问一道题：NO.PZ2018101501000002 [ CFA II ]

问题如下：

The fixed capital investment will be adjusted downward by $80,000 after reappraising the project`s NPV. The fixed capital investment is depreciated straight-line over four years. The tax rate and the required rate of return are 20% and 15% respectively. All other things remain the same, such as annual revenues, cash operating expenses and salvage value. What may happen on the project`s NPV?

选项：

$80,000 increase

$68,580 increase

$22,900 increase

解释：

B is correct.

考点：Cash Flow Projections：Expansion project

解析：固定资产投资下降$80,000，相对应的depreciation tax saving会下降 0.2*($80,000/4) =$4,000.

所以NPV最终会增加80,000 - $\sum_{t=1}^4\frac{4000}{1.15^t}$ = $68,580.

为什么TNOCF不受影响？

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1 个答案

王琛_品职助教 · 2020年11月19日

- 亲因为题干说了 "All other things remain the same, such as annual revenues, cash operating expenses and salvage value"
- 或者亲你认为 TNOCF 应该具体会受什么影响，如何量化呢？

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NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=141.15t4000 = $68,580. .固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.为什么折旧减少，npv增加？

2022-09-03 10:56 1 · 回答

NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=141.15t4000 = $68,580. 80,000-11,419.9135 可以这样理解吗，initioutl增量为-80000，所以计算npv变化时，initioutlay的部分为-（-80000）=80000？然后-11419.9135是因为preciation本身随着fixecapital的减少而减少，所在计算结果是80,000-11,419.9135

2022-06-11 01:39 1 · 回答

NO.PZ2018101501000002 为什么NPV的增量不是用80,000+11,419.9135而是相减呢？投入减少不是也是增加NPV的一种方式吗？

2021-09-07 10:23 1 · 回答

NO.PZ2018101501000002 既然固定资产价值减少8万，直接算出折旧的变化量折现不就是NPV的变化值么

2021-03-13 10:22 1 · 回答

问一道题：NO.PZ2018101501000002 [ CFA II ]

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