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HOHO · 2021年10月20日

有2处疑问

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

有2处疑问：

  1. 这道题计算flotation cost能否用method 1，re=[D1/(P0-F)] +g计算，然后NPV不减3000？
  2. 最后的NPV为什么要减去100000？
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1 个答案
已采纳答案

lynn_品职助教 · 2021年10月22日

嗨，爱思考的PZer你好：


1.用method 1 算出的flotation cost不准确，不建议使用哈。

2.NPV需要减去initial cash outlay~

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