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蜗牛也是牛Megan · 2022年06月19日

没看懂7.3的处理

  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+NWCInvOutlay=FC_{lnv}+NWC_{Inv}

Outlay = (350,000 + 110,000) + 73,000 = $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

An inventory investment of $73,000 is required during the life of the investment.这个不是说每期都要花费的钱吗？还是理解成wcinv

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王琛_品职助教 · 2022年06月20日

嗨，爱思考的PZer你好：


1

理解成 WCInv

关于 working capital 营运资本，是如果一个企业要正式投产的话必须有运作的资金，也就是周转资金

包括：存货和应收账款等经营性流动资产，及应付账款与一些应付费用等经营性流动负债等

这部分的性质是暂时投入的，以后在企业停止运营时还是可以收回的

2

一般做题时，看到 inventory investment，可以理解为就是在说 WCInv 哈

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

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相关问题

NO.PZ2016012005000001问题如下FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122.B.$64,090.C.$97,449. C is correct.Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​Outl= (350,000 + 110,000) + 73,000 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 110K是装该设备费用，不是设备价值，为啥要算到折旧里。

2022-08-25 14:56 1 · 回答

$64,090. $97,449. C is correct. Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​ Outl= (350,000 + 110,000) + 73,000 = $533,000 The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is = (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000 = $146,000 The terminyeafter-tnon-operating cash flow in Ye5 is: TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​) =85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0) TNO= $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}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 我不太明白WC为什么是inventory？难道WC不应该是110000？而且inventory就算是初始投资，都转入成本了，怎么可能5年以后再收回来？

2022-07-23 11:10 2 · 回答

NO.PZ2016012005000001 问题如下 FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122. B.$64,090. C.$97,449. C is correct.Outlay=FClnv+NWCInv−Sal0+T(Sal0−B0)Outlay=FC_{lnv}+NWC_{Inv}-Sal_0+T(Sal_0-B_0)Outlay=FClnv​+NWCInv​−Sal0​+T(Sal0​−B0​)Outl= (350,000 + 110,000) + 73,000 – 0 + 0 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 请问第一年也要考虑处置的问题吗？S- B

2022-05-08 11:06 1 · 回答

NO.PZ2016012005000001 请问最后一年的cash flow为什么不是TNOCF+OCF5=124000+146000=270000？谢谢

2021-09-08 11:08 1 · 回答