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

返回

icehan23 · 2022年01月04日

第4年NWCInv 为什么不是500k

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000021

问题如下：

Company M is investing an equipment of $0.5 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $40,000 and depreciation of $50,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$403,2578

C.

$375,494

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：

题干第一句话：12% internal rate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。

CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 40,000+50,000 = $90,000

账面价值BV4 = 500,000 – 50,000*4 = $300,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-300,000)

NPV=−500,000+∑t=1490,0001.12t+Sal4−0.25×(Sal4−300,000)1.124NPV=-500,000+\sum_{t=1}^4\frac{90,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-300,000)}}{1.12^4}

计算前四年 OCF (90,000) 的净现值为 -226,638.5588，计算器按法

清零

CF0 = -500,000，

C01 = 90,000；F01 = 4 (t=1 至 t=4 时刻)

I = 12

NPV = -226,638.5588

即：Sal4−0.25×(Sal4−300,000)1.124=226,638.5588\frac{{Sal_4}-0.25\times{({Sal_4}-300,000)}}{1.12^4}=226,638.5588

计算求得Sal4 = $375,493.5467

如上

添加评论
1 个答案

王琛_品职助教 · 2022年01月04日

嗨，爱思考的PZer你好：


这道题的题干，并不涉及运营资本 working capital。其针对的是存货和应收账款等经营性流动资产，并不是针对固定资产

关于运营资本 working capital 的理解，也请参考：https://class.pzacademy.com/qa/80041

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 452

    浏览
相关问题

NO.PZ2018101501000021 折旧为啥第四年还是50000？折旧在第四年不50000*4？

2022-01-15 22:42 1 · 回答

NO.PZ2018101501000021 EBIT不是等于5W吗？为什么答案里面是写的15W？题目出问题了吗

2021-10-02 22:55 1 · 回答

NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=14​1.12t245,000​+1.124Sal4​−0.25×(Sal4​−620,000)​ 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4​−0.25×(Sal4​−620,000)​=255849.4101 计算求得Sal4 = $330,112 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 老师你好，对于答案解析中F01=4，我不太懂为什么这边要输入F01，计算器这个F01是代表什么？F02、F03、F04需要输入吗？我输入F01=4时候求的NPV是-888187， 和这个答案也不一样。

2021-07-30 17:21 1 · 回答

NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=14​1.12t245,000​+1.124Sal4​−0.25×(Sal4​−620,000)​ 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4​−0.25×(Sal4​−620,000)​=255849.4101 计算求得Sal4 = $330,112 请问为什么NPV算出来是负值，Sal4仍然按照NPV是正值来处理呢？

2021-05-29 12:49 1 · 回答