如题

答案貌似是把interest expense的基数当做initial outlay算的,实际上应该是market value吧?

我算出的答案等于8.706million

大家怎么想?

the answer should be correct,

for question 14 specifically, the year one EBIT=24-0.5-19=4.5m, since the project was financed partially by debt, we need to crunch interest before calculating tax effect. Interest = Debt * r_d = weight of debt financing initial outlay * initial outlay * r_d = 0.4 * 38 * 0.12

therefore the accounting income after tax equals to (4.5 - 0.4*38*0.12)*(1 - 0.4)=1.6056

sorry I didn't get the market value of the project from this question, how to get it? and how do you get the answer 8.706M?

If you take a look at p197 in note 2, you would find it says on the right top that interest expense is calculated by assuming that BW finances 50% of the project's market value with debt at a pre-tax cost of debt of 6%. And then it gives an example.

So with this question, I agree with the rest of the answer, except this part: interest expense = Debt * r_d = weight of debt financing initial outlay * initial outlay * r_d. I think it should be the market value of the project, instead of the initial outlay.

And the way to calculate the market value is

First you calculate the after-tax cash flow for each year: year1 20.7, year2 22.54, year3 24.5

Then discount: 20.7/1.15 + 22.54/1.15^2 + 24.5/1.15^3 = 51.15

顶上来~~

LZ，你这样算market value是不对的

题目中已经给出了NPV@15%是12.25mn，那么market value@1st year=NPV@15%+initial outlay

interest expense@1st year=(12.25mn+initial outlay)*0.4*0.12

具体公式你可以再看看notes

我是这样想的

NPV=-outlay+后面所有的cashflow折现

而第一年的market value就是等于 “后面所有的cashflow折现”

所以就是NPV+outlay

如果答案上只用outlay算。。。我觉得莫非是我们把问题想的复杂了？

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还有。。。我发现其实我和你market value算出来差不多。。。额，我昨天还好意思说你算的不对，对不起啦，嘿嘿~~虽然我现在还是搞不清楚。。。唉。。。又发现一个薄弱知识点 555

[此贴子已经被作者于2010-5-25 9:12:53编辑过]

嗯,我们俩的算法是一致的,你的更简单,不过答案差不多.但答案就很奇怪,只用了outlay.我觉得不是想的复杂的问题,是对和错的问题.你看看我之前的回复,notes上有一个地方明确说,应该用market value而不是outlay.

但我又觉得答案不可能会错,所以可能是其他什么地方我们理解错了?

好吧，我有点想明白了

书上有道例题有假设company borrow 50% of its company value

但是可能sample里这道题就假设它借了initial outlay那么多钱。。。

Wow, you are so impressive that you two can study this question in such detail! Nice!

I see what's going on with it. The two questions from notes and the sample are actually have different "assumptions".

Basically, financing a project are based on initial outlay which is the real money invested. The demonstration on notes, however, specifically mentions the way to calculate the interest expense. Therefore, when answering the sample question, we dont need to have the market value before getting the interest cost.

Forwhat, I think you are correct. This is actually the only way that makes sense. However, I don't know why sample would assume this way. The sample is supposed to have the same idea with CFA book. And I checked the book, and found it uses market value instead of outlay as well. So... I am confused.

But I guess this is good for now. No need to go further.

Thank you for both you guys.