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木木RJ · 2022年03月10日

2个问题确认下

  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.

1.根据定义这个题目直接CF0=-100000-3000=103000， C01=30000,F01=10,然后直接求出结果是不是更直观，更好

2.D/E=1.5, 在上一章节老师算Ba和Be的时候建议直接就用D=1.5，E=1求，而到了算WACC是不是必须把它转化为小于１的百分数，否则WACC就不对了．．．．

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2 个答案

王琛_品职助教 · 2022年03月20日

嗨，爱思考的PZer你好：


@Laremar

为什么CF0=-100000-3000=-103000？3000不是从第一年才开始的吗？

3 千是发行费用，发生在期初

3 万是期间现金流，是从第一年末开始

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王琛_品职助教 · 2022年03月11日

嗨，爱思考的PZer你好：


1）根据定义这个题目直接CF0=-100000-3000=103000， C01=30000,F01=10,然后直接求出结果是不是更直观，更好

是的，可以使用计算器第二行，直接按各期现金流计算

2）D/E=1.5, 在上一章节老师算Ba和Be的时候建议直接就用D=1.5，E=1求，而到了算WACC是不是必须把它转化为小于１的百分数，否则WACC就不对了．．．．

是的，因为 wd 和 we 是 debt 和 equity 的占比，二者均小于 1，且一般题目不涉及优先股的话，二者之和为 1

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加油吧，让我们一起遇见更好的自己！

Laremar · 2022年03月19日

为什么CF0=-100000-3000=-103000？3000不是从第一年才开始的吗？

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