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ZHANGDAPENG · 2020年02月27日

问一道题：NO.PZ2018101501000021 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Replacement Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV = -1,000,000 +∑t=14245,0001.12t\sum_{t=1}^4\frac{245,000}{1.12^t}  +Sal4-0.25×(Sal4-620,000)1.124\frac{{\text{Sal}}_4\text{-}0.25\times{({\text{Sal}}_4\text{-}620,000)}}{1.12^4}  = 0

计算求得Sal4 =$330,112

求助，按照答案的sales price带进去 npv不是0，过程理解，就是答案有点纠结

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Debrah_品职答疑助手 · 2020年02月28日

同学你好。如果按照答案的Sal，来反算，则：

计算期末的现金流为sal-（Sal-B）*T+WC+OCF=330,112-（330,112-620,000）*25%+245,000=647,584

CF0=-1,000,000，C01=245,000，F01=3，C02=647,584

I=12，是可以得到NPV=0的

在这个计算过程中，有一个点很容易出错，就是期末现金流一定要记得加OCF。你再计算一下，加油。

ZHANGDAPENG · 2020年03月01日

谢谢助教大大

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