如果按照笨方法计算，将初始投资和前五年折旧做个调整，求出的新NPV与原来比较，为什么得出的差与答案不同呢......
问题如下图：
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解释：
NO.PZ2018101501000031 问题如下 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct.考点Cash Flow Projections: Expansion Project解析固定资产投资下降$2 million，折旧会下降$0.4 million，相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=151.1t0.1 = $1.62 million EBIT(1-T) + = (S-C)(1-T) + T，只有小了，所以用来scount的cash flow变小了，为何NPV不是crease而是increase呢？
NO.PZ2018101501000031问题如下 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct.考点Cash Flow Projections: Expansion Project解析固定资产投资下降$2 million，折旧会下降$0.4 million，相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=151.1t0.1 = $1.62 million 请问老师我计算调整前NPV的式子哪里不对？CF0=-25 C01=2.5 F01=5 C02=1.5 F02=4 C03=9.5 F03=1 I=10
NO.PZ2018101501000031 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct. 考点Cash Flow Projections: Expansion Proje解析固定资产投资下降$2 million，折旧会下降$0.4 million，相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million 所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=151.1t0.1 = $1.62 million 如题
NO.PZ2018101501000031 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct. 考点Cash Flow Projections: Expansion Proje解析固定资产投资下降$2 million，折旧会下降$0.4 million，相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million 所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=151.1t0.1 = $1.62 million 答案最后那个公式是从哪儿来的？ 难道不是把变化前变化后的npv都算出来然后相减吗
NO.PZ2018101501000031 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct. 考点Cash Flow Projections: Expansion Proje解析固定资产投资下降$2 million，折旧会下降$0.4 million，相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million 所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=151.1t0.1 = $1.62 million 老师你好，关于这题的符号方向，初始的固定资产的投资因为从20降到18，所以对于现金流来的变化来说是增加了2，后续因为初始固定的变化，OCF的计算中原来是4*25%=1，现在降级初始固定资产投资后是3.6*25%=0.9，对于OCF来说是减少了0.1，所以计算最后对NPV的影响就应该用 ，因为已经考虑了方向了，所以最后NPV算出来是正数就应该选increase，请问老师以上的思路对不？
