2015年9月f9mockanswer答案20x71 480 payable无成本因为是使用供应商资金

Section Notaccountprofit,shoulduseothermeasuresaswell.Forexameconomicvalueadded, eetc.DCLongtermfinancecost=Networkingcapital=60+90- Shorttermfinancecost=20x7%=1.4(80payable无成本，因为是免费使用供应商的) NetworkingcapitalCA-CLCA=Tradereceivablebalancestockbalance-payablebalance(用天数的导出来) D200,000x(1+3%)*2=212,180或者另外法也行Ddiscountrate20NPV,IRR,SMofdiscountrate.因为题目给的是年金的现金流，简便方法：150,000XAF=500,000AF=3.3333.查年金表N=4R=?AF=3.333315%所以算出来大概是15%左右。C600,000/5xB20,000/(15x10,0000x70)=6%(特别注意要做税后处理，因为算C(2Million/7.360)=271,739一年还两次，510次。N=10R=6 (8%x100)/10%= D )/% Businessriskchange&Financialriskunchaged,souseadjusted WACCwillnotchangeasgearingincreaseifnotconsider Smoothing Fiscal是和和的spending有关。和利息无关SectionSincetaxationandcapitalallowancesaretobeignored,andwhererelevantallinformationrelatingtothetwomachineshavealreadybeenadjustedtoincludefutureinflation,thecorrectdiscountratetousehereisthenominalbefore-taxweightedaveragecostofcapitalof12%.Machine01234MaintenancecostsInvestmentandscrapNetcashDiscountratePresentPVofcosts=Machine0123MaintenancecostsInvestmentandscrapNetcashDiscountratePresentPVofcosts=(644,905)ThemachinewiththelowestequivalentannualcostshouldbepurchasedandcalculationshowsthistobeMachine1.Ifthepresentvalueoffuturecashflowshadbeenconsideredalone,Machine2(costof$644,905)wouldhavebeenpreferredtoMachine1(costof$794,566).However,thelivesofthetwomachinesaredifferentandtheequivalentannualcostmethodallowsthistobetakenintoconsideration.RiskandRiskininvestmentappraisalreferstothereareseveralpossible esandcanbefiedbyusingprobabilitiesysisandthereforegetexpectedreturnsoftheproject.Uncertaintycannotbefiedbyattachingprobabilitiesandalthoughthetermsareoftenusedinterchangeably,thedifferenceisimportantininvestmentappraisal.ThisassessesthesensitivityofprojectNPVtochangesinprojectvariables.ItcalculatestherelativechangeinaprojectvariablerequiredtomaketheNPVzero,itisusedtoassesstherobustnessoftheproject.Onlyonevariableisconsideredatatime.Whenthesensitivitiesforeachvariablehavebeencalculated,thekeyorcriticalvariablescanbeidentified.Sothemanagercanfocustheirattentioninordertoincreasethelikelihoodthattheprojectwilldeliveritscalculatedbenefits.However,sincesensitivityysisdoesnotincorporateprobabilities,itcannotbedescribedasawayofincorporatingriskintoinvestmentappraisal,althoughitisoftendescribedassuch.ProbabilityThisapproachinvolvesassigningprobabilitiestoeach eofaninvestmentproject.Therangeofnetpresentvaluesthatcanresultfromaninvestmentprojectisthencalculated,togetherwiththejointprobabilityofeach ThenetpresentvaluesandtheirjointprobabilitiescanbeusedtocalculatetheaverageNPV(theexpectedNPVorENPV).Thismethodisnotsuitableforone-offinvestmenttheaveragefigurewouldariseiftheinvestmentprojectcouldberepeatedalargenumberoftimes.Otherusefulinformationthatcouldbeprovidedbytheprobabilityysisincludestheworsteanditsprobability,theprobabilityofanegativeNPV,the eandprobability,andthemost Managerscouldthenmakeadecisionontheinvestmentthattookaccountmoreexplicitlyofitsriskprofile.Ifthenewinvestmentisdiversifiedintoanewindustrythentheincreasedriskcouldbeusedasareasontoadjustthediscountrate.Thecapitalassetpricingmodel(CAPM)todetermineaproject-specificdiscountratethatreflectedthesystematicriskofaninvestmentproject.Thiscanbeachievedbyselectingcompanieswhosebusinessactivitiesarethesameastheproposedinvestmentproject.First,removingtheeffectoftheirfinancialriskbyungearingtheirequitybetastogiveanaverageassetbeta;Second,re-gearingtheassetbetatogiveanequitybetareflectingthefinancialriskoftheinvesting;Then,usetheCAPMtocalculateaproject-specificcostofequityfortheinvestmentAninvestmentprojectmayhavemultipleinternalratesofreturnifithasunconventionalflows.WhichmeanscashflowsthatchangesignoverthelifeoftheAminingoperation,forexample,mayhaveinitialinvestment(cashoutflow)followedbyyearsofsuccessfuloperation(cashinflow) missioningandenvironmental(cashIntheaboveexample,itwillgivemultipleIRRanditisdifficulttousetheinternalrateof(IRR)investmentappraisalmethodtoofferinvestment(a)BulkpurchasediscountNumberoforders=240,000/20,000=12ordersOrderingcost=12x500=$6,000peryearHoldingcost=(20,000/2)x1=$10,000peryearAnnualpurchasecostofcomponents=$3x240,000=720,000peryearTotalcost=720,000+10,000+6,000=$736,000peryearWithbulkpurchaseNumberoforders=240,000/40,000=6ordersperyearOrderingcost=6x500=$3,000peryearHoldingcost=(40,000/2)x2·50=$50,000perAnnualcostofcomponents=240,000x3.00x(1-4%)=$691,200peryearTotal=691,200+3,000+50,000=$744,200peryearNetsaving=736,000–744,200=-Itisnotfinanciallybeneficial.SoZPSCoshouldnottakethebulkdiscountofferedbytheItisconcernedwiththerelativeproportionsofshort-termandlong-termfinanceusedbyaAssetsaredividedintonon-currentasset,permanentcurrentassetsandfluctuatingcurrentassets.Non-currentassetsarelong-termassets,suchaslandandbuilding.Permanentcurrentassetsrepresentthecorelevelofinvestmentincurrentassetsthatsupportsagivenlevelofbusinessactivity.Fluctuatingcurrentassetsrepresentthechangesinthelevelofcurrentassetsthatarisethrough,forexample,theunpredictabilityofbusinessoperations.Therearethreetypesofforworkingcapitalfinancing,suchasmatching,conservativeandaggressive.Thematchingholdsthatlong-termassetsshouldbefinancedfromalong-termsourceoffinance.Non-currentassetsandpermanentcurrentassetsshouldthereforebefinancedfromalong-termsource,suchasequityfinanceorbondfinance,whilefluctuatingcurrentassetsshouldbefinancedfromashort-termsource,suchasanoverdraftorashort-termbankloan.Anaggressivefinancingmeansthatfluctuatingcurrentassetsandaportionofpermanentcurrentassetsarefinancedfromashort-termfinancesource.Aconservativefinancingmeansthatpermanentcurrentassetsandaportionoffluctuatingcurrentassetsarefinancedfromalong-termsource.Anaggressivefinancingwillbemoreprofitablethanaconservativefinancingbecauseshort-termfinanceischeaperthanlong-termfinance.However,anaggressivefinancingwillberiskierthanaconservativefinancingbecauseshort-termfinanceisriskierthanlong-termfinance.Profitoftheyear(divpayoutofPAT)Liquidity---usecashtopaydividendFinancialrisk—reducegearingifpaylessdividendandretainmoreprofit(D/D+E)Signalingeffect—dividendindicatethefuturegrowthCostofcapital—retainedearningisthecheapestandpayoutmorewillincreaseWACCTaxnning---fromthis,itbetternottochangeNetassetbookvalue: ForwardmarkethedgeInterestpayment=5,000,000eruoSix-monthforwardrateforbuyingeuros=1.990eruoperMoneyZGBneedtohavesomeeuronowtopaythe5millioneuroliabilityinsixmonths’time.SoeurocanbedepositedinthebankandearnDiscountingthe5millioneurotopresentvalue:5,000,000/(1+1.5%)=4,926,108euro.(3%/2=2%)也就是企业需要今天存在银行里4,926108euro，然后让本金加上利息6个月后让其刚好等于5million，最完美的规避掉其外汇风险(这是假设)。基于这个假设去做后面的操作。Thetyofdollarsneededtopurchasetheseeurosis$4,926,108euros/2=金就得到银行去借来对冲这个外汇风险。借时间假设为6个月，因为本来这笔钱就是六个月以后付的，正常企业到时候就应该有，所以假设就刚好借6个月。Thesix-monthdollarborrowingrate=6%/2=3%andsoinsixmonths’timethedebtwillbe2,463,054x1·03=$2,536,945.Comparingthe$2,512,562costoftheforwardmarkethedgewiththe$2,536,945costusingamoneymarkethedge,itisclearthattheforwardmarketshouldbeusedtohedgetheeurointerestpaymentasitischeaper.Oneyearexpectedspotrate=currentspotratex(1+inflationof1stcountry/1+inflationof2ndcountry)=2.000x(1+3%)/(1+4.5%)=1.971MarketvaluesMarketvalueofequity=20mx5·50=$110millionMarketvalueofconvertibledebt=29mx107·11/100=$31·06millionBookvalueofbankloan= Totalmarketvalue=110+31·06+2= $143·06millionCostofequity=4·7+(1·2x6·5)=CostofbankloanAfter-taxinterestrate=8x(1–0·3)=5·6%Costofconvertible:CostofconvertibledebtAnnualafter-taxinterestpayment=7x(1–0·3)=$4·90perSharepriceinsixyears’time==Conversionvalue=7·80x=$117·00perThefuturecashflowstobediscountedarethereforesixyearsofafter-taxinterestpaymentsandtheconversionvaluereceivedinyear6:Cash$10%PV5%PV06CapitalIRR(after-taxcostofdebt)=5+[(5x5·04)/(5·04+19·77)]=6·0%.WACC=[(12·5x110)+(6·0x