罗斯公司理财第九版第六章课后答案对应版

策失误。

12.

保时捷将会意识到随着越来越多产品投入市场，

竞争越来越激烈 ，

过高的利

润会减少。

13.

We will use the bottom- up approach to calculate the operating cash flow for each year.

We also must be sure to include the net working capital cash flows each year. So, the net

income and total cash flow each year will be:

Y

ear01

Y

ear02

Y

ear03

Year04

Sales

$$8,500

$$9,000

$$9,500

$$7,000

Costs

1,900

2,000

2,200

1,700

Depreciation

4,000

4,000

4,000

4,000

EBT

$$2,600

$$3,000

$$3,300

$$1,300

Tax

884

1,020

1,122

442

Net income

$$1,716

$$1,980

$$2,178

$$858

OCF

$$5,716

$$5,980

$$6,178

$$4,858

Capital spending -$$16000

NWC

–

200

–

250

–

300

–

200

950

Incremental

–

$$16,200

$$5,466

$$5,680

$$5,978

$$5,808

cash flow

The NPV for the project is:

NPV =

–

$$16,200 + $$5,466 / 1.12 + $$5,680 / 1.1

2

⌒

2

+ $$5,978 / 1.1

2

⌒

3

+ $$5,808 / 1.1

2

⌒

4

NPV = $$1,154.53

14.

First, we will calculate the annual depreciation of the new equipment. It will be:

Annual depreciation charge = $$850,000/5 = $$170,000

The aftertax salvage value of the equipment is:

Aftertax salvage value = $$75,000(1

–

0.35)= $$48,750

Using the tax shield approach, the OCF is:

OCF = $$320,000(1

–

0.35) + 0.35($$170,000)= $$267,500

Now 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 Y

ear 0. This reduction in NWC

implies that when the project ends, we will have to increase NWC. So, at the end of the project, 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 =

–

$$850,000 + 105,000 + $$267,5 00(

年金现值表

IRR%,5

) + [($$48,750

–

105,000) /

(1+IRR)5]

IRR = 22.01%

15.

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 cap

ital. So, the cash outlay today for the project

will be:

Equipment

–

$$1,800,000

NWC

–

150,000

Total

–

$$1,950,000

Using the bottom-up approach to calculating the operating cash flow, we find the operating

cash flow each year will be:

Sales

$$1,100,000

Costs

275,000

Depreciation

450,000

EBT

$$375,000

Tax

131,250

Net income

$$243,750

The operating cash flow is: OCF = Net income + Depreciation =$$243,750 + 450,000

= $$693,750

To 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 areassuming

the net working capital will be recovered. So, the project NPV is:

NPV =

–

$$1,950,000 + $$693,750(PVIFA

16%,4

) + $$150,000 / 1.1

6

⌒

4

= $$74,081.48

16. We will need the aftertax salvage value of the equipment to compute the EAC. Even

though the equipment for each product has a different initial cost, both have the same salvage

value. The aftertax salvage value for both is:

Both cases: aftertax salvage value = $$20,000(1

–

0.35) = $$13,000

To calculate the EAC, we first need the OCF and NPV of each option. The OCF and NPV for

Techron I is: OCF=

（

Sales-Cash

）< /p>

*

（

1-t

c< /p>

）

+ Depreciation* t

c

OCF =

–

$$45,000(1

–

0.35) + 0.35($$270,000/3) = $$2,250

NPV =

–

$$270,000 + $$2,250(PVIFA

12%,3

) + ($$13,000/1.12

3

) =

–

$$255,342.74

EAC =

–

$$255,342.74 / (PVIFA

12%,3

) =

–

$$106,311.69

And the OCF and NPV for Techron II is:

OCF =

–

$$48,000(1

–

0.35) + 0.35($$370,000/5) =

–

$$5,300

NPV =

–

$$370,000

–

$$5,300(PVIFA

12%,5

) + ($$13,000/1.12

5

) =

–

$$381,728.76

EAC =

–

$$381,728.76 / (PVIFA

12%,5

) =

–

$$105,895.27

The 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.

17. If we are trying to decide between two projects that will not be 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

=

–

$$105,000(1

–

0.34) + 0.34($$360,000/4) =

–

$$38,700

NPV

A

=

–

$$360,000

–

$$38,700(PVIFA

11%,4

) =

–

$$480,064.65

And the NPV of System B is:

OCF

B

=

–

$$65,000(1

–

0.34) + 0.34($$480,000/6) =

–

$$15,700

NPV

B

=

–

$$480,000

–

$$15,700(PVIFA

11%,6

) =

–

$$546,419.44

If the system will not be replaced when it wears out, then System A should be chosen,

because it has the less negative NPV.

18. When we are dealing with nominal cash flows, we must be careful to 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 =

–

$$50,000 + $$30,000 / 1.1058 + $$25,000 / 1.1058

⌒

2 + $$20,000 / 1.1058

⌒

3 = $$12,368.89

Project B‘s cash flow are in nominal terms, so the NPV discounted at the

nominal interest rate

is:

NPV =

–

$$65,000 + $$29,000 / 1.15 + $$38,000 / 1.1

5

⌒

2

+ $$41,000 / 1.1

5

⌒

3

= $$15,909.02

We should accept Project B if the projects are mutually exclusive since it has the highest NPV.

19.

To determine the value of a firm, we can sim

ply find the present 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 = (2,100,000 ×

$$1.25)(1

–

0.34) = $$1,732,500

Revenues 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 = C

1

/ (

R

–

g

)

PV of revenues = $$1,732,500 / (0.10

–

0.06) = $$43,312,500

The real aftertax costs in year 1 will be:

Aftertax costs in year 1 in real terms = (2,100,000 ×

$$0.75)(1

–

0.34) = $$1,039,500

Costs 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 = C

1

/ (

R

–

g

)

PV of costs = $$1,039,500 / (0.10

–

0.05) = $$20,790,000

Now we can find the value of the firm, which is:

Value of the firm = PV of revenues

–

PV of costs

Value of the firm = $$43,312,500

–

20,790,000 = $$22,522,500

20.

（

1

）

Purchase new machine:

总成本：

Purchase new

–

$$12,000,000

machine

Net working capital

–

250,000

Total

–

$$12,250,000

经营性现金流：

Operating expense

$$4,500,000

Depreciation

3,000,000

EBT

$$1,500,000

Taxes

585,000

Net income

$$915,000

OCF

$$3,915,000

NPV =

–

$$12,250,000 + $$3,915,000(PVIFA

10%,4

) + $$500,000 / 1.1

0

⌒

4

= $$330,776.59

And the IRR is:

0 =

–

$$12,250,000 + $$3,915,000(PVIFA

IRR,4

) + $$250,000 / (1 + IRR

)

⌒

4

IRR = 11.23%

（

2

）

Keep old machine:

总成本：

Keep machine

–

$$3,000,000

Taxes

–

390,000

Total

–

$$3,390,000