问题如下图：
选项：
A. 
B. 
C. 
解释：
能理解OCF=EBIT(1-T)+D*T,D增加，则OCF增加，但为什么早期OCF增加，NPV增加，加速折旧不是后期D下降么，那么后期的OCF不是也会下降么？
NO.PZ201601200500001004 老师好， 想请问“first-yeoperating income after taxes”的公式是什么？是EBIT*(1-T)吗？也就是(Sales-COGS-SG&A-p)*(1-T)吗？ 谢谢老师
NO.PZ201601200500001004 increase the first yeoperating income after taxes ancrease the NPV. increase both the NPV anfirst yeoperating income after taxes. A is correct. Acceleratepreciation shifts preciation expense towarthe earlier years so thfirst-yeoperating income after taxes will lower. However, because preciation is a noncash expense, it must aebato operating income after taxes in orr to obtain after-toperating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV. 请问把“第一年”改成“早期”是不是更严谨？记得李老师讲第一年的话，加速折旧和直线折旧折旧率是一样的
NO.PZ201601200500001004 increase the first yeoperating income after taxes ancrease the NPV. increase both the NPV anfirst yeoperating income after taxes. A is correct. Acceleratepreciation shifts preciation expense towarthe earlier years so thfirst-yeoperating income after taxes will lower. However, because preciation is a noncash expense, it must aebato operating income after taxes in orr to obtain after-toperating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV. 忘记表达式了
NO.PZ201601200500001004 根据OCF=(S-C-*(1-t)+从直线折旧改为加速折旧，第一年的p增加，带来OCF增加和NPV的提升。计算NPV时，早期的现金流折现因子更大，配以的权重更大，因此早期的现金流对NPV的影响更大。那么，OCF增加，NPV增加，为什么不对
老师请问，为何计算NPV时，早期的现金流折现因子更大，配以的权重更大，因此早期的现金流对NPV的影响更大？折现因子是谁决定的？
