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Angela · 2021年03月14日

Total Net CF=NWC+SAL-T(SAL-B),这里的B=0是book value of fixed asset的意思?

NO.PZ2018101501000028

问题如下:

Company M has invested $20 million in fixed capital and another $5 million in working capital in a ten-year project. The equipment will be depreciated straight-line to zero over five years. It will generate additional annual revenues of $1.5 million and reduce annual cash operating expenses of $0.5 million. After ten years, the equipment will be sold for $3 million. The tax rate and the required rate of return are 25% and 10% respectively. What`s the initial outlay and the terminal year non-operating cash flow, respectively?

选项:

A.

$25 million and $8 million

B.

$25 million and $7.25 million

C.

$20 million and $7.25million

解释:

B is correct.

考点:Cash Flow Projections: Expansion Project

解析:Initial Outlay = FCInv+NWCInv - Sal0+T(Sal0– B0) = 20+ 5 – 0 + 0 = $25 million

TNOCF = Sal10 +NWCInv - T(Sal10 - B10) = 3 + 5 - 0.25*(3-0) = $7.25 million

因为到第五年FA已经折旧成0,所以B=0?

1 个答案

王琛_品职助教 · 2021年03月16日

嗨,爱思考的PZer你好:


- 是的,你的理解是正确的

- 另外,做题时一定要注意折旧的表述哈,有可能期末的 book value of fixed asset 并不等于 0,比如课后题第 21 题

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