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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

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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

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