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CFApipa · 2022年08月13日

老师所以这道题考的是flotation method2的知识点是吗？

  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 costs is $3000 for the equity of this project.

If floatation costs are incorporated as an adjustment to the initial-period cash flows, 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.

老师所以这道题考的是flotation method2的知识点是吗？ 所以只要题目说flotation cost 是个具体的金额，就是考察 method 2 也就是preferred approach?



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1 个答案

王琛_品职助教 · 2022年08月14日

嗨，从没放弃的小努力你好：


1）老师所以这道题考的是flotation method2的知识点是吗？

是的

2）所以只要题目说flotation cost 是个具体的金额，就是考察 method 2 也就是preferred approach?

并不是这么绝对哈，还得具体看题目已知的条件

比如这道题，其实使用 method 1 也可以做的，只不过题目要求使用 method 2 而已

3）

其实就同学问的这道题而言，我们并没有收录到经典题，因为这道题的计算量还是有点大的，而考试一般都是短平快

关于发行成本的考查角度，我们在经典题中已经把目前能覆盖的经典题目都放上啦，同学只要把经典题里的题目掌握即可哈

----------------------------------------------
努力的时光都是限量版，加油！

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