老师，突然想不起来了，想问一下用计算机算的时候，为什么CF0要设置为0 ？
问题如下图：
选项：
A. 
B. 
C. 
解释：
王琛_品职助教 · 2020年07月25日
嗨，努力学习的PZer你好：
同学你好，
这块不用记哈，看题目即可。你可能把现金流折现求现值，和 R19 资本预算中使用现金流求 NPV 搞混了。
在 discounted cash flow analysis 中，是将未来的现金流折现，题目告诉了哪期的现金流，我们就在计算器中输入对应期数的现金流。
题目也没有告诉期初的现金流呀，所以 CF0 设置为 0。
课后题还有 3 道题，涉及现金流折现，建议一并做完，总结一下出题套路，这样这块知识点应该会掌握的比较好。参考：R23 课后题第 7，8，19 题。
加油！
-------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2018101501000105 $30.73 $32.08 C is correct. 考点scounteCash Flow Analysis 解析 TV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionTV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionTV3=r−gFCF3∗(1+g)=10%−5%18∗(1+5%)=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12+(1+10%)215+(1+10%)318+378=$320.83million 故PV per share为$32.08 after Ye3 anthe requirerate of return is 10%year1 year2 requurereturn题目没说啊
Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. The constant growth rate of the free cash flow is 5% after Ye3 anthe requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $29.50 $30.73 $32.08 C is correct. 考点scounteCash Flow Analysis 解析 PV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionPV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionPV3=r−gFCF3∗(1+g)=10%−5%18∗(1+5%)=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12+(1+10%)215+(1+10%)318+378=$320.83million 故PV per share为$32.08 请问答案的第一个公式PV3=FCF3…处， 是不是应该为TV3？
Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. The constant growth rate of the free cash flow is 5% after Ye3 anthe requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $29.50 $30.73 $32.08 考点scounteCash Flow Analysis 解析 PV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionPV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionPV3=r−gFCF3∗(1+g)=10%−5%18∗(1+5%)=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12+(1+10%)215+(1+10%)318+378=$320.83million 故PV per share为$32.08 乱码题目