阶段练习主观题答案

01234SalesFixedScrapTaxsavedNetfactors@1Present计算Nominalsalesrevenue：CFt,n=CFt,rX1+i)t（2marks）CF1,6%=1,750XCF2,6%=2,700XCF3,6%=5,600XCF4,6%=4,300X计算Nominalvariablecost：CFt,n=CFt,rX1+i)t（1marks）CF1,7%=(550)X(1+7%)1=CF2,7%=(1,200)X(1+7%)2=CF3,7%=(2,950)X(1+7%)3=CF4,7%=(1,350)X(1+7%)4=NominalfixedCFt,n=CFt,rX(1+i)t（1CF1,5%=(350)X(1+5%)1=CF2,5%=(350)X(1+5%)2=CF3,5%=(350)X(1+5%)3=CF4,5%=(350)X(1+5%)4=CF1=1,855+(589)+(368)=898CF2=3,034+(1,374)+(387)=CF3=6,670+(3,614)+(405)=CF4=5,429+(1,770)+(425)=间并没有发生递延，因此税费是在当年产生当年缴纳。（2marks）CF1=898x30%=CF2=1,273x30%=CF3=2,651x30%=CF4=3,234x30%Taxsavedoncapitalallowance（2CapitalTaxsaved12(6,000-450)34Incrementalcashflowworking011,750*(1+6%)2340Conclusion:NPV>0,therefore,theprojectisfinanciallyacceptable.ConsistentwiththeobjectiveofshareholderwealthNPVwithappropriatecostofcapital,equaltotheincreaseinshareholderwealth,whichdirectlylinkedtothefinancialobjectiveofco.,theisationofshareholderswealth.（2mark）AbsoluteNPVlooksatabsoluteincreasesinwealth,andcanbeusedtocompareprojectofdifferentsizes./IRRlooksatrelativerateofreturn,ignoretherelativesizeofprojectsIRRlooksatrelativerateofreturn,ignoretherelativesizeofprojects.（2mark）Non-conventionalunderthesituation,whentheprojectproducesnon-conventionalcashflows,useIRRmethodmayproduceseveralIRRs,maycauseincorrectdecisionmaking（2ReinvestmentIRRassumethenetcashflowgeneratedduringthelifeofprojectwillbereinvestedatNPVassumethenetcashflowgeneratedduringthelifeofprojectwillbereinvestedatproject'scostofcapitalwhichismorerealistic.（2mark）changesincostofNPVcanbeusedwhenthecostofcapitalchangesfromyeartoyear.Itcanbedifficulttomakeacceptorrejectdecisionsasitisdifficulttoknowwhichcostofcapitaltocompareitwith.（2mark）averagehistoricgrowthrateg=(47.3/32.3)^1/4-1=10%（1mark）Ke=(D0(1+g))/P0+g=0.473*(1+10%)/7.787+10%=16.7%（2计算永续债的资本成本Costofdebt=10/92*(1-20%)=8.7%（1MVofequity=7.79*8=$62.32m（1mark）MVofdebt=14*92/100=$12.88m（1mark）WACCcalculation最后根据计算出每一种融资方式的MarketValue，平Step1:Locate TagwithanestimatedbetaofStep2:Ungear equitybetatoobtainassetTag代表了新行业的经营风险，但啤酒行业businessriskassetβ。βa=Ve/(Ve+Vd(1-T))βe=1.2×6/(6+4×(1-20%))=0.78（2Step3:Regeartheasset第三步，我们需要将包含啤酒行业businessriskassetβ转换为既包括businessriskTwinfinancialriskequityβ，所以这一步需要加载Twin公司的财务杠杆。βe=(62.32+12.88×(1-20%))/62.32×0.78=0.91（2Step4:UsetheCAPMtocalculateaproject-specificcostofproject-specificcostofequity=4%+(12%-4%)*0.91=11.3%（2Thecurrentweightedaveragecostofcapital(WACC)ofa reflectstherequiredreturnsofexistingprovidersoffinance,suchasthecostofequityofshareholdersandthecostofdebtofprovidersofdebtfinance,forexample,banksandloannoteholders.Thecostofequityandthecostofdebtdependonparticularelementsoftheexistingriskprofileofthe ,suchasbusinessriskandfinancialrisk.Providingthebusinessriskandfinancialriskofa unchanged,thecostofequityandthecostofdebt,andhencetheWACC,shouldremainunchanged.Turningtoinvestmentappraisal,theWACCcouldbeusedasthediscountrateincalculatingthepresentvaluesofinvestmentprojectcashflows.Sincethediscountrateusedshouldreflecttheriskofinvestmentprojectcashflows,usingtheWACCasthediscountratewillonlybeappropriateiftheinvestmentprojectdoesnotresultinachangeinthebusinessriskandfinancialriskoftheinvesting Oneofthecircumstanceswhichislikelytoleavebusinessriskunchangedisiftheinvestmentprojectwereanexpansionofexistingbusinessactivities.WACCcouldthereforebeusedasthediscountrateinappraisinganinvestmentprojectwhichlookedtoexpandexistingbusinessoperations.However,businessriskdependsonthesizeandscopeofbusinessoperationsaswellasontheirnature,andsoaninvestmentprojectwhichexpandsexistingbusinessoperationsshouldbesmallinrelationtothesizeoftheexistingbusiness.Financialriskwillremainunchangediftheinvestmentprojectisfinancedinsuchawaythattherelativeweightingofexistingsourcesoffinanceisunchanged,leavingtheexistingcapitalstructureoftheinvesting Whilethisisunlikelyinpractice,a mayfinanceinvestmentprojectswithatargetcapitalstructureinmind,aboutwhichsmallfluctuationsarepermitted.Ifbusinessriskchangesasaresultofaninvestmentproject,sothatusingtheWACCof ininvestme