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sarah · 2021年09月08日

最后一年的cash flow

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000001

问题如下：

FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?

选项：

A.

$52,122.

B.

$64,090.

C.

$97,449.

解释：

C is correct.

Outlay=FClnv+NWCInv−Sal0+T(Sal0−B0)Outlay=FC_{lnv}+NWC_{Inv}-Sal_0+T(Sal_0-B_0)

Outlay = (350,000 + 110,000) + 73,000 – 0 + 0 = $533,000

The installed cost is $350,000 + $110,000 = $460,000, so the annual depreciation is $460,000/5 = $92,000. The annual after-tax operating cash flow for Years 1–5 is

CF = (S – C – D)(1 – T) + D = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000

CF = $146,000

The terminal year after-tax non-operating cash flow in Year 5 is:

TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)

=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}

TNOCF = $124,000

The NPV is

NPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}=97,449

请问最后一年的cash flow为什么不是TNOCF+OCF5=124000+146000=270000？谢谢

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1 个答案

王琛_品职助教 · 2021年09月09日

嗨，爱思考的PZer你好：


最后一年的总现金流 Total net CF，正是同学所说的 TNOCF+OCF5=124000+146000=270000

解析中 NPV 的写法，是把 OCF 和 TNOCF 分别折现。但是我们按计算器第三行的时候，是合在一起折现的，计算器按法如下：

CLR WORK 清零

CF0 = -533,000

C01 = 146,000 (t=1 至 t=4 的现金流，只有 OCF)

F01 = 4

C02 = 146,000+124,000=270,000 (t=5 的现金流，为 OCF + TNOCF)

F02 = 1

I = 10

CPT NPV = 97,449.11239

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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