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blade8932 · 2022年12月08日

其实第一核心是理解这道题的意思。然而。。。。

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090804000010

问题如下：

Erin Chou is reviewing a profitable investment that has a conventional cash flow pattern. If the cash flows for the initial outlay and future after-tax cash flows all double, Chou would predict that the IRR would:

选项：

A.increase and the NPV would increase. B.stay the same and the NPV would increase. C.stay the same and the NPV would stay the same.

解释：

Solution

B is correct. The IRR would stay the same because both the initial outlay and the after-tax cash flows double, so the return on each dollar invested would remain the same. All the cash flows and their present values double. The difference between the total present value of the future cash flows and the initial outlay (the NPV) also doubles.

老师，这道题，我一上手大概知道是考IRR核NPV的公式相关特性，无奈这句话If the cash flows for the initial outlay and future after-tax cash flows all double,我理解为后面这种情况，CF0是-10，CF1....CFn=20,是这个DOUBLE意思！！！这样我就凭公式很难得出结果了。。。

老师也帮我指点下，谢谢！

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1 个答案

王琛_品职助教 · 2022年12月11日

嗨，从没放弃的小努力你好：


1

我理解同学的问题更多属于英语阅读理解的范畴

现在分析师要评估一个项目，相当于此时已知期初现金流 1 和期间现金流 1，可以计算对应的 IRR 1 和 NPV 1

然后如果期初现金流和期间现金流，均变成原来的两倍，即期初现金流 2，和期间现金流 2，可以计算对应的 IRR 2 和 NPV 2

问 IRR 2 和 NPV 2，相比于 IRR 1 和 NPV 1，变化如何

2

关于解题思路，之前有助教已经总结过，请同学先参考一下哈：https://class.pzacademy.com/qa/18056

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