CFA二级科目集训营-公司金融讲义.docx
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1、ExpansionprojectCshFkowProjectionsR.r,PolcyResidualDividendPoicyh点:Ct念统析.不同的税收方式对公司及!蛛的g.*点:mtff.不何a69内用(区WMS及结.TaxEffectstTradingStrategiesSJustafterx-dMdndSelljustbeforeex-dividendIIt考点:itBB.WStockpurehase&AssetpurchaseStockpurchaseASSetpurchase*考点:i金W晰.w5方式的区别.DkCOUCtECxhFlowArwIysH(DCF)BidEvalua
2、tionA点:计IUB.DefenseMechanKmsPoet-offerdefensemechanismsPre-offertakeoverSfmchanMms*看点:我念加饼.前后两M败同你护描鱼名词和解明h对应区别.Case1ThefollowinginformationrelatestoQuestions16ThecapitalbudgetingcommitteeforLarocheIndustriesismeeting.LarocheisaNorthAmericanconglomeratethathasseveraldivisions.Oneofthesedivisions,Lar
3、ocheLivery,operatesalargefleetofvans.Laroche5Smanagementisevaluatingwhetheritisoptimaltooperatenewvansfortwo,three,orfouryearsbeforereplacingthem.Themanagershaveestimatedtheinvestmentoutlay,annualafter-taxoperatingexpenses,andafter-taxsalvagecashflowsforeachoftheservicelives.Becauserevenuesandsomeop
4、eratingcostsareunaffectedbythechoiceofservicelife,theywereignoredintheanalysis.LarocheLivery,sopportunitycostoffundsis10percent.ThefollowingtablegivesthecashflowsinthousandsofCanadiandollars(C$).SeniceLifeInvestmentYear1Year2Year3Year4Sahage2years-40s000-12s000-15,0002020003years-40i000-12,000-15,00
5、0-20,00017j0004years-40s000-12s000-15,000-20,000-25,00012j000SchoemanProducts,anotherdivisionofLaroche,hasevaluatedseveralinvestmentprojectsandnowmustchoosethesubsetofthemthatfitswithinitsC$40millioncapitalbudget.TheoutlaysandNPVsforthesixprojectsaregivenbelow.Schoemancannotbuyfractionalprojects,and
6、mustbuyallornoneofaproject.ThecurrencyamountsareinmillionsofCanadiandollars.ProjectOutlayPVofFutureCashFlowsNPV131441321521631216.54.5410133581136682Schoemanwantstodeterminewhichsubsetofthesixprojectsisoptimal.AfinalproposalcomesfromthedivisionSocietyServices,whichhasaninvestmentopportunitywithareal
7、optiontoinvestfurtherifconditionswarrant.Thecrucialdetailsareasfollows:Theoriginalproject:AnoutlayofC$190millionattimezero.CashowsofC$40millionperyearforYears1-10ifdemandis“high.”CashflowsofC$20millionperyearforYears1-10ifdemandislow.”Additionalcashflowswiththeoptionalexpansionproject:AnoutlayofC$19
8、0millionattimeone.CashflowsofC$40millionperyearforYears2-10ifdemandis“high.CashflowsofC$20millionperyearforYears2-10ifdemandislow.WhetherdemandishighorlowinYears1-10willberevealedduringthefirstyear.Theprobabilityofhighdemandis0.50,andtheprobabilityoflowdemandis0.50.Theoptiontomaketheexpansioninvestm
9、entdependsonmakingtheinitialinvestment.Iftheinitialinvestmentisnotmade,theoptiontoexpanddoesnotexist.Therequiredrateofreturnis10percent.SocietyServiceswantstoevaluateitsinvestmentalternatives.TheinternalauditorforLarocheIndustrieshasmadeseveralsuggestionsforimprovingcapitalbudgetingprocessesatthecom
10、pany.Theinternalauditorssuggestionsareasfollows:Suggestion1,lnordertoputallcapitalbudgetingproposalsonanequalfooting,theprojectsshouldallusetherisk-freeratefortherequiredrateofreturn.Suggestion2Becauseyoucannotexercisebothofthem,youshouldnotpermitagivenprojecttohavebothanabandonmentoptionandanexpans
11、ion/growthoption/*Suggestion3Whenrationingcapital,itisbettertochoosetheportfolioofinvestmentsthatmaximizesthecompanyNPVthantheportfoliothatmaximizesthecompanyIRR.mSuggestion4Projectbetasshouldbeusedforestablishingtherequiredrateofreturnwhenevertheprojectsbetaisdifferentfromthecompanysbeta?*.noHUSB义S
12、Hg.rtovjvUBA10CLlUSCXJCLluosIoJOJiiOUIAJOsIBlLdoopSBqMInswerBiscorrect.Thewaytosolvetheproblemistocalculatetheequivalentannualannuityandchoosethesenicelifewiththelowestannualcost.Foratwo-yearSerViCelife,teNPVis20,0001.10246,77.H6八-12,000-15,000NPV=-40,000I-+1.10*1.10aTheEAA(PV=-46,776.86,N=2.andS10%
13、)is-26,952.38.Forathree-yearsenicelife,theNPVisNPV=-40,000+-30,00017,0001.1(PI.IQ3-65,559.73TheEAA(PV-65,559.73,N=3.and/-10%)is-26,362.54.Forafour-yearSerViCelife,theNPVisNPV=-40,000+W+=十学+=1.10lLlO31.10aLiO4+=-87,211.26TheEAA(PV三-87,21L26t三4.andf=10%)is-27,512.61.Thethree-yearservicelifehasthelowes
14、tannualcostLarocheshouldreplacetbevanseverythreeyears.2.TheoptimalsubsetofthesixprojectsthatSchoemanisconsideringconsistsofProjects:A.1and5.B.2,3,and4.C.2,4,5,and6.AnswerAiscorrect.Tohelptheselectionprocess,usetheprofitabilit,indexforeachproject,whichshowsthetotalpresentvalueperdollarinvested.Projec
15、tOutlayPVOfFutureCashFlowsNPVPlPIRank13144131.41912152161.400231216.54.5I375(tie)34101331.3006581131375(tie)366821.3335T,toincorporatethehighPIprojectsintothebudgetusingtrialanderror.Thesetrialsincludethefoliowins:SetofProjectsTotalOutlayTotalNPV1and539Y23,and43713.52,3,and5351352,4,5,and63914Amongt
16、hesetsofprojectssuggested,theoptimalsetistheonewiththehighestNPVjprovideditstotaloutlaydoesnotexceedC$40mlon.ThesetconsistingofProjects1and5producesthehighestNPV.3.WhatistheNPV(C$millions)oftheoriginalprojectforSocietyServiceswithoutconsideringtheexpansionoption?A.-6.1LB.-5.66.C.233.AnswerBiscorrect
17、.Ifdemandis“high,”theNPVisio40NPV=-190+V=C$55.783miUionIfdemandislow,theNPVisI。9()NPV=-190+V=-C$67.109million占LliTheexpectedNPVis0.50(55.783)+0.50(-67.109)U-C$5.663million.4.WhatistheNPV(C$millions)oftheoptimalsetofinvestmentdecisionsforSocietyServicesincludingtheexpansionoption?A.6.34B.12.68.C31.03
18、.AnswerBiscorrectAssumeweareattime=1.TheNPvoftheexpansion(attime1)ifdemandislhighis40NPV=190V=Ct40.36lmillion*ii*TheNPVoftheexpansion(attune1)ifdemandis*low,isNPV=-190+V-=-C74.820millionTheoptimaldecisionistoexpandifdemand恒highandnotexpandifulow.BecausethenansionoptionisexercisedonlyWhenitsvalueispo
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