2015年9月f9mockanswer答案20x71 480 payable無成本因?yàn)槭鞘褂霉?yīng)商資金

Section Notaccountprofit,shoulduseothermeasuresaswell.Forexameconomicvalueadded, eetc.DCLongtermfinancecost=Networkingcapital=60+90- Shorttermfinancecost=20x7%=1.4(80payable無成本，因?yàn)槭敲赓M(fèi)使用供應(yīng)商的) NetworkingcapitalCA-CLCA=Tradereceivablebalancestockbalance-payablebalance(用天數(shù)的導(dǎo)出來) D200,000x(1+3%)*2=212,180或者另外法也行Ddiscountrate20NPV,IRR,SMofdiscountrate.因?yàn)轭}目給的是年金的現(xiàn)金流，簡便方法：150,000XAF=500,000AF=3.3333.查年金表N=4R=?AF=3.333315%所以算出來大概是15%左右。C600,000/5xB20,000/(15x10,0000x70)=6%(特別注意要做稅后處理，因?yàn)樗鉉(2Million/7.360)=271,739一年還兩次，510次。N=10R=6 (8%x100)/10%= D )/% Businessriskchange&Financialriskunchaged,souseadjusted WACCwillnotchangeasgearingincreaseifnotconsider Smoothing Fiscal是和和的spending有關(guān)。和利息無關(guān)SectionSincetaxationandcapitalallowancesaretobeignored,andwhererelevantallinformationrelatingtothetwomachineshavealreadybeenadjustedtoincludefutureinflation,thecorrectdiscountratetousehereisthenominalbefore-taxweightedaveragecostofcapitalof12%.Machine01234MaintenancecostsInvestmentandscrapNetcashDiscountratePresentPVofcosts=Machine0123MaintenancecostsInvestmentandscrapNetcashDiscountratePresentPVofcosts=(644,905)ThemachinewiththelowestequivalentannualcostshouldbepurchasedandcalculationshowsthistobeMachine1.Ifthepresentvalueoffuturecashflowshadbeenconsideredalone,Machine2(costof$644,905)wouldhavebeenpreferredtoMachine1(costof$794,566).However,thelivesofthetwomachinesaredifferentandtheequivalentannualcostmethodallowsthistobetakenintoconsideration.RiskandRiskininvestmentappraisalreferstothereareseveralpossible esandcanbefiedbyusingprobabilitiesysisandthereforegetexpectedreturnsoftheproject.Uncertaintycannotbefiedbyattachingprobabilitiesandalthoughthetermsareoftenusedinterchangeably,thedifferenceisimportantininvestmentappraisal.ThisassessesthesensitivityofprojectNPVtochangesinprojectvariables.ItcalculatestherelativechangeinaprojectvariablerequiredtomaketheNPVzero,itisusedtoassesstherobustnessoftheproject.Onlyonevariableisconsideredatatime.Whenthesensitivitiesforeachvariablehavebeencalculated,thekeyorcriticalvariablescanbeidentified.Sothemanagercanfocustheirattentioninordertoincreasethelikelihoodthattheprojectwilldeliveritscalculatedbenefits.However,sincesensitivityysisdoesnotincorporateprobabilities,itcannotbedescribedasawayofincorporatingriskintoinvestmentappraisal,althoughitisoftendescribedassuch.ProbabilityThisapproachinvolvesassigningprobabilitiestoeach eofaninvestmentproject.Therangeofnetpresentvaluesthatcanresultfromaninvestmentprojectisthencalculated,togetherwiththejointprobabilityofeach ThenetpresentvaluesandtheirjointprobabilitiescanbeusedtocalculatetheaverageNPV(theexpectedNPVorENPV).Thismethodisnotsuitableforone-offinvestmenttheaveragefigurewouldariseiftheinvestmentprojectcouldberepeatedalargenumberoftimes.Otherusefulinformationthatcouldbeprovidedbytheprobabilityysisincludestheworsteanditsprobability,theprobabilityofanegativeNPV,the eandprobability,andthemost Managerscouldthenmakeadecisionontheinvestmentthattookaccountmoreexplicitlyofitsriskprofile.Ifthenewinvestmentisdiversifiedintoanewindustrythentheincreasedriskcouldbeusedasareasontoadjustthediscountrate.Thecapitalassetpricingmodel(CAPM)todetermineaproject-specificdiscountratethatreflectedthesystematicriskofaninvestmentproject.Thiscanbeachievedbyselectingcompanieswhosebusinessactivitiesarethesameastheproposedinvestmentproject.First,removingtheeffectoftheirfinancialriskbyungearingtheirequitybetastogiveanaverageassetbeta;Second,re-gearingtheassetbetatogiveanequitybetareflectingthefinancialriskoftheinvesting;Then,usetheCAPMtocalculateaproject-specificcostofequityfortheinvestmentAninvestmentprojectmayhavemultipleinternalratesofreturnifithasunconventional?ows.Whichmeanscash?owsthatchangesignoverthelifeoftheAminingoperation,forexample,mayhaveinitialinvestment(cashout?ow)followedbyyearsofsuccessfuloperation(cashin?ow) missioningandenvironmental(cashIntheaboveexample,itwillgivemultipleIRRanditisdif?culttousetheinternalrateof(IRR)investmentappraisalmethodtoofferinvestment(a)BulkpurchasediscountNumberoforders=240,000/20,000=12ordersOrderingcost=12x500=$6,000peryearHoldingcost=(20,000/2)x1=$10,000peryearAnnualpurchasecostofcomponents=$3x240,000=720,000peryearTotalcost=720,000+10,000+6,000=$736,000peryearWithbulkpurchaseNumberoforders=240,000/40,000=6ordersperyearOrderingcost=6x500=$3,000peryearHoldingcost=(40,000/2)x2·50=$50,000perAnnualcostofcomponents=240,000x3.00x(1-4%)=$691,200peryearTotal=691,200+3,000+50,000=$744,200peryearNetsaving=736,000–744,200=-Itisnotfinanciallybeneficial.SoZPSCoshouldnottakethebulkdiscountofferedbytheItisconcernedwiththerelativeproportionsofshort-termandlong-termfinanceusedbyaAssetsaredividedintonon-currentasset,permanentcurrentassetsandfluctuatingcurrentassets.Non-currentassetsarelong-termassets,suchaslandandbuilding.Permanentcurrentassetsrepresentthecorelevelofinvestmentincurrentassetsthatsupportsagivenlevelofbusinessactivity.Fluctuatingcurrentassetsrepresentthechangesinthelevelofcurrentassetsthatarisethrough,forexample,theunpredictabilityofbusinessoperations.Therearethreetypesofforworkingcapitalfinancing,suchasmatching,conservativeandaggressive.Thematchingholdsthatlong-termassetsshouldbefinancedfromalong-termsourceoffinance.Non-currentassetsandpermanentcurrentassetsshouldthereforebefinancedfromalong-termsource,suchasequityfinanceorbondfinance,whilefluctuatingcurrentassetsshouldbefinancedfromashort-termsource,suchasanoverdraftorashort-termbankloan.Anaggressivefinancingmeansthatfluctuatingcurrentassetsandaportionofpermanentcurrentassetsarefinancedfromashort-termfinancesource.Aconservativefinancingmeansthatpermanentcurrentassetsandaportionoffluctuatingcurrentassetsarefinancedfromalong-termsource.Anaggressivefinancingwillbemoreprofitablethanaconservativefinancingbecauseshort-termfinanceischeaperthanlong-termfinance.However,anaggressivefinancingwillberiskierthanaconservativefinancingbecauseshort-termfinanceisriskierthanlong-termfinance.Profitoftheyear(divpayoutofPAT)Liquidity---usecashtopaydividendFinancialrisk—reducegearingifpaylessdividendandretainmoreprofit(D/D+E)Signalingeffect—dividendindicatethefuturegrowthCostofcapital—retainedearningisthecheapestandpayoutmorewillincreaseWACCTaxnning---fromthis,itbetternottochangeNetassetbookvalue: ForwardmarkethedgeInterestpayment=5,000,000eruoSix-monthforwardrateforbuyingeuros=1.990eruoperMoneyZGBneedtohavesomeeuronowtopaythe5millioneuroliabilityinsixmonths’time.SoeurocanbedepositedinthebankandearnDiscountingthe5millioneurotopresentvalue:5,000,000/(1+1.5%)=4,926,108euro.(3%/2=2%)也就是企業(yè)需要今天存在銀行里4,926108euro，然后讓本金加上利息6個月后讓其剛好等于5million，最完美的規(guī)避掉其外匯風(fēng)險(這是假設(shè))?；谶@個假設(shè)去做后面的操作。Thetyofdollarsneededtopurchasetheseeurosis$4,926,108euros/2=金就得到銀行去借來對沖這個外匯風(fēng)險。借時間假設(shè)為6個月，因?yàn)楸緛磉@筆錢就是六個月以后付的，正常企業(yè)到時候就應(yīng)該有，所以假設(shè)就剛好借6個月。Thesix-monthdollarborrowingrate=6%/2=3%andsoinsixmonths’timethedebtwillbe2,463,054x1·03=$2,536,945.Comparingthe$2,512,562costoftheforwardmarkethedgewiththe$2,536,945costusingamoneymarkethedge,itisclearthattheforwardmarketshouldbeusedtohedgetheeurointerestpaymentasitischeaper.Oneyearexpectedspotrate=currentspotratex(1+inflationof1stcountry/1+inflationof2ndcountry)=2.000x(1+3%)/(1+4.5%)=1.971MarketvaluesMarketvalueofequity=20mx5·50=$110millionMarketvalueofconvertibledebt=29mx107·11/100=$31·06millionBookvalueofbankloan= Totalmarketvalue=110+31·06+2= $143·06millionCostofequity=4·7+(1·2x6·5)=CostofbankloanAfter-taxinterestrate=8x(1–0·3)=5·6%Costofconvertible:CostofconvertibledebtAnnualafter-taxinterestpayment=7x(1–0·3)=$4·90perSharepriceinsixyears’time==Conversionvalue=7·80x=$117·00perThefuturecashflowstobediscountedarethereforesixyearsofafter-taxinterestpaymentsandtheconversionvaluereceivedinyear6:Cash$10%PV5%PV06CapitalIRR(after-taxcostofdebt)=5+[(5x5·04)/(5·04+19·77)]=6·0%.WACC=[(12·5x110)+(6·0x