和期间是相同的，比如这道题，都是 30000

2

解析的做法，是使用了计算器的第「三」行，分了两步

第一步，先不考虑期初的现金流，只计算期间现金流的现值，即倒数第二行，先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

第二步，因为上述得到的 PV 并没有考虑期初的现金流，也没有涉及发行成本，所以解析最后一行才又考虑了期初的现金流，期初和期间的现值之和，才是 NPV

3

也可以使用计算器的第「二」行，一步到位，计算器按法如下：

CLR WORK 清零

CF0 = -103000

C01 = 30000

F01 = 10

I = 8.8

CPT NPV = 91236.27532

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