WINWIN8 · 2019年05月06日
问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，关于flotation这个运算在讲课的时候，李老师说要用方法1，虽然方法1有缺点。 所以我又两个问题，
第一： 为什么这道题不用方法1来算呢？
第二： 如果用flotation的方法1来算，也就是 re= {d1/p0(1-f)} +g, 也就是[2.5/50（1-0.03）] +0.05 = 0.102, 然后算出wacc， 再代入计算机 cf0= -100000, cf1=30000, f1=10, r=8.86,最后得到npv. 但得到的npv是不对的， 请问我解题思路哪儿不对呢？
NO.PZ2016021706000031 问题如下 Am Company is planning to invest ina projewith a $100,000 initicash outlay. This new projeis expecteto generatecash flows of $30,000 every yein the next ten years. The flowing is theinformation of Am companyAm Company will finantheprojewith a bt-to-equity ratio of 1.5. The llamount of flotation costs is $3000 for the equity of this project. If floatation costs are incorporateaustment to the initial-periocash flows, what's the NPV for the project? A.$90,039. B.$91,236. C.$100,030. B is correct.Re = 2.5/50+ 0.05= 10%E=1.5, W60%, We=40%WA= 0.60*0.08 + 0.40*0.1 = 8.8%N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275NPV = -$103000+$194236.275 = $91236.275. 我不太能理解为什么第一步的Re是用2.5/50+0.05，请问这是在哪里学的？
NO.PZ2016021706000031问题如下 Am Company is planning to invest ina projewith a $100,000 initicash outlay. This new projeis expecteto generatecash flows of $30,000 every yein the next ten years. The flowing is theinformation of Am companyAm Company will finantheprojewith a bt-to-equity ratio of 1.5. The llamount of flotation costs is $3000 for the equity of this project. If floatation costs are incorporateaustment to the initial-periocash flows, what's the NPV for the project? A.$90,039.B.$91,236.C.$100,030. B is correct.Re = 2.5/50+ 0.05= 10%E=1.5, W60%, We=40%WA= 0.60*0.08 + 0.40*0.1 = 8.8%N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275NPV = -$103000+$194236.275 = $91236.275. 老师我想问一问，这道题能不能用计算机cf的功能来算出来，只不过是CF0是10300，剩下的I是Wacc这样，谢谢
NO.PZ2016021706000031 问题如下 Am Company is planning to invest ina projewith a $100,000 initicash outlay. This new projeis expecteto generatecash flows of $30,000 every yein the next ten years. The flowing is theinformation of Am companyAm Company will finantheprojewith a bt-to-equity ratio of 1.5. The llamount of flotation costs is $3000 for the equity of this project. If floatation costs are incorporateaustment to the initial-periocash flows, what's the NPV for the project? A.$90,039. B.$91,236. C.$100,030. B is correct.Re = 2.5/50+ 0.05= 10%E=1.5, W60%, We=40%WA= 0.60*0.08 + 0.40*0.1 = 8.8%N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275NPV = -$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=P +G
NO.PZ2016021706000031 问题如下 Am Company is planning to invest ina projewith a $100,000 initicash outlay. This new projeis expecteto generatecash flows of $30,000 every yein the next ten years. The flowing is theinformation of Am companyAm Company will finantheprojewith a bt-to-equity ratio of 1.5. The llamount of flotation costs is $3000 for the equity of this project. If floatation costs are incorporateaustment to the initial-periocash flows, what's the NPV for the project? A.$90,039. B.$91,236. C.$100,030. B is correct.Re = 2.5/50+ 0.05= 10%E=1.5, W60%, We=40%WA= 0.60*0.08 + 0.40*0.1 = 8.8%N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275NPV = -$103000+$194236.275 = $91236.275. 老师所以这道题考的是flotation metho的知识点是吗？ 所以只要题目说flotation cost 是个具体的金额，就是考察 metho2 也就是preferreapproach?
NO.PZ2016021706000031 问题如下 Am Company is planning to invest ina projewith a $100,000 initicash outlay. This new projeis expecteto generatecash flows of $30,000 every yein the next ten years. The flowing is theinformation of Am companyAm Company will finantheprojewith a bt-to-equity ratio of 1.5. The llamount of flotation costis $3000 for the equity of this project. What's the NPV for the project? A.$90,039. B.$91,236. C.$100,030. B is correct.Re = 2.5/50+ 0.05= 10%E=1.5, W60%, We=40%WA= 0.60*0.08 + 0.40*0.1 = 8.8%N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275NPV = -$103000+$194236.275 = $91236.275. 为什么这里的分母50，不需要减去F？不是应该2.5/50-3000+0.05吗
