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clarissaren · 2020年03月14日

问一道题：NO.PZ2016021706000031

  1. CFA I
  2. Corporate Issuers

问题如下：

Adam Company is considering a project that requires a $100,000 cash outlay. This project expected to produce cash flows of $30,000 per year for the next ten years. Adam Company’s after-tax cost of debt is 8%. The current share price for Adam Company's stock is $50 and the expected dividend next year is $2.50 per share. Adam Company’s expected growth rate is 5%. Assume that Adam Company finances the project with 40% equity and 60% debt. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

请问最后一步NPV = -$103000+$194236.275 = $91236.275.中为什么是103000呢？3000分十年为什么不是用130000，谢谢。

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Olive_品职助教 · 2020年03月14日

嗨，从没放弃的小努力你好：


103000 是初始成本100,000加上3000的floatation cost，这两笔都是0时刻的支出。你说的10笔3000跟这个没关系，那是未来现金流，要折现，折现之后是PV=194236.275


-------------------------------
努力的时光都是限量版，加油！


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