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AndyTSOI · 2021年08月20日

这道题不是应该用增量去解答吗

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000007

问题如下：

Company M is purchasing a new equipment of $180,000, which will be depreciated straight-line to zero over four years. The required installation fee is $20,000. An inventory investment of $55,000 is required and the tax rate is 25%. The equipment will increase revenues by $110,000 annually but the cash operating expenses may remain the same. What`s the incremental annual after-tax operating cash flow?

选项：

A.

$95,000

B.

$65,000

C.

$45,000

解释：

A is correct.

考点：Cash Flow Projections

解析：Depreciation = $200,000/4 = $50,000 

CF = (S –C –D)(1 – T) +D

= [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000

（ΔS-ΔC）（1-T）+ΔD*T=（110000-0）（1-25%）+0=82500

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1 个答案

王琛_品职助教 · 2021年08月21日

嗨，努力学习的PZer你好：


1

增量现金流，指的就是 OCF 哈

资本预算的原则 Principles of Capital Budgeting，对应基础班讲义 P10-P11

咱们提到：要使用增量现金流，即：做这个项目，相比于不做项目，所带来的现金流

2

同学的算法中，并没有折旧，这样是考虑不全的

因为采购了新设备, 会影响很多变量, 比如期初的 -FCInv-WCInv, 期间现金流等

折旧 5 万, 也是因为采购了新设备用于这个项目才产生的, 因此要计算增量现金流, 必须要考虑折旧的因素呀

也请参考：https://class.pzacademy.com/qa/81736

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NO.PZ2018101501000007问题如下Company M is purchasing a new equipment of $180,000, whiwill preciatestraight-line to zero over four years. The requireinstallation fee is $20,000. inventory investment of $55,000 is requireanthe trate is 25%. The equipment will increase revenues $110,000 annually but the cash operating expenses mremain the same. What`s the incrementannuafter-toperating cash flow?A.$95,000B.$65,000C.$45,000A is correct.考点Cash Flow Projections解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) + [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000折旧费用包含买机器的钱还有安装费？

2022-07-23 14:14 1 · 回答

NO.PZ2018101501000007 为什么50000还算 不是已经说了expense不增加吗

2022-01-21 03:59 2 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000why why why why

2021-03-30 11:19 1 · 回答

$65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000请问我用110000 x（1-0.25）+ 50000 x（1-0.25）这种形式计算出来的结果为什么和答案不一样？

2020-12-10 00:06 1 · 回答