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Spencer · 2020年11月28日

问一道题:NO.PZ2018101501000031 [ CFA II ] NPV需要关注正负号

问题如下:

Company M has invested $20 million in fixed capital and another $5 million in working capital in a ten-year project. The equipment will be depreciated straight-line to zero over five years. It will generate additional annual revenues of $1.5 million and reduce annual cash operating expenses of $0.5 million. After ten years, the equipment will be sold for $3 million. The tax rate and the required rate of return are 25% and 10% respectively. However, after reappraising the project, the fixed capital investment will be adjusted downward by $2 million with no change in salvage value. What will happen on the project NPV?

选项:

A.

It will increase $2.38 million.

B.

It will decrease $1.62 million.

C.

It will increase $1.62 million.

解释:

C is correct.

考点:Cash Flow Projections: Expansion Project

解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的depreciation tax saving会下降 0.25*($2 million/5) = $0.1 million

所以NPV最终会增加2 - t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t} = $1.62 million

老师请问,我这题算出调整前的NPV=-9.1972,调整后的NPV=-7.5763,所以正负号还是需要看的对吧?不应该只看绝对值。考虑了负号这题才能选正确,是上升了。
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王琛_品职助教 · 2020年11月29日

- 亲是的,咱们使用 NPV 一般的 decision rule 是 NPV 大于 0,投资;NPV 小于 0,不投
- 所以必须要考虑符号哈

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