NO.PZ201601200500001004
问题如下：
4. A switch from straight-line to accelerated depreciation would:
选项：
A.increase the NPV and decrease the first year operating income after taxes.
B.increase the first year operating income after taxes and decrease the NPV.
C.increase both the NPV and first year operating income after taxes.
解释：
A is correct.
Accelerated depreciation shifts depreciation expense toward the earlier years so that first-year operating income after taxes will be lower. However, because depreciation is a noncash expense, it must be added back to operating income after taxes in order to obtain after-tax operating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV.
根据OCF=(S-C-D)*(1-t)+D，从直线折旧改为加速折旧，第一年的Dep增加，带来OCF增加和NPV的提升。计算NPV时，早期的现金流折现因子更大，配以的权重更大，因此早期的现金流对NPV的影响更大。那么，OCF增加，NPV增加，为什么不对
