NO.PZ201601200500001205
问题如下:
5. In response to Question 3, what are the most likely effects on the NPV and the total net cash flow in the terminal year, respectively?
选项:
解释:
B is correct.
Additional depreciation in earlier time periods will shield Embelesado from additional taxes, thus increasing the net cash flows in earlier years of the project and increasing the project’s NPV. However, this also means that there will be less depreciation expense in the terminal year of the project, thus shielding less income and increasing taxes. Terminal-year net cash flow will likely decrease.
老师,这道题母是不是这样理解:
首先,因为OCF= (S – C – D)(1 – T) + D D增加时,OCF增加
因为前期的OCF占比大,所以即使terminal year 的OCF小了,也不会影响整体OCF的增加——所以,NPV增加
以为前期D大,后期D小,所以后期的Terminal value小