光华《公司财务》复习题及答案

’sSportswearT6,000,0004035T13041531103.512NPV123450,000100,000125,000100,00010,80020,80020,80020,800150,000300,000300,000300,0004III0.4−2%−10%0.528%400.148%60a.b.c.(1)90%I10%II(2)10%I90%II=0.704N0.39=0.65211L1.5146ML0.91512M1000016M35MMMM10M13EBIT600Vu2000401050%D/E1MMabc(),FVAFVIFArn==b14100000/(17%)38774.72()PV=+=c10100,00020,000(17%)/7%,15AFVIFA=−×+)(94.2413=2A)Yes.Thesaleofthemachineispartoftheprojectinitiative.Therefore,theproceedsfromthesaleoftheequipmentshouldbecounted.B)No.TheR&Dexpenditureisasunkcostthatshouldnotbeincludedintheprojectevaluation.C)Yes.Thisisanopportunitycostthatisbornebythecompany.D)Yes.CapitalexpendituresmustbeincorporatedinanNPVanalysis.E)Itisthedepreciationtaxshieldsthatistheincrementalcashflowandnottheactualdepreciationexpense.F)Itisthechangeinnetworkingcapitalthatistheincrementalcashflow.Therefore,incrementalcashflowsare-$10millionatyear0,-$2millionatyear1,+$7millionatyear2and+$5millionatyear3.G)No,dividendpaymentsarenotincrementalcashflows.3Year0Year1Year2Year3Year4(6,000,000)(150,000)(150,000)00300,0001,500,0003,120,0004,056,0003,374,592250,000108,000515,000215,280663,063222,815546,364230,6131,500,0001,500,0001,500,0001,500,000(358,000)889,7201,670,1221,097,615(125,300)*311,402584,543384,1651,267,3002,078,3182,585,5792,213,450(6,150,000)1,117,3002,078,3182,585,5792,513,45012%,NPV−$57,881.4()()%18%481.0%285.0%24.0=×+×+−×=IRE()()%22%601.0%405.0%104.0=×+×+−×=IIREb.Variancesandstandarddeviations()()()()03.0%18%481.0%18%285.0%18%24.02222=−×+−×+−−×=IRσ()()()()0716.0%22%601.0%22%405.0%22%104.02222=−×+−×+−−×=IIRσ()%32.1703.0==IRσ()%76.260716.0==IIRσc.PortfolioexpectedreturnsandstandarddeviationsPortfolioI=90%investedinsecurityIand10%insecurityIIPortfolioII=10%investedinsecurityIand90%insecurityIIStateoftheEconomyProbabilityReturnonportfolioIReturnonPortfolioIILowGrowth0.4−2.8%−9.2%MediumGrowth0.529.2%38.8HighGrowth0.149.2%58.8()()%4.18%2.491.0%2.295.0%8.24.0=×+×+−×=PIRE()()%6.21%8.581.0%8.385.0%2.94.0=×+×+−×=PIRE()()()()%25.18%4.18%2.491.0%4.18%2.295.0%4.18%8.24.022=−×+−×+−−×=PIRσ()()()()%80.25%6.21%8.581.0%6.21%8.385.0%6.21%2.94.022=−×+−×+−−×=PIRσ5a.ApplyingtheSMLgives()()08.013.00.080.20P−+=⇒−+=ββfMPfPrrrr4.2=Pβ−+=⇒−+=60.0=Pσc.Thecorrelationcoefficientisgivenby25.060.04.2×=⇒=PMMPPMPρσσρβ1=PMρ6%47.13%)6%15(83.0%6)(intint=−×+=−⋅+=fMerwferwrrrrβ71234008153505048[40]2.36153485348110%6C−−=⋅+⋅−−+⋅≈=52K=50r=12%t=1/4σ=30%21ln(/)(/2)SKrTdTσσ++=0.5421ddTσ=−=0.3912()()rTCSNdKeNd−=−=4.99111%18%)6%14(5.1%6))((=−×+=−Ε+=fmfRRRrβ2%2.13%)6%14(9.0%6))((=−×+=−Ε+=fmfRRRrβ15%121(135%)100004062516%u−×==V2VV4062535%(40625/2)47734LuTD=+=+×=)401(600)1(=−×=−×=ueuVTEBITk%8.22%)401(%)10%18(1%18)1)()(/(=−×−×+=−−+=TkkEDkkdeueuel2WACC%18==euuk%4.14%50%8.22%50%)401(%10=×+×−×=lWACC141MM22033.331233.33433.331242.6722.533.3312.533.33533.331357.171511234570100904514021400000+2000000+1800000+900000+2800000*50%/5=89000031234550756550115