1、1NCKU EMBA習(xí)題解答Chapter 10Strategic Management of Capital Expenditures2006/12/03210.5The predicted cash flows of a capital expenditure proposal:InitialYear 1Year 2Year 3(42,580)18,00025,00020,000Salvage = 0 , Discount rate = 12%(a) Determine the proposals NPV (Net Present Value) 18,000 X 1 / (1+12%) 2

2、5,000 X 1 / (1+12%)2 20,000 X 1 / (1+12%)3 42,580 7,6593(b) Determine the proposals IRR (Internal Rate of Return)7,65912%IRR24%Discount rateNPV(1,342)0IRR 12% + 12% X ( 7,659 / 9,001 ) 12% + 10.2% 22.2%9,00112% 18,000 X 1 / (1 + 22.2%) 25,000 X 1 / (1 + 22.2%)2 20,000 X 1 / (1 + 22.2%)3 42,580 0410.

3、16(a) Operating cost of manual system $400,000Operating cost of CAD/CAM system (200,000)Before-tax cash savings $200,000 e taxes without tax shield at 30% (60,000)Depreciation tax shield 24,000Relevant annual after-tax cash flow $164,000 人工 自動(dòng)化 銷貨收入 銷貨成本 銷貨毛利 銷管費(fèi)用 低 高 稅前淨(jìng)利 x 30% 高 低= 所得稅 高 低5(b) Pay

4、back period 480,000 / 164,000 = 2.93 (years)Net Present Value 164,000 x 1/(1+20%) + 1/(1+20%)2 +.+ 1/(1+20%)6= 164,000 x 3.326 = 545,464 545,464 480,000 = 65,464Present Value Index(淨(jìng)現(xiàn)值指數(shù)) PVI = present value of cash flows / initial investment = 545,464 / 480,000 = 1.146P.434Predicted Cash Inflows (O

5、utflows)Year(s) of Cash Flows12% Present Value FactorPresent Value of Cash FlowsInitial investment: Vehicles & equipment(90,000)01,000(90,000) Inv. & working capital(4,000)01,000(4,000)Operation: Annual taxable e without depreciation30,0001 53.605108,150 Taxes on e(9,000)1 53.605(32,445) Depreciation tax shield 5,4001 53.60519,467Disinvestment: Vehicles & equipment8,00050.5674,536 Inv. & working capital 4,00050.5672,