第7章投资决策原理

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1、第7章投资决策原理1.解：(1)PPa=2(年)；"Pb=2+”^~2・43(年)若MS公司要求的项目资金必须在两年内收I叫.应选择项目A。(2)N/?V=-7500+4000XPV/F15%u+3500XPV1F}3%,2+1500XPV/F15S.3=—7500+4000X0.870+3500X0.7562+1500X0.658=—386.3(元)NP%=-5000+2500XPV7Fi5%・i+l200XPV/F15%.2+3000XPV/F15^,3=-5000+2500X0.870+1200X0.7562-3000X0.658=56.44(元).VPVA<0.X

2、PVb>0.应采纳项忖Bo2.解：经测试.当折现率K=40%时.有A7Va=-2000+2OOOXPV7F4o%,i+1000XPVIF^+^QOXPVIF^=-2000+2000X0.714+1000X0.510+500X0.364=120>0当折现率/<=50%时.有NPVa=~2000+2000XPVZF50^a+1000XPVIF^2-~500XPVIF^3=-2000+2000X0.667+1000X0.444+500X0.296=—74<0工一40%=0—12050%—40%——74—120解得工~46・2%方案A的内含报酬率为46.2%。经测试•半折现率K=

3、35%时.仃NP%=-15OO+5OOXPV/F35%.i+1OOOXPV7^5%.2+1500XPV/F^%.3=—1500+500X().741+1000X0.549+1500X0.406=28.5>0为折现4^/<=!()%时.仃NP%=-1500+50()XPV/+1OOOXPV/F4O%.2+I500X卩刃比血=-1500-.711+1oB.510+1500>.；61=-87<0丄•一35%_0—28.540%—35%=—87—28・5解得#~36・2%方案B的内含报酬率为36.2%。1.解:NPVS=-250+}00XPV1FAw%.2+75XPVIFA}q%.

4、2XPVIFw%,2+50XPV7Fw%.5+25XPVIFxo%,6=-250+100X1.736+75X1.736X0.826+50X0.621+25X0.564=76.2(美元)XPVi.=-250+50XPV7FA10s.2+75XPV/Flo%.3+100XPV7FA】°%・2XPV7F】o%・3+125XPVIFXQ%,6=-250+50X1.736+75X0.751+100X1.736X0.751+125XO.564=94(美元)NPVS

5、试25%复利现值系数N7F如现値复利现值系数Kg%,现值0-2501.000-250.01.000250.011000.83383.30.80080.021000.69469.40.64064.03750.57943.40.5123&44750.48236.20.41030.75500.40220.10.32816.46250.3358.40.2626.6NPV10.813.9.z一20%=()—1().82313.9-10.8解得S22.2%项HI,内金报酬率的测算过程如表73所示。时间(/)NCFt测试20%测试25%复利现值系数现值复利现值系对PV/F25S.,现値0

6、-2501.000—250.01.000—250.01500.83341.70.80040.02500.69434.70.64032.03750.57943.40.51238.441000.4824&20.41041.051000.40240.20.32832.861250.33541.90.26232.8NPV0.1-33.1^-20%0-0.1柿％—20%——33・1一0・1解得<=20%IRRs>IRRi.由以上计算可知.因为在资本无限量的条件下.净现值指标优于内含报酬率指标，所以项目L更优。三、案例题分析要点:(1)计算各个方案的内含报酬率<设方案一的内含报酬率为R

7、・则44000XPVIFAr,3-75000=0即PV/F/lR.3=l.705查PVIFA表得：PV/FA3o%・3=1・816・PV/FA35%,3=1.696利用插值法,得报稠率年金现值系数30%1.816R1.70535%1.696R—30%_1.705-1.81635%-30%~1.696-1.816解得人=34.63%所以方案一的内含报酬率为34.63%。设方案二的内含报酬率为R・则23OOOXPV/FA^-50000=0即PV7FARt3=2.174查PVIFA表得:PV7FA】8%,3=2・174,