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bluebell · 2020年03月02日

问一道题：NO.PZ2018101501000021

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 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.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Replacement Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV = -1,000,000 +∑t=14245,0001.12t\sum_{t=1}^4\frac{245,000}{1.12^t}  +Sal4-0.25×(Sal4-620,000)1.124\frac{{\text{Sal}}_4\text{-}0.25\times{({\text{Sal}}_4\text{-}620,000)}}{1.12^4}  = 0

计算求得Sal4 =$330,112

Debrah_品职答疑助手 · 1 天前

同学你好，这道题目是可以计算出答案C的。

这道题目其实是已经给出了PV=-1,000,000,PMT=150,000+95,000 = 245,000，N=4，I/Y=12%，此时用计算器求解FV=402,584。要注意，这里的FV不包含最后一起的OCF4，也就是245,000.

所以根据公式，TNOCF = Sal4 +NWCInv−T(Sal4 – B4 )=Sal4-25%*(Sal4 – 620,000)=402,584，就可以得出Sal4=330,112啦

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我看了老师回答其他同学的答案，关于怎么计算出答案C的还是有点不是太理解，为何用计算器求解出来的FV不含最后一期OCF4，而且FV=TNOCF？

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Debrah_品职答疑助手 · 2020年03月03日

同学你好。

在公式中，最后一期的现金流total net CF=TNOCF+OCF。在计算器计算的时候，默认OCF体现在"PMT"中（而非FV），而TNOCF体现在"FV"中。所以计算出来的FV，也就是402,584就是TNOCF，对应的就是Sal4 +NWCInv−T(Sal4 – B4 )。

至于计算器默认最后一期的“FV”不包含OCF，可以举个小例子验证一下：某债券面值100元，票息5%，折现率5%，期限一年，求FV是多少。口算就知道就是100。这时你用计算器验证一下：PV=-100，I/Y=5，PMT=5，N=1，CPT FV=100，是不包含最后一起的利息5块钱的。

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