台大98財管考古題 - 金融分析師

不好意思 找不到財管相關的版
到這裡來問 希望有人可以指教指教!!


問題：
ypu have been asked to evaluate a project with infinite life.

sales and costs are projected to be $1000 and $500 repectively.

there is no depreciation and the tax rate is 30%.

the real required rate of return is 10%

the inflation rate is 4% and is expected to be 4% forever.

sales and costs will increse at the rate of inflation.

if the project costs $3000. what's the NPV?


我的想法：

(1000-500)*0.7 500*0.7*1.04 500*0.7*1.04^2
-3000 + ──────── +─────── +──────── +......
1.1 1.1^2 1.1^3


318.1818
= -3000 + ────────
1- (1.04/1.1)

=5833.333 - 3000 = 2833.33




但是考古題的解答是：﹝完整照打下來的﹞


EBIT=1000-500=500

OCF=EBIT*(1-t) + Dep*T
=500*0.7 + 0*0.3
=350

K = K* +10% = 14%

real required rate of return = K* =10%

a project with infinite life:

NPV= OCF/K - I = 350 / 14% -3000 = -500


我不懂的是 為什麼每年的SALES還有COST 會隨4%增加

但是考古題卻直接以350為永續年金折現呢???

希望版上各位能給些建議 謝謝!!!

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