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410140980 · 2021年11月12日

残值属于现金流吗?

* 问题详情,请 查看题干

NO.PZ201601200500000903

问题如下:

3. Of the two grinders that the Dominion Company is evaluating, Böhm should recommend the:

选项:

A.

Bolten grinder because its NPV is higher than the Pinto grinder NPV.

B.

Bolten grinder because its EAA is higher than the Pinto grinder EAA.

C.

Pinto grinder because its EAA is higher than the Bolten grinder EAA.

解释:

C is correct.

Because the mutually exclusive projects have unequal lives, the EAA should be used instead of the NPV. The NPV and EAA for the Pinto grinder are correct. For the Bolten grinder, the NPV is

NPV=125,000+t=1447,0001.10t+20,0001.104=37,644NPV=-125,000+\sum_{t=1}^4\frac{47,000}{1.10^t}+\frac{20,000}{1.10^4}=37,644

To find the Bolten EAA, take the NPV for Bolten and annualize it for four years (N = 4, PV = 37,644, and i = 10%). The Bolten EAA is $11,876. Consequently, the Pinto grinder has the better EAA of $12,341.

老师这里计算Bol这个项目第四年有税后的残值20,000,为何直接当做现金流折现计算了NPV啊

1 个答案
已采纳答案

王琛_品职助教 · 2021年11月13日

嗨,努力学习的PZer你好:


因为项目结束了,变卖资产残值获得的现金流也是你经营项目的一部分,相当于项目做完了,要收回所有投资

也请参考:https://class.pzacademy.com/qa/57104

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NO.PZ201601200500000903 我计算的时候自己算了折旧,(125000-20000)/4

2021-06-18 17:52 1 · 回答

NO.PZ201601200500000903 Bolten grinr because its Eis higher ththe Pinto grinr EAPinto grinr because its Eis higher ththe Bolten grinr EA C is correct. Because the mutually exclusive projects have unequlives, the Eshouluseinsteof the NPV. The NPV anEfor the Pinto grinr are correct. For the Bolten grinr, the NPV is NPV=−125,000+∑t=1447,0001.10t+20,0001.104=37,644NPV=-125,000+\sum_{t=1}^4\frac{47,000}{1.10^t}+\frac{20,000}{1.10^4}=37,644NPV=−125,000+∑t=14​1.10t47,000​+1.10420,000​=37,644 To finthe Bolten EAtake the NPV for Bolten anannualize it for four years (N = 4, PV = 37,644, ani = 10%). The Bolten Eis $11,876. Consequently, the Pinto grinr hthe better Eof $12,341. pet=11875是p项目啊,不是b项目

2021-06-02 15:10 1 · 回答

请问为什么47000和20000两个数字是直接带入计算的?期间现金流没有加p*T啊,期末残值也是直接带入的为什么不按公司sal-T*(sal-B.B.)来算呢?看前面有位同学问了类似的问题但是助教老师的回答没看懂,还请再下,谢谢

2020-04-28 22:39 1 · 回答

老师,这题思路可否理解成 (1)项目投资年限不同,所以不能用NPV比较 (2)因为已经知道NPV是未来流入在今天的现值,所以EEA代表未来每一期的现金流入PMT,就要选绝对值大的? 有这个疑问是因为有时候EEA似乎也代表每年流出的成本?要选更小的? 怎么才能确定EEA的含义,以及到底选绝对值大的,还是小的? 谢谢!

2020-03-17 18:32 1 · 回答