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逢考必过过过过过过 · 2022年07月23日

问一道题:NO.PZ2016012005000001 [ CFA II ]

问题如下:

FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?

选项:

A.

$52,122.

B.

$64,090.

C.

$97,449.

解释:

C is correct.

Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}

Outlay = (350,000 + 110,000) + 73,000 = $533,000

The installed cost is $350,000 + $110,000 = $460,000, so the annual depreciation is $460,000/5 = $92,000. The annual after-tax operating cash flow for Years 1–5 is

CF = (S – C – D)(1 – T) + D = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000

CF = $146,000

The terminal year after-tax non-operating cash flow in Year 5 is:

TNOCF=Sal5+NWClnvT(Sal5B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)

=85,000+73,0000.40(85,0000)=85,000+73,000-0.40{(85,000-0)}

TNOCF = $124,000

The NPV is

NPV=533,000+t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}=97,449

我不太明白WC为什么是inventory?难道WC不应该是110000?而且inventory就算是初始投资,都转入成本了,怎么可能5年以后再收回来?
2 个答案

王琛_品职助教 · 2022年07月25日

嗨,努力学习的PZer你好:


其实代垫费用我可以理解,就像押金肯定可以退回来,但是我觉得外购存货,随着生产都转到COGS了怎么可能还会收回呢?这两者不可比啊

可以理解为是复杂的真实世界的抽象,为了简化题目的计算

当投资方案的寿命周期快要结束时, 公司将与项目有关的存货出售, 应收账款变为现金, 应付账款和应付费用也随之偿付, 营运资本恢复到原有水平

通常, 在进行投资分析时, 假设:开始投资时筹措的营运资本可以在项目结束时全部收回

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加油吧,让我们一起遇见更好的自己!

王琛_品职助教 · 2022年07月24日

嗨,从没放弃的小努力你好:


1)难道WC不应该是110000?

不是的,110000 是固定资产的安装费用,应计入固定资产的初始成本

对于固定资产来说,达到可使用状态前的一切费用都计入资产的初始成本。不进行安装就没法使用,因此它也是初始成本的一部分,也需要折旧

2)我不太明白WC为什么是inventory?而且inventory就算是初始投资,都转入成本了,怎么可能5年以后再收回来?

关于 working capital 营运资本,是如果一个企业要正式投产的话必须有运作的资金,也就是周转资金

包括:存货和应收账款等经营性流动资产,及应付账款与一些应付费用等经营性流动负债等

这部分的性质是暂时投入的,做题时的假设是,以后在企业停止运营时还是可以收回的

一般做题时,看到 inventory investment,可以理解为就是在说 WCInv 哈

关于运营资本的理解,也请参考:https://class.pzacademy.com/qa/80041

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努力的时光都是限量版,加油!

逢考必过过过过过过 · 2022年07月24日

其实代垫费用我可以理解,就像押金肯定可以退回来,但是我觉得外购存货,随着生产都转到COGS了怎么可能还会收回呢?这两者不可比啊

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