QUIZ

问答

1. Which of the following should be treated as incremental cash flows when deciding whether to invest in a new manufacturing plant? The site is already owned by the company, but existing buildings would need to be demolished.

a. The market value of the site and existing buildings.

b. Demolition costs and site clearance.

c. The cost of a new access road put in last year.

d. Lost earnings on other products due to executive time spent on the new facility.

e. A proportion of the cost of leasing the president’s jet airplane.

f. Future depreciation of the new plant.

g. The reduction in the corporation’s tax bill resulting from tax depreciation of the new plant.

h. The initial investment in inventories of raw materials.

i. Money already spent on engineering design of the new plant.

a, b, d, g, h.

1.当在决定是否要投资建造一座的加工厂的时候，下列哪些应被作为增量现金流对待？场地已经是公司所有，但是现有的建筑物将需要被拆除。

       a.场地和现有建筑物的市场价值

       b.拆除成本和场地清理费用

       c.去年铺设的一条新的进出道路的成本

       d.由于消耗在新设施上的实施时间导致的其他产品损失的盈利

       e.租赁总裁的喷气飞机的成本的一部份

       f.新厂的未来的折旧

       g.新厂的税收折旧引致的公司应缴税收的减少

       h.原材料存货的初始投资

       i.已经花在新厂的工程设计上的钱

a, b, d, g, h.

2. M. Loup Garou will be paid 100,000 euros one year hence. This is a nominal flow, which he discounts at an 8 percent nominal discount rate:

PV==€92,593

The inflation rate is 4 percent.

Calculate the PV of M. Garou’s payment using the equivalent real cash flow and real discount rate. (You should get exactly the same answer as he did.)

Real cash flow = 100,000/1.04 = 96,154;

Real discount rate = 1.08/1.04 – 1 = .0385

PV==92,589, four euros short because of rounding error.

2. M. Loup Garou将在一年后收到100,000欧元。这是一笔名义现金流，他以8%的名义贴现率贴现得到：

PV==€92,593

通货膨胀率为4%

       用等价的真实现金流和真实贴现率来计算M. Garou的这笔钱的PV。（你应该得出与他所做的完全相同的答案）

真实现金流= 100,000/1.04 = 96,154;

真实贴现率= 1.08/1.04 – 1 = .0385

PV==92,589, 因取整误差而减少了4欧元

3. True or false?

a. A project’s depreciation tax shields depend on the actual future rate of inflation.

b. Project cash flows should take account of interest paid on any borrowing undertaken to finance the project.

c. In the U.S., income reported to the tax authorities must equal income reported to shareholders.

d. Accelerated depreciation reduces near-term project cash flows and therefore reduces project NPV.

(a) False; (b) false; (c) false; (d) false.

3.对或错？

       a.一个项目的折旧税收挡板取决于实际的未来通货膨胀率。

       b.项目现金流应考虑为融资支持这个项目而所借款项的利息支出。

       c.在美国，报告给税收主管部门的收益必须等于报告给股东的收益。

       d.加速折旧法减少了近期项目现金流，所以减少了项目的NPV。

全错

4. How does the PV of depreciation tax shields vary across the recovery-period classes shown in Table 6.4? Give a general answer; then check it by calculating the PVs of depreciation tax shields in the five-year and seven-year classes. The tax rate is 35 percent. Use any reasonable discount rate.

The longer the recovery period, the less the present value of depreciation tax shields. This is true regardless of the discount rate. If, say, r = .10, then 35% of the 5-year schedule’s PV is .271. The same calculation for the 7-year schedule yields .253.

4.折旧税收挡板的PV是如何在表格6.4显示的弥补期间层级之间变化的？给出一个概括的答案；然后通过计算五年期和七年期层级的折旧税收挡板的PV来验证。税率为35%。运用任何合理的贴现率。

弥补期越长，折旧税收挡板的现值就越少。无论贴现率是什么都是这种情况。假使说r = .10，那么35%的税率五年期的PV就是.271。相同的计算方法七年期的PV就是.253。

5. The following table tracks the main components of working capital over the life of a four-year project.

Calculate net working capital and the cash inflows and outflows due to investment in working capital.

5.下表追踪了一个四年期项目寿命期间的营运资本的主要组成部分：

计算净营运资本和投资于营运资本造成的现金流入流出。