CFA二级经典题 企业理财 标准版.docx

该【CFA二级经典题 企业理财 标准版 】是由【经管专家】上传分享，文档一共【230】页，该文档可以免费在线阅读，需要了解更多关于【CFA二级经典题 企业理财 标准版 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。CorporateFinanceCFA二级培训项目1-272Reading19CapitalBudgeting2-272Case:McConachie?panyisconsideringthepurchaseofanew400-$360,000,andanadditional$40,-ozerooverafive-,butitwillreducecashoperatingexpensesby$140,$120,$60,-272Case:McConachie?investmentoutlay?A.$400,.$420,.$460,000.?Solution:CTheinvestmentoutlayisOutlay=FCInv+NWCInv?Sal+TSal?B000=360,000+40,000+60,000?0+0=$460,0004-272Case:McConachie?McConachie’sincrementalannualafter-taxoperatingcashflowisclosestto:A.$116,.$124,.$140,:A?Depreciationwillbe$400,000/5=$80,-taxoperatingcashflowisCF=(S–C–D)(1–T)+D=[0–(–140,000)–80,000](1–)+80,000=$116,0005-272Case:McConachie?Whatistheterminalyearafter-taxnon-operatingcashflowattheendofyearfive?A.$108,.$132,.$180,000.?Solution:BTheterminalyearnon-operatingcashflowisTNOCF=Sal+NWCInv?TSal?B120,000+60,000?,000?0=$132,000555=6-272Case:LindaPyle?,inspiteoftheirstellarpedigrees,-272Case:LindaPylelConcept1“Acompanyinvestsindepreciableassets,financedpartlybyissuingfixed-,thevalueoftherealtaxsavingsfromdepreciationandthevalueoftherealafter-taxinterestexpensearebothreduced.”lConcept2“Sensitivityanalysisandscenarioanalysisareusefultoolsforestimatingtheimpactonaproject’sNPVofchangingthevalueofonecapitalbudgetinginputvariableatatime.”8-272Case:LindaPylelConcept3“paringtwomutuallyexclusiveprojectswithunequallives,theIRRisagoodapproachforchoosingthebetterprojectbecauseitdoesnotrequireequallives.”lConcept4Project-panybetaspany.”“9-272Case:LindaPylelProblem“panyisinvesting€100inaprojectthatisbeingdepreciatedstraight-ozerooveratwo-€’sweightedaveragecostofcapitalandrequiredrateofreturnfortheprojectareboth12percent,anditstaxrateis30percent.”10-272