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rabbit · 2020年08月12日

问一道题:NO.PZ2016021706000014

问题如下:

Which of the following statements is correct?

选项:

A.

If two projects' NPV profiles have different discount rates, they will intersect.

B.

Two projects' NPV profiles will intersect at their internal rate of return.

C.

Two projects’ NPV profiles will intersect at the same discount rate that makes their net present values equal.

解释:

C is correct.

The two project’ NPV profiles will intersect at the discount rate that makes both projects have equal NPVs. We call it crossover rate.

老师,discount rate 就是图里的cost of capital 吗?要求回报率?

1 个答案

王琛_品职助教 · 2020年08月13日

嗨,从没放弃的小努力你好:


同学你好,

结论

你的理解是正确的。

  • 现金流折现时,使用的利率为要求回报率
  • 即投资者考虑到项目的风险,所要求的折现率
  • discount rate 也被经常称做 “opportunity cost of funds” 或者是 “cost of capital”,参考原版书 P50

建议

  • 建议掌握这几个名称的含义,考试时见到要能够反应过来哈
  • 课后题前 3 题,都出现了 “opportunity cost of funds”


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