[CFA Level 2] 二级 09年sample version3 第14题 答案是不是错了? market, initial, interest

hehanz

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?

forwhat

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?

hehanz

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

hehanz

顶上来~~

viconia

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

hehanz

楼上,我同意你的观点.但答案和你的也是不一样的.答案的interest expense @1st yr = 0.4 * 38 * 12%,而你的是 0.4 *(38 + outlay) * 12%.问题的关键就在,答案用的是outlay,我觉得应该用market value which is not equal to outlay.

viconia

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]

forwhat

what you need to finance with debt for the project is the real money (outlay) invested in that project, but not NPV + Outlay.

hehanz

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?

hehanz

forwhat,请看三楼的回复.