答案和详解如下： 6.Reynolds has been provided with the information contained in Tables 1 and 2 below, where the estimated value of the emerging market firm is presented based on a five-year cash flow forecast. Table 1: Real Valuation of Emerging Market Firm
| Today
| Year 1
| Year 2
| Year 3
| Year 4
| Year 5 | Real FCF
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| 117 | 152 | 155 | 158 | 162 | Real continuing value
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| 2,550 | Total annual real cash flow
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| 117 | 152 | 155 | 158 | 2,712 | PV value factor (8%)
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| 0.925926 | 0.857339 | 0.793832 | 0.73503 | 0.680583 | PV of annual real cash flow
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| 108 | 130 | 123 | 116 | 1846 | Real firm value | 2,323 |
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Table 2: Nominal Valuation of Emerging Market Firm
| Today | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Nominal FCF
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| 133 | 211 | 258 | 317 | 387 | Nominal continuing value
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| 6,155 | Total annual nominal CF |
| 134 | 211 | 259 | 318 | 6,542 | Real WACC |
| 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | E(Inflation) |
| 0.35 | 0.15 | 0.15 | 0.15 | 0.15 | Nominal WACC |
| 0.458 | 0.242 | 0.242 | 0.242 | 0.242 | PV factor
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| 0.685871 | 0.552231 | 0.444631 | 0.357996 | 0.288241 | PV of annual nominal CF
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| 92 | 117 | 115 | 114 | 1,885 | Nominal firm value | 2,323 |
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Note in Table 2 that the expected inflation rate is 35% in year-1 and 15% in years 2 through 5. Which of the following most accurately reflects the effect of an increase in inflation to 35% over years 2 through 5 on firm value in both real and nominal term?
A) no change decreases by at least 323 B) no change increases by at least 323 C) no change no change D) decreases by at least 323 decreases by at least 323 The correct answer was D) There is no need to go through the tedious and painful process of crunching through all the numbers to answer this question because firm value estimates should be the same regardless of whether they are based on real or nominal forecasts. Therefore, they should both change by the same amount when the inflation forecast changes, which means that A is the only possible choice. While the question does not require you to know why this is the case, the following two reasons are offered to those of you who might be interested. §
Depreciation in nominal terms increases by less than the increase in inflation, but nominal EBITDA increases by the increase in inflation, so EBITA and taxes in nominal terms increase. That means real taxes increase, which leads to a decrease in real NOPLAT and free cash flow, causing value to decrease. §
The investment in real working capital also increase when the inflation rate increase because the "holding period loss," increases. This also reduces free cash flow therefore firm value. 7.Wavington Enterprises is headquartered in an emerging market nation that is expected to have 27 percent inflation over the next year. Charleston Johnson expects the local government to be successful in bringing inflation under control, and anticipates that it will fall to 20 percent in the second year and 10 percent in the third year, where he expects inflation to stabilize. Johnson asserts that the financial ratios of Wavington will be the same in both the real and nominal approaches. With regard to this statement, Johnson is: A) correct because the underlying operations of the firm are unaffected by valuation methodology. B) correct because the rate of inflation used in calculating the components of financial ratios is the same for all components. C) incorrect because cash flow forecasts in real terms are generally more accurate than cash flow forecasts in nominal terms. D) incorrect because cash flow forecasts in nominal terms are generally more accurate than cash flow forecasts in real terms. The correct answer was C) In general, the ratios based on cash flow forecasts in real terms are accurate while ratios based on nominal forecasts are incorrectly estimated. 8.Wavington Enterprises is headquartered in an emerging market nation that is expected to have 27 percent inflation over the next year. Charleston Johnson expects the local government to be successful in bringing inflation under control, and anticipates that it will fall to 20 percent in the second year and 10 percent in the third year, where he expects inflation to stabilize. Johnson is considering an investment in Wavington, and has calculated the real weighted average cost of capital (WACC) for Wavington at 8 percent. Johnson states:
Statement 1:
| The nominal WACC for Wavington next year is 35 percent. | Statement 2: | The firm value will be approximately the same using either the real or nominal approach to valuation. |
With respect to these two statements, Johnson is:
A) Incorrect Correct B) Incorrect Incorrect C) Correct Incorrect D) Correct Correct The correct answer was A) The nominal WACC for Wavington next year is ((1.27 x 1.08) – 1 =) 37.2%, not 35%. Johnson is incorrect regarding Statement 1. He is correct regarding Statement 2 that the nominal and real valuation approaches will produce approximately the same result. | 
发表于 2008-5-19 11:38
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