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Celestine · 2020年02月08日

问一道题:NO.PZ2018101501000013

问题如下:

Company M is investing $150 in a project which will be depreciated straight-line to zero over two years. The project will generate earnings before interest and taxes of€75 annually. The weighted average cost of capital of the company and required rate of return of the project are both 10%. The company is in the 25% tax bracket. What’s the economic income in the second year?

选项:

A.

$11.93

B.

$17.56

C.

$22.78

解释:

A is correct.

考点:Other Valuation Models

解析:根据公式EI2 = CF2 + (PV2 - PV1),其中PV1 =131.251.1\frac{131.25}{1.1} =119.32  PV2 = 0

EI2 = 131.25 + (0 - 119.32) = $11.93

为什么CF2要加上折旧,而不是直接等于75*(1-25%)?这里为什么要考虑税盾的影响呢?

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月10日

75*(1-25%)只是EBIT啊,它不是现金流,我们在前面现金流项目中不是讲过吗,OCF=EBIT(1-T)+D

请看讲义19页: