老师这题改变了假设条件期初支出变成0.24-有问必答-品职教育专注CFA ESG FRM CPA 考研等财经培训课程

老师这题改变了假设条件期初支出变成0.24

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NO.PZ201601200500001005

问题如下：

5. If the outlay is lower by the amount that Simpson suggests, the project NPV should increase by an amount closest to:

选项：

€0.09 billion.

€0.14 billion.

€0.17 billion.

解释：

C is correct.

The outlay is lower by €0.24, which will decrease the annual depreciation by €0.04 for the first six years. The annual additional taxes from the loss of the depreciation tax shelter are € 0.04(0.40) = € 0.016. The after-tax cash flows are higher by € 0.24 at time zero (because of the smaller investment) and lower by € 0.016 for the first six years. The NPV increases by

$NPV=+0.24-\sum_{t=1}^6\frac{0.016}{1.12^t}=0.24-0.0658=0.1742=€0.17billion$

老师解析的我理解，我想问按照原假设计算的

CF0=-1.9, CF1-CF6=0.31, CF7-CF11=0.21, CF12=0.91 计算的NPV是-0.008368

按照现更改假设CF0=-0.64， CF1-CF6=0.226 CF7-11=0.21, CF12=0.91 计算的NPV=0.9067 两者相减不等于解析的答案呀

嗨，从没放弃的小努力你好：

按照现更改假设CF0=-0.64， CF1-CF6=0.226 CF7-11=0.21, CF12=0.91 计算的NPV=0.9067 两者相减不等于解析的答案呀

期初投资减少 0.24 后，各期现金流如下

CF0 = -1.5-0.4+0.24=-1.66

CF1-CF6 = (S – C – D)(1 – T) + D = [0.10 – (–0.25) – 0.21](1 – 0.40) + 0.21 = 0.294

CF7-CF11 = (S – C – D)(1 – T) + D = [0.10 – (–0.25) – 0](1 – 0.40) + 0 = 0.21

TNOCF 不变，仍为 Sal12 + NWCInv – T(Sal12 – B12) = 0.50 + 0.40 – 0.40(0.50 – 0) = 0.70

所以 NPV 等于 0.165849

最初的 NPV 为 -0.008368，所以变化为 0.165849-(-0.008368) = 0.174217，四舍五入选 C 哈

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老师这题改变了假设条件期初支出变成0.24

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