开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

开泰-王飞 · 2021年12月11日

答案为何要用2减去减少的折旧

NO.PZ2018101501000031

问题如下:

Company M has invested $20 million in fixed capital and another $5 million in working capital in a ten-year project. The equipment will be depreciated straight-line to zero over five years. It will generate additional annual revenues of $1.5 million and reduce annual cash operating expenses of $0.5 million. After ten years, the equipment will be sold for $3 million. The tax rate and the required rate of return are 25% and 10% respectively. However, after reappraising the project, the fixed capital investment will be adjusted downward by $2 million with no change in salvage value. What will happen on the project NPV?

选项:

A.

It will increase $2.38 million.

B.

It will decrease $1.62 million.

C.

It will increase $1.62 million.

解释:

C is correct.

考点:Cash Flow Projections: Expansion Project

解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的depreciation tax saving会下降 0.25*($2 million/5) = $0.1 million

所以NPV最终会增加2 - t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t} = $1.62 million

如题

1 个答案

王琛_品职助教 · 2021年12月12日

嗨,爱思考的PZer你好:


我理解同学是对解题思路有疑问?请同学先参考一下:https://class.pzacademy.com/qa/81796

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 402

    浏览
相关问题

NO.PZ2018101501000031 问题如下 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct.考点Cash Flow Projections: Expansion Project解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=15​1.1t0.1​ = $1.62 million EBIT(1-T) + = (S-C)(1-T) + T,只有小了,所以用来scount的cash flow变小了,为何NPV不是crease而是increase呢?

2022-08-09 22:12 1 · 回答

NO.PZ2018101501000031问题如下 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct.考点Cash Flow Projections: Expansion Project解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=15​1.1t0.1​ = $1.62 million 请问老师我计算调整前NPV的式子哪里不对?CF0=-25 C01=2.5 F01=5 C02=1.5 F02=4 C03=9.5 F03=1 I=10

2022-07-14 17:12 1 · 回答

NO.PZ2018101501000031 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct. 考点Cash Flow Projections: Expansion Proje解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million 所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=15​1.1t0.1​ = $1.62 million 答案最后那个公式是从哪儿来的? 难道不是把变化前变化后的npv都算出来然后相减吗

2021-08-01 14:33 1 · 回答

NO.PZ2018101501000031 Company M hinveste$20 million in fixecapitananother $5 million in working capitin a ten-yeproject. The equipment will preciatestraight-line to zero over five years. It will generate aitionannurevenues of $1.5 million anreannucash operating expenses of $0.5 million. After ten years, the equipment will solfor $3 million. The trate anthe requirerate of return are 25% an10% respectively. However, after reappraising the project, the fixecapitinvestment will austewnwar$2 million with no change in salvage value. Whwill happen on the projeNPV? It will increase $2.38 million. It will crease $1.62 million. It will increase $1.62 million. C is correct. 考点Cash Flow Projections: Expansion Proje解析固定资产投资下降$2 million,折旧会下降$0.4 million,相对应的preciation tsaving会下降 0.25*($2 million/5) = $0.1 million 所以NPV最终会增加2 - ∑t=150.11.1t\sum_{t=1}^5\frac{0.1}{1.1^t}∑t=15​1.1t0.1​ = $1.62 million 老师你好,关于这题的符号方向,初始的固定资产的投资因为从20降到18,所以对于现金流来的变化来说是增加了2,后续因为初始固定的变化,OCF的计算中原来是4*25%=1,现在降级初始固定资产投资后是3.6*25%=0.9,对于OCF来说是减少了0.1,所以计算最后对NPV的影响就应该用 ,因为已经考虑了方向了,所以最后NPV算出来是正数就应该选increase,请问老师以上的思路对不?

2021-07-31 08:47 1 · 回答