QUIZ

问答

1. What is the opportunity cost of capital supposed to represent? Give a concise definition.

The opportunity cost of capital is the expected rate of return investors could earn in financial markets at the same level of risk as the asset to be valued.

1.资本机会成本应该代表什么？给出一个简明的定义。

资本机会成本是投资者能够从资本市场中以与被估值资产有相同风险水平而赚取的期望回报率。

2. a. What is the payback period on each of the following projects?

b. Given that you wish to use the payback rule with a cutoff period of two years, which projects would you accept?

c. If you use a cutoff period of three years, which projects would you accept?

d. If the opportunity cost of capital is 10 percent, which projects have positive NPVs?

e. “Payback gives too much weight to cash flows that occur after the cutoff date.”True or false?

f. “If a firm uses a single cutoff period for all projects, it is likely to accept too many short-lived projects.” True or false?

g. If the firm uses the discounted-payback rule, will it accept any negative-NPV projects? Will it turn down positive-NPV projects? Explain.

(a)A=3 years, B =2 years, C =3 years;

(b) B;

(c) A, B, and C;

(d) B and C (NPV_B = $3,378; NPV_C = $2,405);

(e) false;

(f) true;

(g) It will accept no negative-NPV projects but will turn down some with positive NPVs. A project can have positive NPV if all future cash flows are considered but still not meet the stated cutoff period.

2. a.以下每一个项目的回收期是多少？

b.假定你希望运用截止期为两年的回收期规则，你会接受哪些项目？

c.如果你运用的截止期为三年，你会接受哪些项目？

d.如果资本机会成本为10%，哪些项目有正的NPV？

e.“回收期（规则）过于关注在截止日之后发生的现金流。”对或错？

f.“如果一家企业对所有的项目运用一个单一的截止期，它很可能接受过多的短期项目。”对或错？

g.如果企业运用贴现回收期规则，它会接受任何负值NPV项目吗？它会拒绝正值NPV项目吗？请解释。

(a)A=3年, B =2年, C =3年;

(b) B;

(c) A, B和C;

(d) B和C (NPV_B = $3,378; NPV_C = $2,405);

(e) 错;

(f) 对;

(g)它将不会接受负值NPV项目但是仍将拒绝某些正值NPV（项目）。如果全部未来现金流都考虑进去一个项目会有正的NPV，但是仍然不会满足规定的截止期。

3. What is the book rate of return? Why is it not an accurate measure of the value of a capital investment project?

The ratio of book (accounting) income to book assets. This ratio depends on accounting procedures. It is not calculated from project cash flows. The time value of money is ignored.

3.什么是账面报酬率？为什么它不是一种精确的资本投资项目价值的测度标准？

账面（会计）收益对账面资产的比率。这一比率取决于会计处理程序。它不是从项目的现金流计算得来。货币的时间价值被忽略了。

4. Write down the equation defining a project’s internal rate of return (IRR). In practice how is IRR calculated?

Given the cash flows C₀, C_1,…, C_T, IRR is defined by

It is calculated by trial and error, by financial calculators, or by spreadsheet programs.

4.写出定义项目内部报酬率（IRR）的等式，实践中IRR是如何计算的？

给定现金流C₀, C_1,…, C_T, IRR被定义为

它可以通过试误法、金融计算器或者电子表格程序来计算。

5. a. Calculate the net present value of the following project for discount rates of 0, 50, and 100 percent:

b. What is the IRR of the project?

(a) $15,750; $4,250; $0;

(b) 100%.

5. a.计算下列项目的净现值，贴现率分别为0，50%和100%：

b.项目的IRR是多少？

(a) $15,750; $4,250; $0;

(b) 100%.