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𝒜𝒩𝒥𝒜 安雅🎃 · 2021年12月12日

怎么判断是该用计算器的NPV键还是第三行PV键？

  1. CFA I
  2. FRA

NO.PZ2016012102000157

问题如下：

At the beginning of 2017, PZ company enters a finance lease for 5 years with annual payments of $1,000 paid in front. The interest rate on the lease is 6%, which of the following statements is the most correct?

选项：

A.

The amount of interest expense recognized by PZ in 2017 is closest to $207.91.

B.

The amount of interest expense recognized by PZ in 2017 is closest to $252.74.

C.

The amount of interest expense recognized by PZ in 2017 is closest to $267.91.

解释：

A is correct.

At the beginning of 2017, use BGN mode: N=5; I/Y=6; PMT=1,000; FV=0, CPT PV=4465.11

The first payment is made, therefore the finance lease liability is $4465.11 - $1000=$3465.11

The amount of interest expense recognized by PZ in 2017 is $3465.11 × 6%=$207.91

考点：债券利息费用的计算

根据已知信息，annual payment paid in front, 所以是BGN模式，用计算器得出债券的初始价值。

使用BGN模式：N=5； I/Y=6； PMT=1,000； FV=0，CPT PV=4465.11

2017年初，确认债券价值 $4465.11

2017年初，由于$1000利息已付，因此融资租赁债务的价值 = $4465.11 - $1000 = $3465.11

2017年末，计算第一期确认的利息费用 = 融资租赁债务的价值 * 市场利息率(market interest rate) = $3465.11×6%=$207.91

PZ 2017年确认的利息费用金额为$207.91。

老师，我知道这题是用BGN模式，但我用了NPV来算，算出来结果跟解析是一样的。但是我不知道为什么这题可以用计算器第三行的PV键来算。


感觉我是某个知识点读漏了，但就是不知道哪里漏了，请老师指点一下，谢谢。

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Kiko_品职助教 · 2021年12月13日

嗨，爱思考的PZer你好：


这道题用NPV计算也完全没问题。CF0=-1000，CF1=1000，F01=4， I/Y=6. NPV =4465.11。但是这种方法非常考验学员识别现金流的方向，容易出错。这道题最简单的方法就是直接用第三行计算，除了pv其他条件都给定了。


“怎么判断是该用计算器的NPV键还是第三行PV键？”


NPV是计算一个项目值不值得去投资，会有初始投资成本CF0，然后有未来现金流，通过未来现金流的折现与初始投资成本CF0作对比，>0是值得投资的。题目中不要求我们去判断融资租赁这个项目值不值得投资。并且给的都是现金流，所以算PV最简单的就是直接折现。


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