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-yearservicelifehasthelowestannualcostL