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浪枫 · 2021年03月13日

为什么要用8万减去NPV的变化值呢？

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000002

问题如下：

The fixed capital investment will be adjusted downward by $80,000 after reappraising the project`s NPV. The fixed capital investment is depreciated straight-line over four years. The tax rate and the required rate of return are 20% and 15% respectively. All other things remain the same, such as annual revenues, cash operating expenses and salvage value. What may happen on the project`s NPV?

选项：

A.

$80,000 increase

B.

$68,580 increase

C.

$22,900 increase

解释：

B is correct.

考点：Cash Flow Projections：Expansion project

解析：固定资产投资下降$80,000，相对应的depreciation tax saving会下降 0.2*($80,000/4) =$4,000.

所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t} = $68,580.

既然固定资产价值减少8万，直接算出折旧的变化量折现不就是NPV的变化值么

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1 个答案

王琛_品职助教 · 2021年03月14日

嗨，从没放弃的小努力你好：


- NPV 的变化还包括期初哦

- 可以把项目的现金流，根据时间，分为：期初、期间和期末

- 折旧变化，影响的是期间和期末的现金流；但是固定资产投资减少，还影响期初现金流呀

- Initial outlay = – FCInv – NWCInv

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NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=14​1.15t4000​ = $68,580. .固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.为什么折旧减少，npv增加？

2022-09-03 10:56 1 · 回答

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NO.PZ2018101501000002 为什么NPV的增量不是用80,000+11,419.9135而是相减呢？投入减少不是也是增加NPV的一种方式吗？

2021-09-07 10:23 1 · 回答

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2020-11-18 22:48 1 · 回答