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magico · 2020年06月10日

问一道题：NO.PZ2018101501000021

  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

这题，如果按照解答步骤，几乎不太可能算出来。


  1. 我认为比较合理的是，带入选项来试。
  2. 题目中，有一个比较特殊的地方，也就说无论ABC哪个答案，最后selling price 是低于book value 620,000的，这种情况相当于抵税了，是否合理？
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maggie_品职助教 · 2020年06月11日

嗨，爱思考的PZer你好：


1、是的，这道题简便做法就是带入选项倒退求解。解析中方法可以算就是太麻烦。

2、期末售价大于或小于账面价值都是很正常的情况，当你要售卖的设备已经过时了，即便账面没有折完，它也可能卖不出去或以极低的价格（破铜烂铁）卖出去。如果售价低于账面价值，就可以抵税，这一点理解正确。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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