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lanjing666666 · 2020年08月22日

问一道题:NO.PZ2015120601000001 [ CFA I ]

问题如下图:

选项:

A.

B.

C.

解释:

虽然计算出正确答案了,还是想问一下,为什么fv=-2而不是2

1 个答案

星星_品职助教 · 2020年08月22日

同学你好,

PV/FV/PMT等的符号都只代表方向,不代表大小。这道题里如果把PV设置为+1,那么FV就是-2。这其实就是个计算器的设置问题。

也可以把PV设置为-1,那么算出来的FV就是+2,这个角度的意思就是公司一开始把net sales当成投入,用于扩大再生产,所以是个现金流的流出,PV为负。到期后可以获得两倍的net sales,这就是现金流的流入,从这个角度理解更顺畅一些。

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