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德韵90 · 2019年12月11日

问一道题：NO.PZ2018101501000038

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the market value added (MVA)?

选项：

A.

56,070.52

B.

62,625.16

C.

55,795.03

解释：

B is correct.

考点：Other Valuation Models

解析：根据公式MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}

其中EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capital

EP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500

需要注意的是第四年的EBIT要加回残值的影响

EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000

MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16

第四年的EBIT要加上残值是什么原理呢？不是很懂。

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2 个答案

BuzZMonkey · 2020年02月17日

老师您好，但是我不理解的是为什么在期末的时候变卖残值

李老师视频里说到 "长期资产变现和投资活动相关，和经营活动没有关系"

也就是为什么在用 basic capital budgeting method 中我们期末处置资产后的税后现金流算在了TNOCF 中。

但是这里期末处置资产又属于经营的一部分呢?

谢谢您的回答。

maggie_品职助教 · 2020年02月17日

那只是投资活动和经营活动现金流的分类不同。你项目做完了那么报废的机器设备就要变卖，因为这部分也是你做项目可以收回来的现金流，而TNOCF就是terminal non operating cash flow最后一期非经营活动现金流，所以变卖资产的属于非经营性现金流。

maggie_品职助教 · 2019年12月11日

EP=NOPAT-$WACC, NOPAT是税后净经营活动现金流，变卖残值获得的现金流也是经营项目的一部分（相当于项目做完了，要回收所有投资）所以要加回来。这个在原版书上的表格中提到了，我截图给你看一下：

加油~

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