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chen · 2022年08月29日

计算

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation costs is $3000 for the equity of this project.

If floatation costs are incorporated as an adjustment to the initial-period cash flows, what's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

这道题感觉有点问题

根据债和股的比例能知道股占了40%，总共投入了10w那么能算出多少股

股数知道了能算出f，不就应该用f那个公式而不是r=D/P +G

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1 个答案

王琛_品职助教 · 2022年08月30日

嗨，从没放弃的小努力你好：


同学的思路是合理的

如果「仅」根据题目的已知条件，确实两种方法都可以使用

「但是」题目最后其实明确了要具体使用的方法，是要将发行成本考虑在期初的现金流中，而不是资本成本中，所以对应的其实是方法 2

请参考题干的表述：If floatation costs are incorporated as an adjustment to the initial-period cash flows

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