您的位置：360文档中心› 罗斯公司理财第六章投资决策课后习题答案

罗斯公司理财第六章投资决策课后习题答案

合集下载

公司理财中文版第七版第六章答案

公司理财中文版第七版第六章答案

公司理财中文版第七版第六章答案1.如果项目会带来常规的现金流，回收期短于项目的生命周期意味着，在折现率为0的情况下，NPV为正值。

折现率大于0时，回收期依旧会短于项目的生命周期，但根据折现率小于、等于、大于IRR的情况，NPV可能为正、为零、为负。

折现回收期包含了相关折现率的影响。

如果一个项目的折现回收期短于该项目的生命周期，NPV一定为正值。

2.如果某项目有常规的现金流，而且NPV为正，该项目回收期一定短于其生命周期。

因为折现回收期是用与NPV相同的折现值计算出来的，如果NPV 为正，折现回收期也会短于该项目的生命周期。

NPV为正表明未来流入现金流大于初始投资成本，盈利指数必然大于1。

如果NPV以特定的折现率R计算出来为正值时，必然存在一个大于R的折现率R’使得NPV为O，因此，IRR必定大于必要报酬率。

3.（1）回收期法就是简单地计算出一系列现金流的盈亏平衡点。

其缺陷是忽略了货币的时间价值，另外，也忽略了回收期以后的现金流量。

当某项目的回收期小于该项目的生命周期，则可以接受；反之，则拒绝。

（2）平均会计收益率为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。

其最大的缺陷在于没有使用正确的原始材料，其次也没有考虑到时间序列这个因素。

一般某项目的平均会计收益率大于公司的目标会计收益率，则可以接受；反之，则拒绝。

（3）内部收益率就是令项目净现值为0的贴现率。

其缺陷在于没有办法对某些项目进行判断，例如有多重内部收益率的项目，而且对于融资型的项目以及投资型的项目判断标准截然相反。

对于投资型项目，若IRR大于贴现率，项目可以接受；反之，则拒绝。

对于融资型项目，若IRR小于贴现率，项目可以接受；反之，则拒绝。

（4）盈利指数是初始以后所有预期未来现金流量的现值和初始投资的比值。

必须注意的是，倘若初始投资期之后，在资金使用上还有限制，那盈利指数就会失效。

对于独立项目，若PI大于1，项目可以接受；反之，则拒绝。

罗斯《公司理财》(第11版)笔记和课后习题答案详解

罗斯《公司理财》(第11版)笔记和课后习题答案详解

精研学习>网>>>免费试用百分之20资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>历年真题>全收集本书是罗斯的《公司理财》（第11版）（机械工业出版社）的学习辅导书。

本书遵循该教材的章目编排，包括8篇，共分31章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。

本书具有以下几个方面的特点：（1）浓缩内容精华，整理名校笔记。

本书每章的复习笔记对本章的重难点进行了整理，并参考了国内名校名师讲授罗斯的《公司理财》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知识精华。

（2）精选考研真题，强化知识考点。

部分考研涉及到的重点章节，选择经典真题，并对相关重要知识点进行了延伸和归纳。

（3）解析课后习题，提供详尽答案。

国内外教材一般没有提供课（章）后习题答案或者答案很简单，本书参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。

（4）补充相关要点，强化专业知识。

一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。

本书提供电子书及打印版，方便对照复习。

第1篇概论第1章公司理财导论1.1复习笔记1.2课后习题详解第2章会计报表与现金流量2.1复习笔记2.2课后习题详解第3章财务报表分析与长期计划3.1复习笔记3.2课后习题详解第2篇估值与资本预算第4章折现现金流量估价4.1复习笔记4.2课后习题详解第5章净现值和投资评价的其他方法5.1复习笔记5.2课后习题详解第6章投资决策6.1复习笔记6.2课后习题详解第7章风险分析、实物期权和资本预算7.1复习笔记7.2课后习题详解第8章利率和债券估值8.1复习笔记8.2课后习题详解第9章股票估值9.1复习笔记9.2课后习题详解第3篇风险第10章收益和风险：从市场历史得到的经验10.1复习笔记10.2课后习题详解第11章收益和风险：资本资产定价模型11.1复习笔记11.2课后习题详解第12章看待风险与收益的另一种观点：套利定价理论12.1复习笔记12.2课后习题详解第13章风险、资本成本和估值13.1复习笔记13.2课后习题详解第4篇资本结构与股利政策第14章有效资本市场和行为挑战14.1复习笔记14.2课后习题详解第15章长期融资：简介15.1复习笔记15.2课后习题详解第16章资本结构：基本概念16.1复习笔记16.2课后习题详解第17章资本结构：债务运用的限制17.1复习笔记17.2课后习题详解第18章杠杆企业的估价与资本预算18.1复习笔记18.2课后习题详解第19章股利政策和其他支付政策19.1复习笔记19.2课后习题详解第5篇长期融资第20章资本筹集20.1复习笔记20.2课后习题详解第21章租赁21.1复习笔记21.2课后习题详解第6篇期权、期货与公司理财第22章期权与公司理财22.1复习笔记22.2课后习题详解第23章期权与公司理财：推广与应用23.1复习笔记23.2课后习题详解第24章认股权证和可转换债券24.1复习笔记24.2课后习题详解第25章衍生品和套期保值风险25.1复习笔记25.2课后习题详解第7篇短期财务第26章短期财务与计划26.1复习笔记26.2课后习题详解第27章现金管理27.1复习笔记27.2课后习题详解第28章信用和存货管理28.1复习笔记28.2课后习题详解第8篇理财专题第29章收购与兼并29.1复习笔记29.2课后习题详解第30章财务困境30.1复习笔记30.2课后习题详解第31章跨国公司财务31.1复习笔记31.2课后习题详解。

公司理财罗斯课后习题答案修订稿

公司理财罗斯课后习题答案修订稿

公司理财罗斯课后习题答案集团文件发布号：（9816-UATWW-MWUB-WUNN-INNUL-DQQTY-第一章1.在所有权形式的公司中,股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。

在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。

一种极端,在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。

现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。

较少的私人投资者能减少不同的企业目标。

公司理财-罗斯课后习题答案.doc

公司理财-罗斯课后习题答案.doc

第一章1.在所有权形式的公司中,股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。

在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。

一种极端,在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。

现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。

较少的私人投资者能减少不同的企业目标。

高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。

此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。

罗斯公司理财第六版习题答案第6章

罗斯公司理财第六版习题答案第6章

罗斯公司理财第六版习题答案第6章Chapter 6: Some Alternative Investment RulesConcept Questions - Chapter 66.2 ?List the problems of the payback period rule.1.It does not take into account the time value of money.2.It ignores payments after the payback period.3.The cutoff period is arbitrary.What are some advantages?1.It is simple to implement.2.It may help in controlling and evaluating managers.6.4 ?What are the three steps in calculating AAR?1.Determine average net income.2.Determine average investment3.Divide average net income by average investment.What are some flaws with the AAR approach?1.It uses accounting figures.2.It takes no account of timing.3.The cutoff period is arbitrary.6.5 ?How does one calculate the IRR of a project?Using either trial-and-error or a financial calculator, one finds the discount ratethat produces an NPV of zero.6.6 ?What is the difference between independent projects and mutually exclusiveprojects?An independent project is one whose acceptance does not affect the acceptance of another. A mutually exclusive project, on the other hand is one whose acceptance precludes the acceptance of another.What are two problems with the IRR approach that apply to both independent and mutually exclusive projects?1.The decision rule depends on whether one is investing of financing.2.Multiple rates of return are possible.What are two additional problems applying only to mutually exclusive projects?1.The IRR approach ignores issues of scale.2.The IRR approach does not accommodate the timing of the cash flowsproperly.6.7 ?How does one calculate a project's profitability index?Divide the present value of the cash flows subsequent to the initial investment by the initial investment.How is the profitability index applied to independent projects, mutually exclusive projects, and situations of capital rationing?1.With independent projects, accept the project if the PI is greater than 1.0 andreject if less than 1.0.2.With mutually exclusive projects, use incremental analysis, subtracting thecash flows of project 2 from project 1. Find the PI. If the PI is greater than1.0, accept project 1. If less than 1.0, accept project2.3.In capital rationing, the firm should simply rank the projects according to theirrespective PIs and accept the projects with the highest PIs, subject to thebudget constrain.Answers to End-of-Chapter ProblemsQUESTIONS AND PROBLEMSThe Payback Period Rule6.1 Fuji Software, Inc., has the following projects.Year Project A Project B0 _$7,500 _$5,0001 4,000 2,5002 3,500 1,2003 1,500 3,000a. Suppose Fuji’s cutoff payback period is two years. Which of these two projects should be chosen?b. Suppose Fuji uses the NPV rule to rank these two projects. If the appropriate discount rate is 15 percent, which project should be chosen?6.1 a. Payback period of Project A = 1 + ($7,500 - $4,000) / $3,500 = 2 yearsPayback period of Project B = 2 + ($5,000 - $2,500 -$1,200) / $3,000 = 2.43 yearsProject A should be chosen.b. NPV A = -$7,500 + $4,000 / 1.15 + $3,500 / 1.152 + $1,500 / 1.153 = -$388.96NPV B = -$5,000 + $2,500 / 1.15 + $1,200 / 1.152 + $3,000 / 1.153 = $53.83Project B should be chosen.6.2 Suppose Peach Paving Company invests $1 million today on a new construction project. The project will generate annual cash flows of $150,000 in perpetuity. The appropriate annual discount rate for the project is 10 percent.a. What is the payback period for the project? If the PeachPaving Company desires to have a 10-year payback period, should the project be adopted?b. What is the discounted payback period for the project?c. What is the NPV of the project?6.2 a. Payback period = 6 + {$1,000,000 - ($150,000 ? 6)} / $150,000 = 6.67 yearsYes, the project should be adopted.A= $974,259b. $150,000 11.010The discounted payback period = 11 + ($1,000,000 - $974,259) / ($150,000 / 1.112)= 11.54 yearsc. NPV = -$1,000,000 + $150,000 / 0.10 = $500,000The Average Accounting Return6.3 The annual, end-of-year, book-investment accounts for the machine whose purchase your firm is considering are shown below.Purchase Year Year Year YearDate 1 2 3 4Gross investment $16,000 $16,000 $16,000 $16,000 $16,000 Less: accumulateddepreciation ______0_ ___4_,0_0_0_ ___8_,0_0_0_ __1_2_,0_0_0_ _1_6_,_0_0_0Net investment $16,000 $12,000 $ 8,000 $ 4,000 $ 0If your firm purchases this machine, you can expect it to generate, on average, $4,500 peryear in additional net income.a. What is the average accounting return for this machine?b. What three flaws are inherent in this decision rule?6.3 a. Average Investment:($16,000 + $12,000 + $8,000 + $4,000 + 0) / 5 = $8,000Average accounting return:$4,500 / $8,000 = 0.5625 = 56.25%b. 1. AAR does not consider the timing of the cash flows, hence it does notconsider the time value of money.2. AAR uses an arbitrary firm standard as the decision rule.3. AAR uses accounting data rather than net cash flows.6.4 Western Printing Co. has an opportunity to purchase a $2 million new printing machine. It has an economic life of five years and will be worthless after that time. This new investment is expected to generate an annual net income of $100,000 one year from today and the income stream will grow at 7 percent per year subsequently. The company adopts a straight-line depreciation method (i.e., equal amounts of depreciation in each year). What is the average accounting return of the investment? Supposing Western Printing’s AAR cutoff is 20 percent, should the machine be purchased?6.4 Average Investment = ($2,000,000 + 0) / 2 = $1,000,000Average net income = [$100,000 {(1 + g)5 - 1} / g] / 5= {$100,000A (1.075 - 1} / 0.07} / 5= $115,014.78AAR = $115,014.78 / $1,000,000 = 11.50%No, since the machine’s AAR is less than the firm’s cutoff AAR.6.5 Nokia Group has invested $8,000 in a high-tech project. This cost is depreciated on an accelerated basis that yields $4,000, $2,500, $1,500 of depreciation, respectively, during its three-yeareconomic life. The project is expected to produce income before tax of $2,000 each year during its economic life. If the tax rate is 25%, what is the project’s average accounting return (AAR)?a. 44.44%b. 50.23%c. 66.67%d. 70.00%e. 82.21%The Internal Rate of Return6.5 a6.6 Compute the internal rate of return on projects with the following cash flows.Cash Flows ($)Year Project A Project B0 _3,000 _6,0001 2,500 5,0002 1,000 2,000/ $160,000 = 1.046.6PI = $40,000 715.0Since the PI exceeds one accept the project.6.7 CPC, Inc., has a project with the following cash flows.Year Cash Flows ($)0 _8,0001 4,0002 3,0003 2,000a. Compute the internal rate of return on the project.b. Suppose the appropriate discount rate is 8 percent. Shouldthe project be adopted by CPC?6.7 The IRR is the discount rate at which the NPV = 0.-$3,000 + $2,500 / (1 + IRR A) + $1,000 / (1 + IRR A)2 = 0By trial and error, IRR A = 12.87%Since project B’s cash flows are two times of those of project A, the IRR B = IRR A =12.87%6.8 Compute the internal rate of return for the cash flows of the following two projects.Cash Flows ($)Time A B0 _2,000 _1,5001 2,000 5002 8,000 1,0003 _8,000 1,5006.8 a. Solve x by trial and error:-$4,000 + $2,000 / (1 + x) + $1,500 / (1 + x)2 + $1,000 / (1 + x)3 = 0x = 6.93%b. No, since the IRR (6.93%) is less than the discount rate of 8%.6.9 Suppose you are offered $5,000 today and obligated to make scheduled payments as follows:Year Cash Flows ($)0 5,0001 _2,5002 _2,0003 _1,0004 _1,000a. What is the IRRs of this offer?b. If the appropriate discount rate is 10 percent, should you accept this offer?c. If the appropriate discount rate is 20 percent, should you accept this offer?Chapter 6 Some Alternative Investment Rules 165d. What is the corresponding NPV of the project if the appropriate discount rates are 10 percent and 20 percent, respectively? Are the choices under the NPV rule consistent with those of the IRR rule?6.9 Find the IRRs of project A analytically. Since the IRR is the discount rate that makes the NPVequal to zero, the following equation must hold.-$200 + $200 / (1 + r) + $800 / (1 + r)2 - $800 / (1 + r)3 = 0 $200 [-1 + 1 / (1 + r)] - {$800 / (1 + r)2}[-1 + 1 / (1 + r)] = 0 [-1 + 1 / (1 + r)] [$200 - $800 / (1 + r)2] = 0For this equation to hold, either [-1 + 1 / (1 + r)] = 0 or [$200 - $800 / (1 + r)2] = 0.Solve each of these factors for the r that would cause the factor to equal zero. Theresulting rates are the two IRRs for project A. They are either r = 0% or r = 100%.Note: By inspection you should have known that one of the IRRs of project A iszero. Notice that the sum of the un-discounted cash flows for project A is zero.Thus, not discounting the cash flows would yield a zero NPV. The discount ratewhich is tantamount to not discounting is zero.Here are some of the interactions used to find the IRR by trial and error.Sophisticated calculators can compute this rate without all of the tedium involved inthe trial-and-error method.NPV = -$150 + $50 / 1.3 + $100 / 1.32 + $150 / 1.33 = $15.91 NPV = -$150 + $50 / 1.4 + $100 / 1.42 + $150 / 1.43 = -$8.60 NPV = -$150 + $50 / 1.37 + $100 / 1.372 + $150 / 1.373 = -$1.89NPV = -$150 + $50 / 1.36 + $100 / 1.36 2 + $150 / 1.363 = $0.46NPV = -$150 + $50 / 1.36194 + $100 / 1.361942 + $150 / 1.361943= $0.0010NPV = -$150 + $50 / 1.36195 + $100 / 1.361952 + $150 / 1.361953= -$0.0013NPV = -$150 + $50 / 1.361944 + $100 / 1.3619442 + $150 / 1.3619443= $0.0000906Thus, the IRR is approximately 36.1944%.6.10 As the Chief Financial Officer of the Orient Express, you are offered the following twomutually exclusive projects.Year Project A Project B0 _$5,000 _$100,0001 3,500 65,0002 3,500 65,000a. What are the IRRs of these two projects?b. If you are told only the IRRs of the projects, which would you choose?c. What did you ignore when you made your choice in part(b)?d. How can the problem be remedied?e. Compute the incremental IRR for the projects.f. Based on your answer to part (e), which project should you choose?g. Suppose you have determined that the appropriate discount rate for these projectsis 15 percent. According to the NPV rule, which of these two projects should beadopted?6.10 a. Solve r in the equation:$5,000 - $2,500 / (1 + r) - $2,000 / (1 + r)2 - $1,000 / (1 + r)3 - $1,000 / (1 + r)4 = 0By trial and error,IRR = r = 13.99%b. Since this problem is the case of financing, accept the project if the IRR is less thanthe required rate of return.IRR = 13.99% > 10%Reject the offer.c. IRR = 13.99% < 20%Accept the offer.d. When r = 10%:NPV = $5,000 - $2,500 / 1.1 - $2,000 / 1.12 - $1,000 / 1.13 - $1,000 / 1.14= -$359.95When r = 20%:NPV = $5,000 - $2,500 / 1.2 - $2,000 / 1.22 - $1,000 / 1.23 - $1,000 / 1.24= $466.82Yes, they are consistent with the choices of the IRR rule since the signs of the cashflows change only once.6.11 Consider two streams of cash flows, A and B. Cash flowA consists of $5,000 starting three years from today and growing at 4 percent in perpetuity. Cash flowB consists of _$6,000 starting two years from today and continuing in perpetuity. Assume the appropriate discount rate is 12 percent.a. What is the present value of each stream?b. What is the IRR of a project C, which is a combination of projects A and B; that is, C _ A _ B?c. If it is assumed that the discount rate is always positive, what is the rule related to IRR for assessing project C that would correspond to the NPV rule?6.11 a. Project A:NPV = -$5,000 + $3,500 / (1 + r) + $3,500 / (1 + r)2 = 0IRR = r = 25.69%Project B:NPV = -$100,000 + $65,000 / (1 + r) + $65,000 / (1 + r)2 = 0 IRR = r = 19.43%b. Choose project A because it has a higher IRR.c. The difference in scale is ignored.d. Apply the incremental IRR method.e.C0C1C2B - A -$95,000 $61,500 $61,500NPV = -$95,000 + $61,500 / (1 + r) + $61,500 / (1 + r)2 = 0 Incremental IRR = r = 19.09%f. If the discount rate is less than 19.09%, choose project B.Otherwise, choose project A.g. NPV A = -$5,000 + $3,500 / 1.15 + $3,500 / 1.152 = $689.98NPV B = -$100,000 + $65,000 / 1.15 + $65,000 / 1.152 = $5,671.08Choose project B.。

罗斯公司理财第九版第六章课后答案对应版

罗斯公司理财第九版第六章课后答案对应版

第六章：投资决策1. 机会成本是指进行一项投资时放弃另一项投资所承担的成本。

选择投资和放弃投资之间的收益差是可能获取收益的成本。

2. （1）新的投资项目所来的公司其他产品的销售下滑属于副效应中的侵蚀效应，应被归为增量现金流。

（2）投入建造的机器和厂房属于新生产线的成本，应被归为增量现金流。

（3）过去 3 年发生的和新项目相关的研发费用属于沉没成本，不应被归为增量现金流。

（4）尽管折旧不是现金支出，对现金流量产生直接影响，但它会减少公司的净收入，并且减低公司的税收，因此应被归为增量现金流。

（5）公司发不发放股利与投不投资某一项目的决定无关，因此不应被归为增量现金流。

（6）厂房和机器设备的销售收入是一笔现金流入，因此应被归为增量现金流。

（7）需要支付的员工薪水与医疗保险费用应被包括在项目成本里，因此应被归为增量现金流。

3. 第一项因为会产生机会成本，所以会产生增量现金流；第二项因为会产生副效应中的侵蚀效应，所以会会产生增量现金流；第三项属于沉没成本，不会产生增量现金流。

4. 为了避免税收，公司可能会选择MACRS因为该折旧法在早期有更大的折旧额，这样可以减免赋税，并且没有任何现金流方面的影响。

但需要注意的是直线折旧法与MACRS 的选择只是时间价值的问题，两者的折旧是相等的，只是时间不同。

5. 这只是一个简单的假设。

因为流动负债可以全部付清，流动资产却不可能全部以现金支付，存货也不可能全部售完。

6. 这个说法是可以接受的。

因为某一个项目可以用权益来融资，另一个项目可以用债务来融资，而公司的总资本结构不会发生变化。

根据MM 定理，融资成本与项目的增量现金流量分析无关。

7. ECA 方法在分析具有不同生命周期的互斥项目的情况下比较适应，这是因为ECA 方法可以使得互斥项目具有相同的生命周期，这样就可以进行比较。

ECA 方法在假设项目现金流相同这一点与现实生活不符，它忽略了通货膨胀率以及不断变更的经济环境。

罗斯公司理财第六章投资决策课后习题答案

罗斯公司理财第六章投资决策课后习题答案

1.阐述一下机会成本的定义答：某项资产用于某个新项目，则会丧失了其他方式所能带来的潜在收入，这些丧失被认作机会成本2.在计算投资项目的NPV时，下边哪个可以被看成是增量现金流？（1）新的产品所带来的公司的其他产品的销售的下滑（2）只有新的项目被接受，才会开始投入建造的机器和厂房（3）过去的3年发生的和新项目相关的研发费用（4）新项目每年的折旧费用（5）公司发放的股利（6）新项目结束时，销售厂房和机器设备的收入（7）如果新项目被接受，那么需要支付的新雇佣员工的薪水和医疗保险费用答：这里的增量的现金流量可以为负数，而且查看一个项目的增量现金流量主要应该看这些现金流量是否专属于这个项目但也有例外如侵蚀效应、沉没成本和折旧（1）是副效应中的侵蚀效应当算入增量现金流只不过它是负数而已；（2）固定资产的投资当然应担算入增量现金流它也为负数；（3）过去三年的新项目相关的研发费用属于沉没不能算作当前评估项目的增量现金流；（4）折旧费用本来不会直接的带来项目的增量现金流，但是它抵减了税款，间接的提供了增量现金流故应当算作项目的增量现金流；（5）公司的发放的股利应为不属于这个项目的专属现金流量，故不能算作项目的增量现金流量；（6）应当算作项目的增量现金流量，因为它专属于这个项目（7）项目的员工的工资因为专属于这个项目故应当算作该项目的增量现金流量3.你的公司现在生产和销售钢制的高尔夫球杆。

公司董事会建议你考虑生产钛合金和石墨制的高尔夫球杆，下列哪一项不会产生增量现金流。

（1）自有土地可以被用来建设新厂房，但是新项目如果不被接受，该土地将以市场价700000美元出售；（2）如果钛合金和石墨制的高尔夫球杆被接受，则钢制的高尔夫球杆的销售额可能会下降300000美元；（3）去年用在石墨高尔夫球杆上的研发费用为200000答：对于（1）属于机会成本应当算入项目的增量现金流（2）属于副效应中的侵蚀效应应当算入项目的增量现金流；（3）属于沉没成本，不应当算入项目的增量现金流4.如果可以选择，你更愿意接受直线折旧法还是改进的加速成本折旧法？为什么答：应该更加偏向于加速成本折旧法，因为它在前期产生了更多的折旧额，抵减了更多的税款（从货币的时间价值上来说）5.我们在前面套路资本预算的时候，我们假设投资项目的营运资本都能够回收。

(完整版)公司理财-罗斯课后习题答案

(完整版)公司理财-罗斯课后习题答案

(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。

在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。

一种极端,在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。

现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。

较少的私人投资者能减少不同的企业目标。

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解-第6篇 期权、期货与公司理财【圣才出品】

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解-第6篇 期权、期货与公司理财【圣才出品】

第6篇期权、期货与公司理财第22章期权与公司理财22.1 复习笔记期权是一种特殊的合约协议，它赋予持有人在某给定日期或该日期之前的任何时间以固定价格购进或售出一种资产的权利。

本章将从解释各种类型的公开交易期权开始，首先确认和讨论决定它们价值的因素，然后说明普通股股票和债券为何可被看成公司原始价值的期权，并由此引出关于公司理财的若干新见解。

1．期权期权是规定期权合约的买方具有在未来某一特定日期或未来一段时间内，以约定的价格向期权合约的卖方购买或出售约定数量的特定标的物的权利的合约。

期权合约赋予合约购买者的是一种选择的权利，合约的购买者也有权选择不执行合约，所以期权交易也称为选择权交易。

（1）执行期权。

执行期权也称为履行期权，是指期权购买方根据合约条款运用赋予权利，按照合约规定价格与数量进行购进或售出标的资产的行为。

（2）敲定价格或执行价格。

“敲定价格”又称“执行价格”或“履约价格”，是指在期权合约中，约定的买卖标的资产的价格，是期权的买方行使权利时事先规定的买卖价格，是期权合同的一项固定的指标。

执行价格确定后，在期权合约规定的期限内，无论价格怎样波动，只要期权的买方要求执行该期权，期权的卖方就必须以此价格履行义务。

（3）到期日。

到期日也称“期满日”，即期权到期的日子，是期权存在的最后一天。

对美式期权来说，到期日是其能够执行的最后一天；对欧式期权来说，到期日是其唯一可以执行的那一天。

期权的买方所拥有的买卖标的资产的权利是有一定的时间限制的，这种权利只在规定的时期内（或规定的日期）有效，期权买卖日至到期日的时间为期权的有效期限。

2．美式期权与欧式期权（1）美式期权。

美式期权指买入期权的一方在合约到期日前的任何工作日包括到期日当天都可以行使的期权，其结算日在履约日之后的一天或两天。

大多数的美式期权允许持有者在交易日到履约日之间随时履约，但也有一些合同规定一段比较短的时间可以履约，如“到期日前两周”。

（2）欧式期权。

公司理财-罗斯课后习题答案Word版

公司理财-罗斯课后习题答案Word版

第一章1.在所有权形式的公司中,股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。

在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。

一种极端,在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。

现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。

较少的私人投资者能减少不同的企业目标。

高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。

此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。

罗斯《公司理财》英文习题答案chap006

罗斯《公司理财》英文习题答案chap006

Chapter 6: Some Alternative Investment Rules6.1 a. Payback period of Project A = 1 + ($7,500 - $4,000) / $3,500 = 2 yearsPayback period of Project B = 2 + ($5,000 - $2,500 -$1,200) / $3,000 = 2.43 yearsProject A should be chosen.b. NPVA = -$7,500 + $4,000 / 1.15 + $3,500 / 1.152 + $1,500 / 1.153 = -$388.96NPVB = -$5,000 + $2,500 / 1.15 + $1,200 / 1.152 + $3,000 / 1.153 = $53.83Project B should be chosen.6.2 a. Payback period = 6 + {$1,000,000 - ($150,000 ( 6)} / $150,000 = 6.67 yearsYes, the project should be adopted.b. $150,000 = $974,259The discounted payback period = 11 + ($1,000,000 - $974,259) / ($150,000 / 1.112)= 11.54 yearsc. NPV = -$1,000,000 + $150,000 / 0.10 = $500,0006.3 a. Average Investment:($16,000 + $12,000 + $8,000 + $4,000 + 0) / 5 = $8,000Average accounting return:$4,500 / $8,000 = 0.5625 = 56.25%b. 1. AAR does not consider the timing of the cash flows, hence it does notconsider the time value of money.2. AAR uses an arbitrary firm standard as the decision rule.3. AAR uses accounting data rather than net cash flows.6.4 Average Investment = ($2,000,000 + 0) / 2 = $1,000,000Average net income = [$100,000 {(1 + g)5 - 1} / g] / 5= {$100,000A (1.075 - 1} / 0.07} / 5= $115,014.78AAR = $115,014.78 / $1,000,000 = 11.50%No, since the machine’s AAR is less than the firm’s cutoff AAR.6.5 aPI = $40,000 / $160,000 = 1.04Since the PI exceeds one accept the project.6.7 The IRR is the discount rate at which the NPV = 0.-$3,000 + $2,500 / (1 + IRRA) + $1,000 / (1 + IRRA)2 = 0By trial and error, IRRA = 12.87%Since project B’s cash flows are two times of those of project A, the IRRB = IRRA = 12.87% 6.8 a. Solve x by trial and error:-$4,000 + $2,000 / (1 + x) + $1,500 / (1 + x)2 + $1,000 / (1 + x)3 = 0x = 6.93%b. No, since the IRR (6.93%) is less than the discount rate of 8%.6.9 Find the IRRs of project A analytically. Since the IRR is the discount rate that makes the NPV equal to zero, the following equation must hold.-$200 + $200 / (1 + r) + $800 / (1 + r)2 - $800 / (1 + r)3 = 0$200 [-1 + 1 / (1 + r)] - {$800 / (1 + r)2}[-1 + 1 / (1 + r)] = 0[-1 + 1 / (1 + r)] [$200 - $800 / (1 + r)2] = 0For this equation to hold, either [-1 + 1 / (1 + r)] = 0 or [$200 - $800 / (1 + r)2] = 0.Solve each of these factors for the r that would cause the factor to equal zero. The resulting rates are the two IRRs for project A. They are either r = 0% or r = 100%.Note: By inspection you should have known that one of the IRRs of project A is zero. Notice that the sum of the un-discounted cash flows for project A is zero. Thus, not discounting the cash flows would yield a zero NPV. The discount rate which is tantamount to not discounting is zero.Here are some of the interactions used to find the IRR by trial and error.Sophisticated calculators can compute this rate without all of the tedium involved in the trial-and-error method.NPV = -$150 + $50 / 1.3 + $100 / 1.32 + $150 / 1.33 = $15.91NPV = -$150 + $50 / 1.4 + $100 / 1.42 + $150 / 1.43 = -$8.60NPV = -$150 + $50 / 1.37 + $100 / 1.372 + $150 / 1.373 = -$1.89NPV = -$150 + $50 / 1.36 + $100 / 1.36 2 + $150 / 1.363 = $0.46NPV = -$150 + $50 / 1.36194 + $100 / 1.361942 + $150 / 1.361943= $0.0010NPV = -$150 + $50 / 1.36195 + $100 / 1.361952 + $150 / 1.361953= -$0.0013NPV = -$150 + $50 / 1.361944 + $100 / 1.3619442 + $150 / 1.3619443= $0.0000906Thus, the IRR is approximately 36.1944%.6.10 a. Solve r in the equation:$5,000 - $2,500 / (1 + r) - $2,000 / (1 + r)2 - $1,000 / (1 + r)3- $1,000 / (1 + r)4 = 0By trial and error,IRR = r = 13.99%b. Since this problem is the case of financing, accept the project if the IRR is less than the required rate of return.IRR = 13.99% > 10%Reject the offer.c. IRR = 13.99% < 20%Accept the offer.d. When r = 10%:NPV = $5,000 - $2,500 / 1.1 - $2,000 / 1.12 - $1,000 / 1.13 - $1,000 / 1.14= -$359.95When r = 20%:NPV = $5,000 - $2,500 / 1.2 - $2,000 / 1.22 - $1,000 / 1.23 - $1,000 / 1.24= $466.82Yes, they are consistent with the choices of the IRR rule since the signs of the cash flows change only once.6.11 a. Project A:NPV = -$5,000 + $3,500 / (1 + r) + $3,500 / (1 + r)2 = 0IRR = r = 25.69%Project B:NPV = -$100,000 + $65,000 / (1 + r) + $65,000 / (1 + r)2 = 0IRR = r = 19.43%b. Choose project A because it has a higher IRR.c. The difference in scale is ignored.d. Apply the incremental IRR method.e.C0C1C2B - A-$95,000$61,500$61,500NPV = -$95,000 + $61,500 / (1 + r) + $61,500 / (1 + r)2 = 0Incremental IRR = r = 19.09%f. If the discount rate is less than 19.09%, choose project B.Otherwise, choose project A.g. NPVA = -$5,000 + $3,500 / 1.15 + $3,500 / 1.152 = $689.98NPVB = -$100,000 + $65,000 / 1.15 + $65,000 / 1.152 = $5,671.08Choose project B.6.12 a. PVA = {$5,000 / (0.12 - 0.04)} / 1.122 = $49,824.61PVB = (-$6,000 / 0.12) / 1.12 = -$44,642.86b. The IRR for project C must solve{$5,000 / (x - 0.04)} / (1 + x)2 + (-$6,000 / x) / (1 + x) = 0$5,000 / (x - 0.04) - $6,000 (1 + x) / x = 025 x2 + 3.17 x - 1 =0x = {-3.17 - (110.0489)0.5} / 50 or {-3.17 + (110.0489)0.5} / 50The relevant positive root is IRR = x = 0.1464 = 14.64%c. To arrive at the appropriate decision rule, we must graph the NPV as a function of the discount rate. At a discount rate of 14.64% the NPV is zero. To determine if the graph is upward or downward sloping, check the NPV at another discount rate. At a discount rate of 10% the NPV is $14,325.07 [= $68,870.52 - $54,545.54]. Thus, the graph of the NPV is downward sloping. From the discussion in the text, if an NPV graph is downward sloping, the projectis an investing project. The correct decision rule for an investing project is to accept the project if the discount rate is below 14.64%.6.13 Generally, the statement is false. If the cash flows of project B occur early and the cash flows of project A occur late, then for a low discount rate the NPV of A can exceed the NPV of B. Examples are easy to construct.C0C1C2IRRNPV @ 0%A:-$1,000,000$0$1,440,0000.20$440,000B:-2,000,0002,400,0000.20400,000In one particular case, the statement is true for equally risky projects. If the lives of thetwo projects are equal and in every time period the cash flows of the project B are twice the cash flows of project A, then the NPV of project B will be twice as great as the NPV of project A for any discount rate between 0% and 20%.6.14 a. NPV( = $756.57 - $500 = $256.57NPV( = $2,492.11 - $2,000 = $492.11b. Choose project beta.6.15 Although the profitability index is higher for project B than for project A, the NPV is the increase in the value of the company that will occur if a particular project is undertaken. Thus, the project with the higher NPV should be chosen because it increases the value of the firm the most. Only in the case of capital rationing could the pension fund manager be correct.6.16 a. PIA = ($70,000 / 1.12 + $70,000 / 1.122) / $100,000 = 1.183PIB = ($130,000 / 1.12 + $130,000 / 1.122) / $200,000 = 1.099PIC = ($75,000 / 1.12 + $60,000 / 1.122) / $100,000 = 1.148b. NPVA = -$100,000 + $118,303.57 = $18,303.57NPVB = -$200,000 + $219,706.63 = $19,706.63NPVC = -$100,000 + $114,795.92 = $14,795.92c. Accept all three projects because PIs of all the three projects are greater than one.d. Based on the PI rule, project C can be eliminated because its PI is less than the oneof project A, while both have the same amount of the investment. We can compute the PI of the incremental cash flows between the two projects,ProjectC0C1C2PIB - A-$100,000$60,000$60,0001.014We should take project B since the PI of the incremental cash flows is greater than one.e. Project B has the highest NPV, while A has the next highest NPV.Take both projects A and B.6.17 a. The payback period is the time it takes to recoup the initial investment of a project.Accept any project that has a payback period that is equal to or shorter than the company’s standard payback period. Reject all other projects.b. The average accounting return (AAR) is defined asAverage project earnings ( Average book value of the investment.Accept projects for which the AAR is equal to or greater than the firm’s standard.Reject all other projects.c. The internal rate of return (IRR) is the discount rate which makes the net presentvalue (NPV) of the project zero. The accept / reject criteria is:If C0 < 0 and all future cash flows are positive, accept the project if IRR ( discount rate.If C0 < 0 and all future cash flows are positive, reject the project if IRR < discount rate.If C0 > 0 and all future cash flows are negative, accept the project if IRR ( discount rate.If C0 > 0 and all future cash flows are negative, reject the project if IRR > discount rate.If the project has cash flows that alternate in sign, there is likely to be more thanone positive IRR. In that situation, there is no valid IRR accept / reject rule.d. The profitability index (PI) is defined as:(The present value of the cash flows subsequent to the initial investment (The initial investment)Accept any project for which the profitability index is equal to or greater than one. Reject project for which that is not true.e. The net present value (NPV) is the sum of the present values of all project cashflows. Accept those projects with NPVs which are equal to or greater than zero.Rejects proposals with negative NPVs.6.18 Let project A represent New Sunday Early Edition; and let project B represent New Saturday Late Edition.a. Payback period of project A = 2 + ($1,200 - $1,150) / $450 = 2.11 yearsPayback period of project B = 2 + ($2,100 - $1,900) / $800 = 2.25 yearsBased on the payback period rule, you should choose project A.b. Project A:Average investment = ($1,200 + $0) / 2 = $600Depreciation = $400 / yearAverage income = [($600 - $400) + ($550 - $400) + ($450 - $400)] / 3= $133.33AAR = $133.33 / $600 = 22.22%Project B:Average investment = ($2,100 + $0) / 2 = $1,050Depreciation = $700 / yearAverage income = [($1,000 - $700) + ($900 - $700) + ($800 - $700)] / 3= $200AAR = $200 / $1,050 = 19.05%c. IRR of project A:-$1,200 + $600 / (1 + r) + $550 / (1 + r)2 + $450 / (1 + r)3 = 0IRR = r = 16.76%IRR of project B:-$2,100 + $1,000 / (1 + r) + $900 / (1 + r)2 + $800 / (1 + r)3 = 0IRR = r = 14.29%Project A has a greater IRR.d. IRR of project B-A:Incremental cash flowsYear123B - A-$900$400$350$350-$900 + $400 / (1 + r) + $350 / (1 + r)2 + $350 / (1 + r)3 = 0Incremental IRR = r = 11.02%If the required rate of return is greater than 11.02%, then choose project A.If the required rate of return is less than 11.02%, then choose project B.6.19 Let project A be Deepwater Fishing; let project B be New Submarine Ride.a. Project A:YearDiscounted CFCumulative CF-$600,000-$600,0001234,783-365,2172264,650-100,5673197,255Discounted payback period of project A = 2 + $100,567 / $197,255= 2.51 yearsProject B:YearDiscounted CFCumulative CF-$1,800,000-$1,800,0001869,565-930,4352529,301-401,1343591,765Discounted payback period of project B = 2 + $401,134 / $591,765= 2.68 yearsProject A should be chosen.b. IRR of project A:-$600,000 + $270,000 / (1 + r) + $350,000 / (1 + r)2 + $300,000 / (1 + r)3 = 0IRR = r = 24.30%IRR of project B:-$1,800,000 + $1,000,000 /(1 + r) + $700,000 / (1 + r)2 + $900,000 / (1 + r)3 = 0IRR = r = 21.46%Based on the IRR rule, project A should be chosen since it has a greater IRR.c. Incremental IRR:Year23B - A-$1,200,000$730,000$350,000$600,000-$1,200,000 + $730,000 / (1 + r) + $350,000 / (1 + r)2 + $600,000 / (1 + r)3 = 0Incremental IRR = r = 19.92%Since the incremental IRR is greater than the required rate of return, 15%, choose project B.d. NPVA = -$600,000 + $270,000 / 1.15 + $350,000 / 1.152 + $300,000 / 1.153= $96,687.76NPVB = -$1,800,000 + $1,000,000 / 1.15 + $700,000 / 1.152 + $900,000 / 1.153= $190,630.39Since NPVB > NPVA, choose project B.Yes, the NPV rule is consistent with the incremental IRR rule.6.20 a. The IRR is the discount rate at which the NPV = 0-$600,000 +IRR (18.56%b. Yes, the mine should be opened since its IRR exceeds its required return of 10%.。

公司理财罗斯第九版课后习题答案

公司理财罗斯第九版课后习题答案

罗斯《公司理财》第9版精要版英文原书课后部分章节答案详细»1 / 17 CH5 11，13，18，19，20 11. To find the PV of a lump sum, we use: PV = FV / (1 + r) t PV = $1,000,000 / (1.10) 80 = $488.19 13. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for r, we get: r = (FV / PV) 1 / t –1 r = ($1,260,000 / $150) 1/112 – 1 = .0840 or 8.40% To find the FV of the first prize, we use: FV = PV(1 + r) t FV = $1,260,000(1.0840) 33 = $18,056,409.94 18. To find the FV of a lump sum, we use: FV = PV(1 + r) t FV = $4,000(1.11) 45 = $438,120.97 FV = $4,000(1.11) 35 = $154,299.40 Better start early! 19. We need to find the FV of a lump sum. However, the money will only be invested for six years, so the number of periods is six. FV = PV(1 + r) t FV = $20,000(1.084)6 = $32,449.33 20. To answer this question, we can use either the FV or the PV formula. Both will give the same answer since they are the inverse of each other. We will use the FV formula, that is: FV = PV(1 + r) t Solving for t, we get: t = ln(FV / PV) / ln(1 + r) t = ln($75,000 / $10,000) / ln(1.11) = 19.31 So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait: 2 years + 19.31 years = 21.31 years CH6 16，24，27，42，58 16. For this problem, we simply need to find the FV of a lump sum using the equation: FV = PV(1 + r) t 2 / 17 It is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get: FV = $2,100[1 + (.084/2)] 34 = $8,505.93 24. This problem requires us to find the FVA. The equation to find the FVA is: FV A = C{[(1 + r) t – 1] / r} FV A = $300[{[1 + (.10/12) ] 360 – 1} / (.10/12)] = $678,146.38 27. The cash flows are annual and the compounding period is quarterly, so we need to calculate the EAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get: EAR = [1 + (APR / m)] m – 1 EAR = [1 + (.11/4)] 4 – 1 = .1146 or 11.46% And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.1146 2 + $1,360 / 1.1146 4 = $2,320.36 42. The amount of principal paid on the loan is the PV of the monthly payments you make. So, the present value of the $1,150 monthly payments is: PVA = $1,150[(1 – {1 / [1 + (.0635/12)]} 360 ) / (.0635/12)] = $184,817.42 The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is: $240,000 – 184,817.42 = $55,182.58 This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be: Balloon payment = $55,182.58[1 + (.0635/12)] 360 = $368,936.54 58. To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is: PV = $99 + $450{1 –[1 / (1 + .07/12) 12(3) ]} / (.07/12) = $14,672.91 The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is: PV = $23,000 / [1 + (.07/12)] 12(3) = $18,654.82 The PV of the decision to purchase is: $32,000 – 18,654.82 = $13,345.18 3 / 17 In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be: $32,000 – PV of resale price = $14,672.91 PV of resale price = $17,327.09 The resale price that would make the PV of the lease versus buy decision is the FV ofthis value, so: Breakeven resale price = $17,327.09[1 + (.07/12)] 12(3) = $21,363.01 CH7 3，18，21，22，31 3. The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice this problem assumes an annual coupon. The price of the bond will be: P = $75({1 – [1/(1 + .0875)] 10 } / .0875) + $1,000[1 / (1 + .0875) 10 ] = $918.89 We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PV A equation, it is common to abbreviate the equations as: PVIF R,t = 1 / (1 + r) t which stands for Present Value Interest Factor PVIFA R,t = ({1 – [1/(1 + r)] t } / r ) which stands for Present Value Interest Factor of an Annuity These abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key. 18. The bond price equation for this bond is: P 0 = $1,068 = $46(PVIFA R%,18 ) + $1,000(PVIF R%,18 ) Using a spreadsheet, financial calculator, or trial and error we find: R = 4.06% This is the semiannual interest rate, so the YTM is: YTM = 2 4.06% = 8.12% The current yield is: Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61% The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter: Effective annual yield = (1 + 0.0406) 2 – 1 = .0829 or 8.29% 20. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $74/2 × 2/6 = $12.33 And we calculate the clean price as: 4 / 17 Clean price = Dirty price –Accrued interest = $968 –12.33 = $955.67 21. Accrued interest is the coupon payment for the period times the fraction of the period that has passed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is: Accrued interest = $68/2 × 4/6 = $22.67 And we calculate the dirty price as: Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.67 22. To find the number of years to maturity for the bond, we need to find the price of the bond. Since we already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P 0 P 0 = $80/.0755 = $1,059.60 Now that we have the price of the bond, the bond price equation is: P = $1,059.60 = $80[(1 – (1/1.072) t ) / .072 ] + $1,000/1.072 t We can solve this equation for t as follows: $1,059.60(1.072) t = $1,111.11(1.072) t –1,111.11 + 1,000 111.11 = 51.51(1.072) t 2.1570 = 1.072 t t = log 2.1570 / log 1.072 = 11.06 11 years The bond has 11 years to maturity.31. The price of any bond (or financial instrument) is the PV of the future cash flows. Even though Bond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is: P M = $1,100(PVIFA 3.5%,16 )(PVIF 3.5%,12 ) + $1,400(PVIFA 3.5%,12 )(PVIF 3.5%,28 ) + $20,000(PVIF 3.5%,40 ) P M = $19,018.78 Notice that for the coupon payments of $1,400, we found the PV A for the coupon payments, and then discounted the lump sum back to today. Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or: P N = $20,000(PVIF 3.5%,40 ) = $5,051.45 CH8 4，18，20，22，24 4. Using the constant growth model, we find the price of the stock today is: P 0 = D 1 / (R – g) = $3.04 / (.11 – .038) = $42.22 5 / 17 18. The priceof a share of preferred stock is the dividend payment divided by the required return. We know the dividend payment in Year 20, so we can find the price of the stock in Year 19, one year before the first dividend payment. Doing so, we get: P 19 = $20.00 / .064 P 19 = $312.50 The price of the stock today is the PV of the stock price in the future, so the price today will be: P 0 = $312.50 / (1.064) 19 P 0 = $96.15 20. We can use the two-stage dividend growth model for this problem, which is: P 0 = [D 0 (1 + g 1 )/(R – g 1 )]{1 – [(1 + g 1 )/(1 + R)] T }+ [(1 + g 1 )/(1 + R)] T [D 0 (1 + g 2 )/(R –g 2 )] P 0 = [$1.25(1.28)/(.13 – .28)][1 –(1.28/1.13) 8 ] + [(1.28)/(1.13)] 8 [$1.25(1.06)/(.13 – .06)] P 0 = $69.55 22. We are asked to find the dividend yield and capital gains yield for each of the stocks. All of the stocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield. W: P 0 = D 0 (1 + g) / (R – g) = $4.50(1.10)/(.19 – .10) = $55.00 Dividend yield = D 1 /P 0 = $4.50(1.10)/$55.00 = .09 or 9% Capital gains yield = .19 – .09 = .10 or 10% X: P 0 = D 0 (1 + g) / (R – g) = $4.50/(.19 – 0) = $23.68 Dividend yield = D 1 /P 0 = $4.50/$23.68 = .19 or 19% Capital gains yield = .19 – .19 = 0% Y: P 0 = D 0 (1 + g) / (R – g) = $4.50(1 – .05)/(.19 + .05) = $17.81 Dividend yield = D 1 /P 0 = $4.50(0.95)/$17.81 = .24 or 24% Capital gains yield = .19 – .24 = –.05 or –5% Z: P 2 = D 2 (1 + g) / (R – g) = D 0 (1 + g 1 ) 2 (1 +g 2 )/(R – g 2 ) = $4.50(1.20) 2 (1.12)/(.19 – .12) = $103.68 P 0 = $4.50 (1.20) / (1.19) + $4.50(1.20) 2 / (1.19) 2 + $103.68 / (1.19) 2 = $82.33 Dividend yield = D 1 /P 0 = $4.50(1.20)/$82.33 = .066 or 6.6% Capital gains yield = .19 – .066 = .124 or 12.4% In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time. 24. Here we have a stock with supernormal growth, but the dividend growth changes every year for the first four years. We can find the price of the stock in Year 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Year 3 will be the dividend in Year 4, divided by the required return minus the constant dividend growth rate. So, the price in Year 3 will be: 6 / 17 P 3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08 The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Year 3, so: P 0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.11 2 + $2.45(1.20)(1.15)(1.10)/1.11 3 + $65.08/1.11 3 P 0 = $55.70 CH9 3，4，6，9，15 3. Project A has cash flows of $19,000 in Year 1, so the cash flows are short by $21,000 of recapturing the initial investment, so the payback for Project A is: Payback = 1 + ($21,000 / $25,000) = 1.84 years Project B has cash flows of: Cash flows = $14,000 + 17,000 + 24,000 = $55,000 during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is: B: Payback = 3 + ($5,000 / $270,000) = 3.019 years Using the payback criterion and a cutoff of 3 years, accept project A and reject project B. 4. When we use discounted payback, we need to find the value of all cash flows today. The value today of the project cash flows for the first four years is: Value today of Year 1 cash flow = $4,200/1.14 = $3,684.21 Value today of Year 2 cash flow = $5,300/1.14 2 = $4,078.18 Value today of Year 3 cash flow = $6,100/1.14 3 = $4,117.33 V alue today of Year 4 cash flow = $7,400/1.14 4 = $4,381.39 To find the discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is: Discounted payback= 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 years For an initial cost of $10,000, the discounted payback is: Discounted payback = 2 + ($10,000 –3,684.21 – 4,078.18)/$4,117.33 = 2.54 years Notice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Year 1 and Year 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Year 3 to get the fractional portion of the discounted payback. If the initial cost is $13,000, the discounted payback is: Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 7 / 17 6. Our definition of AAR is the average net income divided by the average book value. The average net income for this project is: Average net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325 And the average book value is: Average book value = ($15,000,000 + 0) / 2 = $7,500,000 So, the AAR for this project is: AAR = Average net income / Average book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9. The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cash inflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA 8%, 9 ) = $40,036.31 At an 8 percent required return, the NPV is positive, so we would accept the project. The equation for the NPV of the project at a 20 percent required return is: NPV = –$138,000 + $28,500(PVIFA 20%, 9 ) = –$23,117.45 At a 20 percent required return, the NPV is negative, so we would reject the project. We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is: 0 = –$138,000 + $28,500(PVIFA IRR, 9 ) IRR = 14.59% 15. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The equation for the profitability index at a required return of 10 percent is: PI = [$7,300/1.1 + $6,900/1.1 2 + $5,700/1.1 3 ] / $14,000 = 1.187 The equation for the profitability index at a required return of 15 percent is: PI = [$7,300/1.15 + $6,900/1.15 2 + $5,700/1.15 3 ] / $14,000 = 1.094 The equation for the profitability index at a required return of 22 percent is: PI = [$7,300/1.22 + $6,900/1.22 2 + $5,700/1.22 3 ] / $14,000 = 0.983 8 / 17 We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI。

公司理财第六章-项目投资决策

公司理财第六章-项目投资决策
-$4,000 –100 -100 -100 -100 -100 -100 -100 -100 -100 -100
0 1 2 3 4 5 6 7 8 9 10 “齐普斯凯特净化器”现金流量的时间线 NPV= –4,693
-$1,000 –500 -500 -500 -500 -1,500 -500 -500 -500 -500 -500
6-0 本章要点
• 了解如何确定与资本投资有关的各类现金流量 • 能够按照税收规定，计算折旧费用 • 明确如何将通货膨胀纳入资本预算 • 掌握经营性现金流的各种计算方法 • 掌握约当年均成本方法 • 理解并能应用场景分析和敏感性分析 • 理解各种形式的盈亏平衡分析
6-1 本章概览
• 6.1 增量现金流量 • 6.2 包尔得文公司：一个例子 • 6.3 通货膨胀与资本预算 • 6.4 经营性现金流量的不同算法 • 6.5 不同生命周期的投资：约当年均成本法 • 6.6 敏感性分析、情景分析和盈亏平衡分析
• 这忽略了一个事实，凯迪拉克净化器使用时间 要多1倍。考虑这点，凯迪拉克净化器实际上是 更便宜。
6-21 不同生命周期的投资
• 设备重置法
– 重复项目，直到它们开始和结束在同一时间。 – 计算“重复项目”的净现值。
• 约当年均成本法
参考p124
6-22 设备重置法
“凯迪拉克净化器”现金流量的时间线 NPV= –4,614
• 副效应相关
– 侵蚀效应是指新项目减少原有产品的销售量和 现金流；
– 协同效应是指新项目同时增加了原有产品的销 售量和现金流。
P113：例题6-4说明了侵蚀效应和协同效应可能 会使得资本预算得出相反的结论。
6-6 估计现金流量
• 经营现金流量 OCF = EBIT（息税前利润 ） – 税收 + 折旧

公司理财-罗斯课后习题答案.pdf

公司理财-罗斯课后习题答案.pdf
非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答
案:公司估计提高某种产品安全性的成本是 30 美元万。然而,该公司认为提高产品的安全
性只会节省 20 美元万。请问公司应该怎么做呢?”
5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不
同的社会、政治环境和经济制度。
有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前
的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优
水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是
股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己
的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私
人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论
决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理
明公司财务有什么异样,但两种方法都没有说明差异是好的还是坏的。例如,假设公司的
流动比率增大，这可能意味着公司改善了过去流动性存在的问题,也可能意味着公司对资
产的管理效率下降。同类公司分析也可能出现问题。公司的流动比率低于同类公司可能
表明其资产管理更有效率,也可能公司面对流动性问题。两种分析方法都没有说明比率的
8.例如,如果一个公司的库存管理变得更有效率,一定数量的存货需要将会下降。如果该公司
可以提高应收帐款回收率，同样可以降低存货需求。一般来说,任何导致期末的 NWC 相

罗斯公司理财第11版笔记和课后习题详解

罗斯公司理财第11版笔记和课后习题详解

罗斯《公司理财》（第11版）笔记和课后习题详解，益星学习网提供全套资料第一部分复习笔记公司的首要目标——股东财富最大化决定了公司理财的目标。

公司理财研究的是稀缺资金如何在企业和市场内进行有效配置，它是在股份有限公司已成为现代企业制度最主要组织形式的时代背景下，就公司经营过程中的资金运动进行预测、组织、协调、分析和控制的一种决策与管理活动。

从决策角度来讲，公司理财的决策内容包括投资决策、筹资决策、股利决策和净流动资金决策；从管理角度来讲，公司理财的管理职能主要是指对资金筹集和资金投放的管理。

公司理财的基本内容包括：投资决策（资本预算）、融资决策（资本结构）、短期财务管理（营运资本）。

1资产负债表资产负债表是总括反映企业某一特定日期财务状况的会计报表，它是根据资产、负债和所有者权益之间的相互关系，按照一定的分类标准和一定的顺序，把企业一定日期的资产、负债和所有者权益各项目予以适当排列，并对日常工作中形成的大量数据进行高度浓缩整理后编制而成的。

资产负债表可以反映资本预算、资本支出、资本结构以及经营中的现金流量管理等方面的内容。

2资本结构资本结构是指企业各种资本的构成及其比例关系，它有广义和狭义之分。

广义资本结构，亦称财务结构，指企业全部资本的构成，既包括长期资本，也包括短期资本（主要指短期债务资本）。

狭义资本结构，主要指企业长期资本的构成，而不包括短期资本。

通常人们将资本结构表示为债务资本与权益资本的比例关系（D/E）或债务资本在总资本中的构成（D/A）。

准确地讲，企业的资本结构应定义为有偿负债与所有者权益的比例。

资本结构是由企业采用各种筹资方式筹集资本形成的。

筹资方式的选择及组合决定着企业资本结构及其变化。

资本结构是企业筹资决策的核心问题。

企业应综合考虑影响资本结构的因素，运用适当方法优化资本结构，从而实现最佳资本结构。

资本结构优化有利于降低资本成本，获取财务杠杆利益。

3财务经理财务经理是公司管理团队中的重要成员，其主要职责是通过资本预算、融资和资产流动性管理为公司创造价值。

英文版罗斯公司理财习题答案

英文版罗斯公司理财习题答案

CHAPTER 8MAKING CAPITAL INVESTMENT DECISIONSAnswers to Concepts Review and Critical Thinking Questions1. In this context, an opportunity cost refers to the value of anasset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire.2. a.Yes, the reduction in the sales of the company’s otherproducts, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product.b. Yes, expenditures on plant and equipment should be treatedas incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows.c. No, the research and development costs should not be treatedas incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project.d. Yes, the annual depreciation expense should be treated as anincremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s netincome and hence, lowers its tax bill for the year. Because of this depreciation tax shield, the firm has more cash on hand at the end of the year than it would have had without expensing depreciation.e.No, dividend payments should not be treated as incrementalcash flows. A firm’s decision to pay or not pay dividends is independent of the decision to accept or reject any given investment project. For this reason, it is not an incremental cash flow to a given project. Dividend policy is discussed in more detail in later chapters.f.Yes, the resale value of plant and equipment at the end of aproject’s life should be treated as an incremental cashflow. The price at which the firm sells the equipment is a cash inflow, and any difference between the book value ofthe equipment and its sale price will create gains or losses that result in either a tax credit or liability.g.Yes, salary and medical costs for production employees hiredfor a project should be treated as incremental cash flows.The salaries of all personnel connected to the project must be included as costs of that project.3.I tem I is a relevant cost because the opportunity to sell theland is lost if the new golf club is produced. Item II is also relevant because the firm must take into account the erosion of sales of existing products when a new product is introduced. If the firm produces the new club, the earnings from the existing clubs will decrease, effectively creating a cost that must be included in the decision. Item III is not relevant because the costs of Research and Development are sunk costs. Decisions made in the past cannot be changed. They are not relevant to the production of the new clubs.4. For tax purposes, a firm would choose MACRS because it providesfor larger depreciation deductions earlier. These larger deductions reduce taxes, but have no other cash consequences.Notice that the choice between MACRS and straight-line is purely a time value issue; the total depreciation is the same;only the timing differs.5.It’s probably only a mild over-simplification. Currentliabilities will all be paid, presumably. The cash portion of current assets will be retrieved. Some receivables won’t be collected, and some inventory will not be sold, of course.Counterbalancing these losses is the fact that inventory sold above cost (and not replaced at the end of the project’s life) acts to increase working capital. These effects tend to offset one another.6.Management’s discretion to set the firm’s capital structureis applicable at the firm level. Since any one particular project could be financed entirely with equity, another project could be financed with debt, and the firm’s overall capital structure remains unchanged, financing costs are not relevant in the analysis of a project’s incremental cash flows according to the stand-alone principle.7. The EAC approach is appropriate when comparing mutuallyexclusive projects with different lives that will be replaced when they wear out. This type of analysis is necessary so that the projects have a common life span over which they can be compared; in effect, each project is assumed to exist over an infinite horizon of N-year repeating projects. Assuming that this type of analysis is valid implies that the project cash flows remain the same forever, thus ignoring the possible effects of, among other things: (1) inflation, (2) changing economic conditions, (3) the increasing unreliability of cash flow estimates that occur far into the future, and (4) the possible effects of future technology improvement that could alter the project cash flows.8. Depreciation is a non-cash expense, but it is tax-deductible onthe income statement. Thus depreciation causes taxes paid, an actual cash outflow, to be reduced by an amount equal to the depreciation tax shield, t c D. A reduction in taxes that would otherwise be paid is the same thing as a cash inflow, so the effects of the depreciation tax shield must be added in to get the total incremental aftertax cash flows.9. There are two particularly important considerations. The firstis erosion. Will the “essentialized”book simply displace copies of the existing book that would have otherwise been sold?This is of special concern given the lower price. The second consideration is competition. Will other publishers step in and produce such a product? If so, then any erosion is much less relevant. A particular concern to book publishers (and producers of a variety of other product types) is that the publisher only makes money from the sale of new books. Thus, it is important to examine whether the new book would displace sales of used books (good from the publisher’s perspective) or new books (not good). The concern arises any time there is an active market for used product.10.D efinitely. The damage to Porsche’s reputation is definitely afactor the company needed to consider. If the reputation was damaged, the company would have lost sales of its existing car lines.11.O ne company may be able to produce at lower incremental cost ormarket better. Also, of course, one of the two may have made a mistake!12.P orsche would recognize that the outsized profits would dwindleas more products come to market and competition becomes more intense.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1. Using the tax shield approach to calculating OCF, we get:OCF = (Sales – Costs)(1 – t C) + t C DepreciationOCF = [($5 × 2,000 –($2 × 2,000)](1 –0.35) +0.35($10,000/5)OCF = $4,600So, the NPV of the project is:NPV = –$10,000 + $4,600(PVIFA17%,5)NPV = $4,7172. We will use the bottom-up approach to calculate the operatingcash flow for each year. We also must be sure to include the net working capital cash flows each year. So, the total cash flow each year will be:Year 1 Year 2 Year 3 Year 4 Sales Rs.7,000 Rs.7,000 Rs.7,000 Rs.7,000Costs 2,000 2,000 2,000 2,000Depreciation 2,500 2,500 2,500 2,500EBT Rs.2,500 Rs.2,500 Rs.2,500 Rs.2,500Tax 850 850 850 850Net income Rs.1,650 Rs.1,650 Rs.1,650 Rs.1,650OCF 0 Rs.4,150 Rs.4,150 Rs.4,150 Rs.4,150Capital spending –Rs.10,000 0 0 0 0NWC –200 –250 –300 –200 950 Incremental cashflow –Rs.10,200 Rs.3,900 Rs.3,850 Rs.3,950 Rs.5,100The NPV for the project is:NPV = –Rs.10,200 + Rs.3,900 / 1.10 + Rs.3,850 / 1.102+ Rs.3,950 / 1.103 + Rs.5,100 / 1.104NPV = Rs.2,978.333. U sing the tax shield approach to calculating OCF, we get:OCF = (Sales – Costs)(1 – t C) + t C DepreciationOCF = (R2,400,000 – 960,000)(1 – 0.30) + 0.30(R2,700,000/3) OCF = R1,278,000So, the NPV of the project is:NPV = –R2,700,000 + R1,278,000(PVIFA15%,3)NPV = R217,961.704.T he cash outflow at the beginning of the project will increasebecause of the spending on NWC. At the end of the project, the company will recover the NWC, so it will be a cash inflow. The sale of the equipment will result in a cash inflow, but we also must account for the taxes which will be paid on this sale. So, the cash flows for each year of the project will be:Year Cash Flow0 – R3,000,000 = –R2.7M – 300K1 1,278,0002 1,278,0003 1,725,000 = R1,278,000 + 300,000 + 210,000 + (0 – 210,000)(.30)And the NPV of the project is:NPV = –R3,000,000 + R1,278,000(PVIFA15%,2) + (R1,725,000 / 1.153) NPV = R211,871.465. First we will calculate the annual depreciation for theequipment necessary for the project. The depreciation amount each year will be:Year 1 depreciation = R2.7M(0.3330) = R899,100Year 2 depreciation = R2.7M(0.4440) = R1,198,800Year 3 depreciation = R2.7M(0.1480) = R399,600So, the book value of the equipment at the end of three years, which will be the initial investment minus the accumulated depreciation, is:Book value in 3 years = R2.7M –(R899,100 + 1,198,800 + 399,600)Book value in 3 years = R202,500The asset is sold at a gain to book value, so this gain is taxable.Aftertax salvage value = R202,500 + (R202,500 – 210,000)(0.30) Aftertax salvage value = R207,750To calculate the OCF, we will use the tax shield approach, so the cash flow each year is:OCF = (Sales – Costs)(1 – t C) + t C DepreciationYear Cash Flow0 – R3,000,000 = –R2.7M – 300K1 1,277,730.00 = (R1,440,000)(.70) + 0.30(R899,100)2 1,367,640.00 = (R1,440,000)(.70) + 0.30(R1,198,800)3 1,635,630.00 = (R1,440,000)(.70) + 0.30(R399,600) + R207,750 + 300,000Remember to include the NWC cost in Year 0, and the recovery of the NWC at the end of the project. The NPV of the project with these assumptions is:NPV = – R3.0M + (R1,277,730/1.15) + (R1,367,640/1.152) +(R1,635,630/1.153)NPV = R220,655.206. First, we will calculate the annual depreciation of the newequipment. It will be:Annual depreciation charge = €925,000/5Annual depreciation charge = €185,000The aftertax salvage value of the equipment is:Aftertax salvage value = €90,000(1 – 0.35)Aftertax salvage value = €58,500Using the tax shield approach, the OCF is:OCF = €360,000(1 – 0.35) + 0.35(€185,000)OCF = €298,750Now we can find the project IRR. There is an unusual feature that is a part of this project. Accepting this project means that we will reduce NWC. This reduction in NWC is a cash inflow at Year 0. This reduction in NWC implies that when the project ends, we will have to increase NWC. So, at the end of theproject, we will have a cash outflow to restore the NWC to its level before the project. We also must include the aftertax salvage value at the end of the project. The IRR of the project is:NPV = 0 = –€925,000 + 125,000 + €298,750(PVIFA IRR%,5) + [(€58,500 – 125,000) / (1+IRR)5]IRR = 23.85%7. First, we will calculate the annual depreciation of the newequipment. It will be:Annual depreciation = £390,000/5Annual depreciation = £78,000Now, we calculate the aftertax salvage value. The aftertax salvage value is the market price minus (or plus) the taxes on the sale of the equipment, so:Aftertax salvage value = MV + (BV – MV)t cVery often, the book value of the equipment is zero as it is in this case. If the book value is zero, the equation for the aftertax salvage value becomes:Aftertax salvage value = MV + (0 – MV)t cAftertax salvage value = MV(1 – t c)We will use this equation to find the aftertax salvage value since we know the book value is zero. So, the aftertax salvage value is:Aftertax salvage value = £60,000(1 – 0.34)Aftertax salvage value = £39,600Using the tax shield approach, we find the OCF for the project is:OCF = £120,000(1 – 0.34) + 0.34(£78,000)OCF = £105,720Now we can find the project NPV. Notice that we include the NWC in the initial cash outlay. The recovery of the NWC occurs in Year 5, along with the aftertax salvage value.NPV = –£390,000 –28,000 + £105,720(PVIFA10%,5) + [(£39,600 + 28,000) / 1.15]NPV = £24,736.268. To find the BV at the end of four years, we need to find theaccumulated depreciation for the first four years. We could calculate a table with the depreciation each year, but an easier way is to add the MACRS depreciation amounts for each of the first four years and multiply this percentage times the cost of the asset. We can then subtract this from the asset cost. Doing so, we get:BV4 = $9,300,000 – 9,300,000(0.2000 + 0.3200 + 0.1920 + 0.1150) BV4 = $1,608,900The asset is sold at a gain to book value, so this gain is taxable.Aftertax salvage value = $2,100,000 + ($1,608,900 –2,100,000)(.40)Aftertax salvage value = $1,903,5609. We will begin by calculating the initial cash outlay, that is,the cash flow at Time 0. To undertake the project, we will have to purchase the equipment and increase net working capital. So, the cash outlay today for the project will be:Equipment –€2,000,000NWC –100,000Total –€2,100,000Using the bottom-up approach to calculating the operating cash flow, we find the operating cash flow each year will be:Sales €1,200,000Costs 300,000Depreciation 500,000EBT €400,000Tax 140,000Net income €260,000The operating cash flow is:OCF = Net income + DepreciationOCF = €260,000 + 500,000OCF = €760,000To find the NPV of the project, we add the present value of the project cash flows. We must be sure to add back the net working capital at the end of the project life, since we are assuming the net working capital will be recovered. So, the project NPV is:NPV = –€2,100,000 + €760,000(PVIFA14%,4) + €100,000 / 1.144NPV = €173,629.3810.W e will need the aftertax salvage value of the equipment tocompute the EAC. Even though the equipment for each product hasa different initial cost, both have the same salvage value. Theaftertax salvage value for both is:Both cases: aftertax salvage value = $20,000(1 –0.35) = $13,000To calculate the EAC, we first need the OCF and NPV of each option. The OCF and NPV for Techron I is:OCF = – $34,000(1 – 0.35) + 0.35($210,000/3) = $2,400NPV = –$210,000 + $2,400(PVIFA14%,3) + ($13,000/1.143) = –$195,653.45EAC = –$195,653.45 / (PVIFA14%,3) = –$84,274.10And the OCF and NPV for Techron II is:OCF = – $23,000(1 – 0.35) + 0.35($320,000/5) = $7,450NPV = –$320,000 + $7,450(PVIFA14%,5) + ($13,000/1.145) = –$287,671.75EAC = –$287,671.75 / (PVIFA14%,5) = –$83,794.05The two milling machines have unequal lives, so they can only be compared by expressing both on an equivalent annual basis, which is what the EAC method does. Thus, you prefer the Techron II because it has the lower (less negative) annual cost.Intermediate11.F irst, we will calculate the depreciation each year, which willbe:D1 = ¥480,000(0.2000) = ¥96,000D2 = ¥480,000(0.3200) = ¥153,600D3 = ¥480,000(0.1920) = ¥92,160D4 = ¥480,000(0.1150) = ¥55,200The book value of the equipment at the end of the project is:BV4= ¥480,000 –(¥96,000 + 153,600 + 92,160 + 55,200) = ¥83,040The asset is sold at a loss to book value, so this creates a tax refund.After-tax salvage value = ¥70,000 + (¥83,040 – 70,000)(0.35) = ¥74,564.00So, the OCF for each year will be:OCF1 = ¥160,000(1 – 0.35) + 0.35(¥96,000) = ¥137,600.00OCF2 = ¥160,000(1 – 0.35) + 0.35(¥153,600) = ¥157,760.00OCF3 = ¥160,000(1 – 0.35) + 0.35(¥92,160) = ¥136,256.00OCF4 = ¥160,000(1 – 0.35) + 0.35(¥55,200) = ¥123,320.00Now we have all the necessary information to calculate the project NPV. We need to be careful with the NWC in this project.Notice the project requires ¥20,000 of NWC at the beginning, and ¥3,000 more in NWC each successive year. We will subtract the ¥20,000 from the initial cash flow, and subtract ¥3,000 each year from the OCF to account for this spending. In Year 4, we will add back the total spent on NWC, which is ¥29,000. The ¥3,000 spent on NWC capital during Year 4 is irrelevant. Why?Well, during this year the project required an additional ¥3,000, but we would get the money back immediately. So, thenet cash flow for additional NWC would be zero. With all this, the equation for the NPV of the project is:NPV = –¥480,000 –20,000 + (¥137,600 –3,000)/1.14 + (¥157,760 – 3,000)/1.142+ (¥136,256 –3,000)/1.143+ (¥123,320 + 29,000 + 74,564)/1.144NPV = –¥38,569.4812.I f we are trying to decide between two projects that will notbe replaced when they wear out, the proper capital budgeting method to use is NPV. Both projects only have costs associated with them, not sales, so we will use these to calculate the NPV of each project. Using the tax shield approach to calculate the OCF, the NPV of System A is:OCF A = –元120,000(1 – 0.34) + 0.34(元430,000/4)OCF A = –元42,650NPV A = –元430,000 –元42,650(PVIFA20%,4)NPV A = –元540,409.53And the NPV of System B is:OCF B = –元80,000(1 – 0.34) + 0.34(元540,000/6)OCF B = –元22,200NPV B = –元540,000 –元22,200(PVIFA20%,6)NPV B = –元613,826.32If the system will not be replaced when it wears out, then System A should be chosen, because it has the more positive NPV.13.If the equipment will be replaced at the end of its useful life,the correct capital budgeting technique is EAC. Using the NPVs we calculated in the previous problem, the EAC for each system is:EAC A = –元540,409.53 / (PVIFA20%,4)EAC A = –元208,754.32EAC B = –元613,826.32 / (PVIFA20%,6)EAC B = –元184,581.10If the conveyor belt system will be continually replaced, we should choose System B since it has the more positive NPV.14.S ince we need to calculate the EAC for each machine, sales areirrelevant. EAC only uses the costs of operating the equipment, not the sales. Using the bottom up approach, or net income plus depreciation, method to calculate OCF, we get:Machine A Machine BVariable costs –₪3,150,000 –₪2,700,000Fixed costs –150,000 –100,000Depreciation –350,000 –500,000EBT –₪3,650,000 –₪3,300,000Tax 1,277,500 1,155,000Net income –₪2,372,500 –₪2,145,000+ Depreciation 350,000 500,000OCF –₪2,022,500 –₪1,645,000The NPV and EAC for Machine A is:NPV A = –₪2,100,000 –₪2,022,500(PVIFA10%,6) NPV A = –₪10,908,514.76EAC A = –₪10,908,514.76 / (PVIFA10%,6)EAC A = –₪2,504,675.50And the NPV and EAC for Machine B is:NPV B = –₪4,500,000 – 1,645,000(PVIFA10%,9)NPV B = –₪13,973,594.18EAC B = –₪13,973,594.18 / (PVIFA10%,9)EAC B = –₪2,426,382.43You should choose Machine B since it has a more positive EAC.15.W hen we are dealing with nominal cash flows, we must be carefulto discount cash flows at the nominal interest rate, and we must discount real cash flows using the real interest rate.Project A’s cash flows are in real terms, so we need to find the real interest rate. Using the Fisher equation, the real interest rate is:1 + R = (1 + r)(1 + h)1.15 = (1 + r)(1 + .04)r = .1058 or 10.58%So, the NPV of Project A’s real cash flows, discounting at the real interest rate, is:NPV = –฿40,000 + ฿20,000 / 1.1058 + ฿15,000 / 1.10582 + ฿15,000 / 1.10583NPV = ฿1,448.88Project B’s cash flow are in nominal terms, so the NPV discount at the nominal interest rate is:NPV = –฿50,000 + ฿10,000 / 1.15 + ฿20,000 / 1.152+ ฿40,000 /1.153NPV = ฿119.17We should accept Project A if the projects are mutually exclusive since it has the highest NPV.16.T o determine the value of a firm, we can simply find thepre sent value of the firm’s future cash flows. No depreciation is given, so we can assume depreciation is zero. Using the tax shield approach, we can find the present value of the aftertax revenues, and the present value of the aftertax costs. The required return, growth rates, price, and costs are all given in real terms. Subtracting the costs from the revenues will give us the value of the firm’s cash flows. We must calculate the present value of each separately since each is growing at a different rate. First, we will find the present value of the revenues. The revenues in year 1 will be the number of bottles sold, times the price per bottle, or:Aftertax revenue in year 1 in real terms = (2,000,000 ×$1.50)(1 – 0.34)Aftertax revenue in year 1 in real terms = $1,650,000Revenues will grow at six percent per year in real terms forever. Apply the growing perpetuity formula, we find the present value of the revenues is:PV of revenues = C1 / (R–g)PV of revenues = $1,650,000 / (0.10 – 0.06)PV of revenues = $41,250,000The real aftertax costs in year 1 will be:Aftertax costs in year 1 in real terms = (2,000,000 ×$0.65)(1 – 0.34)Aftertax costs in year 1 in real terms = $858,000Costs will grow at five percent per year in real terms forever.Applying the growing perpetuity formula, we find the present value of the costs is:PV of costs = C1 / (R–g)PV of costs = $858,000 / (0.10 – 0.05)PV of costs = $17,160,000Now we can find the value of the firm, which is:Value of the firm = PV of revenues – PV of costsValue of the firm = $41,250,000 – 17,160,000Value of the firm = $24,090,00017.To calculate the nominal cash flows, we simple increase eachitem in the income statement by the inflation rate, except for depreciation. Depreciation is a nominal cash flow, so it does not need to be adjusted for inflation in nominal cash flow analysis. Since the resale value is given in nominal terms as of the end of year 5, it does not need to be adjusted for inflation. Also, no inflation adjustment is needed for either the depreciation charge or the recovery of net working capital since these items are already expressed in nominal terms. Note that an increase in required net working capital is a negative cash flow whereas a decrease in required net working capital isa positive cash flow. The nominal aftertax salvage value is:Market price $30,000Tax on sale –10,200Aftertax salvage value $19,800Remember, to calculate the taxes paid (or tax credit) on the salvage value, we take the book value minus the market value, times the tax rate, which, in this case, would be:Taxes on salvage value = (BV – MV)t CTaxes on salvage value = ($0 – 30,000)(.34)Taxes on salvage value = –$10,200Now we can find the nominal cash flows each year using the income statement. Doing so, we find:Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Sales $200,000 $206,000 $212,180 $218,545 $225,102Expenses 50,000 51,500 53,045 54,636 56,275Depreciation 50,000 50,000 50,000 50,000 50,000EBT $100,000 $104,500 $109,135 $113,909 $118,826Tax 34,000 35,530 37,106 38,729 40,401Net income $66,000 $68,970 $72,029 $75,180 $78,425OCF $116,000 $118,970 $122,029 $125,180 $128,425Capital spending –$250,000 $19,800NWC –10,000 10,000Total cash flow –$260,000 $116,000 $118,970 $122,029 $125,180 $158,22518.T he present value of the company is the present value of thefuture cash flows generated by the company. Here we have real cash flows, a real interest rate, and a real growth rate. The cash flows are a growing perpetuity, with a negative growth rate. Using the growing perpetuity equation, the present value of the cash flows are:PV = C1 / (R–g)PV = $120,000 / [.11 – (–.07)]PV = $666,666.6719.T o find the EAC, we first need to calculate the NPV of theincremental cash flows. We will begin with the aftertax salvage value, which is:Taxes on salvage value = (BV – MV)t CTaxes on salvage value = (€0 – 10,000)(.34)Taxes on salvage value = –€3,400Market price €10,000Tax on sale –3,400Aftertax salvage value €6,600Now we can find the operating cash flows. Using the tax shield approach, the operating cash flow each year will be:OCF = –€5,000(1 – 0.34) + 0.34(€45,000/3)OCF = €1,800So, the NPV of the cost of the decision to buy is:NPV = –€45,000 + €1,800(PVIFA12%,3) + (€6,600/1.123)NPV = –€35,987.95In order to calculate the equivalent annual cost, set the NPV of the equipment equal to an annuity with the same economic life. Since the project has an economic life of three years and is discounted at 12 percent, set the NPV equal to a three-year annuity, discounted at 12 percent.EAC = –€35,987.95 / (PVIFA12%,3)EAC = –€14,979.8020.W e will find the EAC of the EVF first. There are no taxes sincethe university is tax-exempt, so the maintenance costs are the operating cash flows. The NPV of the decision to buy one EVF is:NPV = –₩8,000 –₩2,000(PVIFA14%,4)NPV = –₩13,827.42In order to calculate the equivalent annual cost, set the NPV of the equipment equal to an annuity with the same economic life. Since the project has an economic life of four years and is discounted at 14 percent, set the NPV equal to a three-year annuity, discounted at 14 percent. So, the EAC per unit is:EAC = –₩13,827.42 / (PVIFA14%,4)EAC = –₩4,745.64Since the university must buy 10 of the word processors, the total EAC of the decision to buy the EVF word processor is:Total EAC = 10(–₩4,745.64)Total EAC = –₩47,456.38Note, we could have found the total EAC for this decision by multiplying the initial cost by the number of word processors needed, and multiplying the annual maintenance cost of each by the same number. We would have arrived at the same EAC.We can find the EAC of the AEH word processors using the same method, but we need to include the salvage value as well. Thereare no taxes on the salvage value since the university is tax-exempt, so the NPV of buying one AEH will be:NPV = –₩5,000 –₩2,500(PVIFA14%,3) + (₩500/1.143)NPV = –₩10,466.59So, the EAC per machine is:EAC = –₩10,466.59 / (PVIFA14%,3)EAC = –₩4,508.29Since the university must buy 11 of the word processors, the total EAC of the decision to buy the AEH word processor is:Total EAC = 11(–₩4,508.29)Total EAC = –₩49,591.21The university should buy the EVF word processors since the EAC is lower. Notice that the EAC of the AEH is lower on a per machine basis, but because the university needs more of these word processors, the total EAC is higher.21.W e will calculate the aftertax salvage value first. Theaftertax salvage value of the equipment will be:Taxes on salvage value = (BV – MV)t CTaxes on salvage value = (₫0 – 100,000)(.34)Taxes on salvage value = –₫34,000Market price ₫100,000Tax on sale –34,000Aftertax salvage value ₫66,000Next, we will calculate the initial cash outlay, that is, the cash flow at Time 0. To undertake the project, we will have to purchase the equipment. The new project will decrease the net working capital, so this is a cash inflow at the beginning of the project. So, the cash outlay today for the project will be:Equipment –₫500,000NWC 100,000Total –₫400,000Now we can calculate the operating cash flow each year for the project. Using the bottom up approach, the operating cash flow will be:Saved salaries ₫120,000Depreciation 100,000EBT ₫20,000。

  1. 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
  2. 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
  3. 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。

1.阐述一下机会成本的定义答：某项资产用于某个新项目，则会丧失了其他方式所能带来的潜在收入，这些丧失被认作机会成本2.在计算投资项目的NPV时，下边哪个可以被看成是增量现金流？（1）新的产品所带来的公司的其他产品的销售的下滑（2）只有新的项目被接受，才会开始投入建造的机器和厂房（3）过去的3年发生的和新项目相关的研发费用（4）新项目每年的折旧费用（5）公司发放的股利（6）新项目结束时，销售厂房和机器设备的收入（7）如果新项目被接受，那么需要支付的新雇佣员工的薪水和医疗保险费用答：这里的增量的现金流量可以为负数，而且查看一个项目的增量现金流量主要应该看这些现金流量是否专属于这个项目但也有例外如侵蚀效应、沉没成本和折旧（1）是副效应中的侵蚀效应当算入增量现金流只不过它是负数而已；（2）固定资产的投资当然应担算入增量现金流它也为负数；（3）过去三年的新项目相关的研发费用属于沉没不能算作当前评估项目的增量现金流；（4）折旧费用本来不会直接的带来项目的增量现金流，但是它抵减了税款，间接的提供了增量现金流故应当算作项目的增量现金流；（5）公司的发放的股利应为不属于这个项目的专属现金流量，故不能算作项目的增量现金流量；（6）应当算作项目的增量现金流量，因为它专属于这个项目（7）项目的员工的工资因为专属于这个项目故应当算作该项目的增量现金流量3.你的公司现在生产和销售钢制的高尔夫球杆。

公司董事会建议你考虑生产钛合金和石墨制的高尔夫球杆，下列哪一项不会产生增量现金流。

（1）自有土地可以被用来建设新厂房，但是新项目如果不被接受，该土地将以市场价700000美元出售；（2）如果钛合金和石墨制的高尔夫球杆被接受，则钢制的高尔夫球杆的销售额可能会下降300000美元；（3）去年用在石墨高尔夫球杆上的研发费用为200000答：对于（1）属于机会成本应当算入项目的增量现金流（2）属于副效应中的侵蚀效应应当算入项目的增量现金流；（3）属于沉没成本，不应当算入项目的增量现金流4.如果可以选择，你更愿意接受直线折旧法还是改进的加速成本折旧法？为什么答：应该更加偏向于加速成本折旧法，因为它在前期产生了更多的折旧额，抵减了更多的税款（从货币的时间价值上来说）5.我们在前面套路资本预算的时候，我们假设投资项目的营运资本都能够回收。

这是一个在实践中可以接受的假设吗？如果不可以将会出现什么情况答：这只是一个理想化的假设，在实践中不能被接受，在生产规模不变的情况下总会有不能回收的应收账款或者应收票据，存货总有没有售完的，在此两种的情况下营运资本都不能完成回收，但是如果流动负债的额度大于应收账款和应收票据和存货占用资金的总额的话，又可以完成回收营运资本（这种情况比较少见）6.说实话这道题翻译得很不好，参考了一下英文原版的答案，我发现这道题应该是这样的“我们把项目看成一个mini的小公司，我们做资本预算时只会看这个公司的盈利能力如何也就是现金流入和现金流出怎么样，而不会去管它的资本结构是怎样的”答：这个经理的说法在公司层面上是可以接受的，不管的项目的资金来源是权益融资还是债务融资，它应经客观存在了属于沉没成本（我是这么理解的），根据独立性原则，一个项目的评价是和资本费用无关的7.当两个项目或多个项目是互斥项目且具有不同的生命周期时使用EAC，因为两个项目具有不同生命周期，单纯的使用NPV方法可能会存在误导性，比如书上124页关于体育设备的例子，单纯的看NPV是B不如A但是B比A的生命周期长所以B能产生跟多的收益，我觉得这个例子中的折现率是一个比较难确定的量，在其次不能考虑大额现金流出对当前公司的营运资本的影响，不能考虑未来科技对设备选择的影响8.折旧不能被忽略，因为折旧可以递减税款，从而影响增量现金流量9.根据英文原版答案：有两个主要考虑的因素1)侵蚀作用，这本书的出版是否会影响其他书的销量，这是低价商品的一个特殊考虑因素因为人都喜欢便宜的东西2）竞争，其他的出版商是否也会出版这本书，如果别的出版商也会出版的话那么侵蚀作用的影响就应该被忽略了，因为不管你出版还是不出版都会存在侵蚀作用，还有一个特殊的考虑因素就是新书会不会影响到二手书市场（出版商是非常希望能影响旧书市场因为旧书不能帮他赚钱的）10.毫无疑问应该将之纳入考虑范围之内，如果公司的声誉受到影响那么公司将会损失他现有的汽车生产11.根据英文原版答案：也许保时捷公司认为自己能够以较低的增量成本来进行生产，或者说保时捷公司和其他公司都可能做了错误的估计╮(╯▽╰)╭（这就是原版答案）12.保时捷公司必须承认随着竞争的加剧，边际利润会减少13.这里出现了一个问题就是根据书上鲍尔温公司的案例，它的净营运资本的是每一年回收一次，而且流出现金流量只是净营运资本的增加量加投资量，而英文原版的答案给出的营运现金确是每年都在投出，没有回收，直到最后一年才回收故在这里给读者作出了两种答案：14.此题根据英文答案，发现翻译版的这本书题目缺少关键性条件（翻译得真烂）所以从新定义一下题目：公司打算购进一个系统，这个系统的价格是850000美元，该系统在5年内账面价值折旧为0采用直线折旧法，5年后公司可以以75000美元将这个系统转让（这就体现了账面价值和实际价值之间的不同了），每年这个系统可以为公司节省320000美元（税前），且可以减少营运成本（在一开始一次性减少）如果税率为35%，求项目IRR分析：结果如下：这道题是一道蛮综合的一道题他牵涉到了会计的知识和公司理财中的年金，运营现金流，IRR，NPV的知识，再提一点这道题的OCF是根据运营现金流中的第三个公式：OCF=（收入-费用）*（1-t）+折旧*t得出的；还应注意对于营运资本的减去和加回处理15.此题较之上一题目没有什么明显的创新，难度也略微低了些，只要切实掌握了OCF（经营现金流量的计算公式就可以做出来）在本题中我们使用了公式1：OCF=收入-成本-税当然你也可以使用公式2或者公式3，其实OCF的真正含义就是实实在在落入公司腰包的钱是多少，从这个概念出发再来计算经营现金流量将会变得简单。

具体计算见下图16.[分析]：这是一道比较有趣的题，题中出现了一个新名词“税前运营成本”很多人就会奇怪难道成本也要交税，当然成本是不用缴税的，之所以出现这个名词我觉得可能有以下两个原因：1）作者或者翻译者出错了；2）从这道题的解体角度出发成本扮演的角色跟缴税成本没有什么两样。

这道题作者是从EAC的角度，但是却以OCF的形式来解决问题。

在本书的课文的例子中关于这种资产购置的问题其实都是以使用成本的形式来解决问题的，本题给我们提供了一个新思路，可能是因为这道题明确的告诉了你有折旧的因素的影响，所以不能单纯的从成本角度出发来看待问题，应该以一种包含了折旧因素的方式来解决问题，故采用了OCF的计算方法，本题中的OCF计算公式采用了公式3——OCF=（收入-成本）*（1-t）+折旧*t，而此题的收入并没有告诉我们故被看做了是0所以OCF=-成本*（1-t）+折旧*t，那么这里的成本仿佛是交了税的，这种思路可以成本解决这种问题的一种固定思路：在存在折旧的情况下，若没有告诉收入，那么成本就可以看做是要缴税的。

具体解体步骤如下：17.这道题存在一个翻译上的错误，这道题的一个原始条件是“它在使用期内都不会被替换”但是根据英文原版答案”if we are trying to decide between two projects that will not be replaced when they are wear out”说明这道题的本意是说这个公司不会再买新的机器了，那么在这种条件下就不能使用EAC方法，因为EAC方法的一个前提假设是你会继续使用该机器，而不是只是用一个周后就再也不买新的了，故这道题就变得简单了，单纯的使用NPV方法即可，另外还是和上一道题一样需要注意折旧的影响和名词“税前营运成本“具体步骤：可能这道题在我们看来有点不合常理，根据英文原版答案却也只能这样解释不然是解释不通的，因为这种目标具有不同的使用寿命按照常理应该使用EAC法，但是可能作者想考察我们对于EAC使用条件的理解吧，因为书上125第二那个地方说的很清楚，只有早这两种机器是可以被替换（新的换久的）的时候是可行的。

18.[分析]先回顾一下概念，名义现金流：实际收到或支出的美元；实际现金流：是指现金流的实际购买力（是以一个标准的商品作为度量尺度，如一美元的面包）；在实际计算中需要注意两点：1）名义现金流在计算NPV时要除以名义折现率而实际现金流要除以实际折现率；2）名义现金流和实际现金流算出来的NPV其实是一样的，具体计算如图19.[分析]这是一个永续增长年金问题，采用永续增长年金的计算公式可以简化计算，不过需要的注意的是对第一年的年金额的度量，一定要看准题目所给的条件，具体解体过程20.补充这道题的两个条件：1）所有折旧均采用直线折旧；2）在机器的使用过程中不会再进行替换——如果选择现在不更换，那么就要4年后再换【分析】本题的牵涉到了折旧和税率的影响，所以应该要考虑到OCF和NPV结合的方法（好像是这样的只要牵涉到折旧和税率，就是考虑的OCF与NPV结合的方法）不像是课文中的那些简单的不涉及折旧的题目。

对于购买新机器的情况我们没有什么好讲的，特别的提一下保留旧机器的机会成本和税款额外收益机会成本：就是机器的市场价值我想没什么好讲的税款收益：是因为你的账面价值大于市场价值，所以如果你卖了这个机器的话你可以报亏损，收入中就有了-100W这一项，那么你为这-100W交的税是不是就是-39W，是不是就是可以少交39W的税款。

所以在这道题中我们可以学到一个新的知识点，那就是当账面价值>实际价值时我们会获得税款的收益21.此题较之上道题没有什么打的区别，具体思路还是在有折旧影响的时候采用OCF与NPV相结合的方式，若两种设备的使用寿命不相同则再考虑EAC（约当年均成本法）22.本题存在一个疑问：根据英文原版答案，它加回了净营运资本，但是题目没有说这个事情啊，还是说在以后净营运资本都要加回（这估计是关于财务会计或者财务管理的只是我已经不记得了）所以做了两个答案，一个没有加回净营运资本，一个加回了净营运资本，若以后能找到相关知识我再来修改23.这道题根据英文原版答案，本应该有一个设备残值60000，但是在翻译版中却遗漏掉了这个条件，不过也不影响我们做题，我们就按没有残值的来计算24.这一题略，没有什么特别的地方，只是计算而已，要说有特别的地方的话那就是，注意问题是单变量不是双变量25.这道题根据英文原版答案，少了一个条件：通货膨胀率为5%；值得注意的一个地方是，在算OCF的时候如果是以实际现金流来计算那么它的折旧也要转换为实际折旧来计算小案例（一）：这是一道难度很大的题：牵涉到了很多的知识点：1）沉没成本问题，题目中的10年前的600W美元是这个项目的沉没成本，应不予以考虑到项目中；2）注意那700W的机会成本呢；3）尤其要注意公司4年后本来可以把机器卖掉获得5100W的资产处置利得，但是公司却把它留作别的项目使用，这一点我们要区分开财务会计和项目评估的不同点了，首先财务会计的对象是法人而项目的评估的对象是项目，其次项目评估的重点是增量现金流，由于这道题牵涉到了两个项目我们应该把它独立开来（公司先把项目1的机器卖给别人，然后项目2再以同样的价格从别人手中买过来只有这样处理才能将这两个项目独立开来；）4）关于投资营运成本的问题；5）回顾一下问题中的几个名词：PI盈利指数：后期产生现金流/投资；那个ARR第九版就没有讲过，所以略过具体计算如下：小案例（二）：本案例比起案例（一）没有什么特别的地方，只是存在一个小疑问，就是那个900W的营运资本真的够第一年嘛？或者是我弄错题意了，具体计算过程如下。

相关文档
最新文档