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水晶910 · 2020年02月23日

问一道题：NO.PZ2018101501000007 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is purchasing a new equipment of $180,000, which will be depreciated straight-line to zero over four years. The required installation fee is $20,000. An inventory investment of $55,000 is required and the tax rate is 25%. The equipment will increase revenues by $110,000 annually but the cash operating expenses may remain the same. What`s the incremental annual after-tax operating cash flow?

选项：

A.

$95,000

B.

$65,000

C.

$45,000

解释：

A is correct.

考点：Cash Flow Projections

解析：Depreciation = $200,000/4 = $50,000 

CF = (S –C –D)(1 – T) +D

= [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000

为什么C里不需要减去inventory investment费用呢？这个难道不是每期要消耗的原材料吗？即cost。所有生产型企业都是边进货边生产， 每期消耗‘怎么可能初始买一次结束。
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1 个答案

maggie_品职助教 · 2020年02月24日

嗨，爱思考的PZer你好：


注意inventory investment是营运资本的投入：

NWCInv是营运资本的净投入，而营运资本是流动资产减去流动负债。

WCInv=WC(t)-WC(t-1)=[CA(t)-CL(t)]-[CA(t-1)-CL(t-1)]

题干中和营运资本投入相关的就是inventory investment=55,000(流动资产)

在CFA考试中为了方便计算，营运资本和固定资产是项目初始阶段的一次性投入（这与实务无关）。而存货购买来是逐年被消耗的，它每年的消耗量才会以费用的形式进入利润表。而这个55,000是期初的一次性投入。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！


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NO.PZ2018101501000007问题如下Company M is purchasing a new equipment of $180,000, whiwill preciatestraight-line to zero over four years. The requireinstallation fee is $20,000. inventory investment of $55,000 is requireanthe trate is 25%. The equipment will increase revenues $110,000 annually but the cash operating expenses mremain the same. What`s the incrementannuafter-toperating cash flow?A.$95,000B.$65,000C.$45,000A is correct.考点Cash Flow Projections解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) + [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000折旧费用包含买机器的钱还有安装费？

2022-07-23 14:14 1 · 回答

NO.PZ2018101501000007 为什么50000还算 不是已经说了expense不增加吗

2022-01-21 03:59 2 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000 （ΔS-ΔC）（1-T）+ΔT=（110000-0）（1-25%）+0=82500

2021-08-20 16:02 1 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000why why why why

2021-03-30 11:19 1 · 回答

$65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000请问我用110000 x（1-0.25）+ 50000 x（1-0.25）这种形式计算出来的结果为什么和答案不一样？

2020-12-10 00:06 1 · 回答