这题给的答案不明白，不是题目说负的20npv吗？那应该-20=.......

NO.PZ2022090804000020

问题如下：

A firm is considering a project that would require an initial investment of THB270 million (Thai baht). The project will help increase the firm’s after-tax net cash flows by THB30 million per year in perpetuity, and it is found to have a negative NPV of THB20 million. The IRR (%) of the project is closest to:

选项：

A.11.1%. B.10.3%. C.12.0%.

解释：

Solution

A is correct. The IRR is the discount rate that makes the NPV = 0. Because the cash flow stream is in perpetuity, it can be solved as follows:

0 = –270 + (30/IRR)

IRR = 11.1%

B is incorrect. It assumes a positive NPV of 20 and solves for IRR = 30/290 = 10.34%.

C is incorrect. It assumes a negative NPV of 20 and solves for IRR = 30/250 = 12.00%.

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1 个答案

王琛_品职助教 · 2023年04月03日

嗨，努力学习的PZer你好：

这道题求的是 IRR 哈

IRR 指的是当 NPV 等于 0 时的折现率，所以 -270+(30/IRR) = 0

解得：IRR = 30/270= 11.11%

题干当中给出的 NPV = -20，其实和要求的 IRR 没有关系

因为题干当中没有给出项目的折现率，假设为 r

则 -20 = -270 + 30/r

此处的 r，为项目的折现率，或者叫要求回报率，反映的是项目的风险

IRR 是一个特殊的折现率，是当 NPV = 0 时的折现率

根据 NPV 的公式可以发现，题干当中给出了各期现金流，所以 NPV 等于 -20，和 NPV 等于 0 时，所对应的折现率是不同的

题目要求的，是 NPV 等于 0 时的折现率哈

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NO.PZ2022090804000020问题如下A firm is consiring a projethwoulrequire initiinvestment of THB270 million (Thbaht). The projewill help increase the firm’s after-tnet cash flows THB30 million per yein perpetuity, anit is founto have a negative NPV of THB20 million. The IRR (%) of the projeis closest to:A.11.1%.B.10.3%.C.12.0%.SolutionA is correct. The IRR is the scount rate thmakes the NPV = 0. Because the cash flow streis in perpetuity, it csolvefollows:0 = –270 + (30/IRR)IRR = 11.1%B is incorrect. It assumes a positive NPV of 20 ansolves for IRR = 30/290 = 10.34%.C is incorrect. It assumes a negative NPV of 20 ansolves for IRR = 30/250 = 12.00%.∑CF/（1+IRR）n次方求极限应该是等于多少？

2023-07-16 17:05 2 · 回答

这题给的答案不明白，不是题目说负的20npv吗？那应该-20=.......

1 个答案

1

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