CFA二级科目集训营-公司金融讲义.docx

上传人:王** 文档编号:706808 上传时间:2023-12-15 格式:DOCX 页数:72 大小:151.79KB
下载 相关 举报
CFA二级科目集训营-公司金融讲义.docx_第1页
第1页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第2页
第2页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第3页
第3页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第4页
第4页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第5页
第5页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第6页
第6页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第7页
第7页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第8页
第8页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第9页
第9页 / 共72页
CFA二级科目集训营-公司金融讲义.docx_第10页
第10页 / 共72页
亲,该文档总共72页,到这儿已超出免费预览范围,如果喜欢就下载吧!
资源描述

《CFA二级科目集训营-公司金融讲义.docx》由会员分享,可在线阅读,更多相关《CFA二级科目集训营-公司金融讲义.docx(72页珍藏版)》请在优知文库上搜索。

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-yearservicelifehasthelowestannualcostL

展开阅读全文
相关资源
猜你喜欢
相关搜索

当前位置:首页 > 金融/证券 > 金融资料

copyright@ 2008-2023 yzwku网站版权所有

经营许可证编号:宁ICP备2022001189号-2

本站为文档C2C交易模式,即用户上传的文档直接被用户下载,本站只是中间服务平台,本站所有文档下载所得的收益归上传人(含作者)所有。装配图网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。若文档所含内容侵犯了您的版权或隐私,请立即通知装配图网,我们立即给予删除!