作者onlyping (ping)
看板CFAiafeFSA
标题[问题] 台大98财管考古题
时间Tue Feb 17 17:58:24 2009
不好意思 找不到财管相关的版
到这里来问 希望有人可以指教指教!!
问题：
ypu have been asked to evaluate a project with infinite life.
sales and costs are projected to be $1000 and $500 repectively.
there is no depreciation and the tax rate is 30%.
the real required rate of return is 10%
the inflation rate is 4% and is expected to be 4% forever.
sales and costs will increse at the rate of inflation.
if the project costs $3000. what's the NPV?
我的想法：
(1000-500)*0.7 500*0.7*1.04 500*0.7*1.04^2
-3000 + ──────── +─────── +──────── +......
1.1 1.1^2 1.1^3
318.1818
= -3000 + ────────
1- (1.04/1.1)
=5833.333 - 3000 = 2833.33
但是考古题的解答是：﹝完整照打下来的﹞
EBIT=1000-500=500
OCF=EBIT*(1-t) + Dep*T
=500*0.7 + 0*0.3
=350
K = K* +10% = 14%
real required rate of return = K* =10%
a project with infinite life:
NPV= OCF/K - I = 350 / 14% -3000 = -500
我不懂的是 为什麽每年的SALES还有COST 会随4%增加
但是考古题却直接以350为永续年金折现呢???
希望版上各位能给些建议 谢谢!!!
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1F：→ onlyping:96年 不好意思打错了 02/17 17:59
2F：推 Engedi:实质现金流要用实质利率折现 你的算法分母要改成1.1*1.04 02/17 21:05
3F：推 oislee:加油 02/17 21:23
4F：推 fn21nfy:考古提答案不要太相信不如相信自己是对的考试会比较有信心 02/18 22:39
5F：推 willieliao:民国96年还是西元1996年？我好像没有考过／解过这题 02/20 05:20
6F：→ onlyping:谢谢楼上各位!! 02/23 11:14