NO.PZ2018101501000033
问题如下:
Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket and the weighted average cost of capital is 10%. What`s the economic income in the second year?
选项:
A.7,582.65
B.11,438.77
C.14,262.52
解释:
B is correct.
考点:Other Valuation Models
解析:根据公式EI2 = CF2 + (PV2 - PV1)
CF = (S – C – D)(1 – T) + D + After-tax salvage = EBIT(1 – T) + D + After-tax salvage
CF1=42,500 CF2=50,000 CF3=42,500 CF4=45,000
PV2 = = 75,826.45
PV1 = = 114,387.68
Economic income (Year 2) = 50,000 + (75,826.45 - 114,387.68) = 11,438.77
老师好 忘记为啥这里ATCF 要叫 after tax salvage value 了 CF = (S – C – D)(1 – T) + D + After-tax salvage = EBIT(1 – T) + D + After-tax salvage, 是否 只有求EI 的时候 需要在ATCF 中加。 还有就是求NPV 的时候 的TNOCF的时候。 谢谢。