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johnny · 2021年08月01日

折旧为何不加入workingcaptialinvestment

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000040

问题如下：

Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the terminal year’s total net cash flow for the project?

选项：

A.

$12.375 million

B.

$13.750 million

C.

$26.125 million

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：After-tax operating CF = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

TNOCF = Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 million

Total net cash flow = 12.375+13.75 = $26.125 million

我记得上一道题是加入了的，为何这道题又不加入呢？

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王琛_品职助教 · 2021年08月02日

嗨，爱思考的PZer你好：


1）我记得上一道题是加入了的

同学方便说一下是具体哪道题目嘛，我确认一下

2）为何这道题又不加入呢？

因为运营资本 working capital，针对的是存货和应收账款等经营性流动资产，并不是针对固定资产，所以不涉及折旧

关于运营资本 working capital 的理解，也请参考：https://class.pzacademy.com/qa/80041

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NO.PZ2018101501000040 问题如下 Company M, a pharmaceuticcorporation, is investing $30 million in fixecapitan$10 million in working capitfor a four-yeexpansion project. The fixecapitwill preciatestraight-line to zero over four years anit will generate annurevenues anannucash operating expenses of $22 million an$8 million, respectively. The fixeassets are expecteto solfor $5 million anthe working capitinvestment will recoverethe enof the project. The trate is 25%. What’s the terminyear’s totnet cash flow for the project? $12.375 million $13.750 million $26.125 million C is correct.考点Cash Flow Projections: Expansion Project解析After-toperating = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 millionTNO= Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 millionTotnet cash flow = 12.375+13.75 = $26.125 million 我以为最后一年的after toperating CF=(S-C-*(1-T)+(22-8-0)*0.75+0=10.5

2022-06-27 15:36 1 · 回答

$13.750 million $26.125 million C is correct. 考点Cash Flow Projections: Expansion Proje解析After-toperating = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 million TNO= Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 million Totnet cash flow = 12.375+13.75 = $26.125 million为什么折旧是7.5呢？

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