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miaomiaoronger · 2021年02月20日

请问这道题是expansion还是replacement,如何区分?

NO.PZ2018101501000027

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. What are the after-tax operating cash flow for Years 1–5 and 6–10 respectively?

选项:

A.

$2.5 million and $1.5 million.

B.

$2.5 million and $1.2 million

C.

$2.3 million and $1.2 million

解释:

A is correct.

考点:Cash Flow Projections: Expansion Project

解析:Depreciation(15) = 20/5 = $4 million.

OCF(1-5) = ( ΔS –ΔC)(1 – T) + ΔD*T = [1.5 – (– 0.5)](1 – 0.25) + 4*0.25 = $2.5 million

OCF(6-10) = (ΔS – ΔC – ΔD)(1 – T) + ΔD= [1.5 – (– 0.5) – 0](1 – 0.25) + 0 = $1.5 million

请问这道题是expansion还是replacement,如何区分?

1 个答案

王琛_品职助教 · 2021年02月21日

- 这道题是 expansion 哈,你从题干的信息和数据量就可以看出来了
- 如果是 replacement, 考虑到增量现金流,题目必须要提供 新、旧 项目的相关信息,数据量一般是这道题的两倍
- 请参考基础班讲义 P24 的例题哈