CFA二级科目集训营-公司金融讲义.docx

ExpansionprojectCshFkowProjectionsR.r,<.n1.tDycMutuallyExclusiveProjectswithDifferentLrve*9点：不IWy项目的计翼.什么情;兄3E用什么样的ttRJ法.CapitalBudgetingCapitalStructureEconomicProfitWMMTheory*OtherTheoryDividendsandShareRepurchasesMergerAndAcquisitionsProjectswithRealOptions*号点：计JUB.AmCLMMfrEconomicIncomePropoiitionI&Il(withtaxM)Statktrade-offtheoryPckingordrthoryPropositionI&UMtthOUttaxes)*号点：-WL区分对应的*flfR.井对比.F点：31#析.不同的理te.内容吟字做好对应.DoubleTaxationSystemTaxConsiderationsDividendImputationTaxSystemSpfit-rateTaxSystemStableDividendPoHcyDiVIdndPoIiciMConstantDMdndPyoutR*tk>PolcyResidualDividendPoicyh点：Ct念统析.不同的税收方式对公司及!蛛的g.*点：mtff.不何a»69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)BidEvaluationA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,LarocheLivery,operatesalargefleetofvans.Laroche5Smanagementisevaluatingwhetheritisoptimaltooperatenewvansfortwo,three,orfouryearsbeforereplacingthem.Themanagershaveestimatedtheinvestmentoutlay,annualafter-taxoperatingexpenses,andafter-taxsalvagecashflowsforeachoftheservicelives.Becauserevenuesandsomeoperatingcostsareunaffectedbythechoiceofservicelife,theywereignoredintheanalysis.LarocheLivery,sopportunitycostoffundsis10percent.ThefollowingtablegivesthecashflowsinthousandsofCanadiandollars(C$).SeniceLifeInvestmentYear1Year2Year3Year4Sahage2years-40s000-12s000-15,0002020003years-40i000-12,000-15,000-20,00017j0004years-40s000-12s000-15,000-20,000-25,00012j000SchoemanProducts,anotherdivisionofLaroche,hasevaluatedseveralinvestmentprojectsandnowmustchoosethesubsetofthemthatfitswithinitsC$40millioncapitalbudget.TheoutlaysandNPVsforthesixprojectsaregivenbelow.Schoemancannotbuyfractionalprojects,andmustbuyallornoneofaproject.ThecurrencyamountsareinmillionsofCanadiandollars.ProjectOutlayPVofFutureCashFlowsNPV131441321521631216.54.5410133581136682Schoemanwantstodeterminewhichsubsetofthesixprojectsisoptimal.AfinalproposalcomesfromthedivisionSocietyServices,whichhasaninvestmentopportunitywitharealoptiontoinvestfurtherifconditionswarrant.Thecrucialdetailsareasfollows:Theoriginalproject:AnoutlayofC$190millionattimezero.CashowsofC$40millionperyearforYears1-10ifdemandis“high.”CashflowsofC$20millionperyearforYears1-10ifdemandis"low.”Additionalcashflowswiththeoptionalexpansionproject:AnoutlayofC$190millionattimeone.CashflowsofC$40millionperyearforYears2-10ifdemandis“high."CashflowsofC$20millionperyearforYears2-10ifdemandis"low."Whetherdemandis"high"or"low"inYears1-10willberevealedduringthefirstyear.Theprobabilityof"high"demandis0.50,andtheprobabilityof"low"demandis0.50.Theoptiontomaketheexpansioninvestmentdependsonmakingtheinitialinvestment.Iftheinitialinvestmentisnotmade,theoptiontoexpanddoesnotexist.Therequiredrateofreturnis10percent.SocietyServiceswantstoevaluateitsinvestmentalternatives.TheinternalauditorforLarocheIndustrieshasmadeseveralsuggestionsforimprovingcapitalbudgetingprocessesatthecompany.Theinternalauditor'ssuggestionsareasfollows:Suggestion1,lnordertoputallcapitalbudgetingproposalsonanequalfooting,theprojectsshouldallusetherisk-freeratefortherequiredrateofreturn."Suggestion2"Becauseyoucannotexercisebothofthem,youshouldnotpermitagivenprojecttohavebothanabandonmentoptionandanexpansion/growthoption/*Suggestion3"Whenrationingcapital,itisbettertochoosetheportfolioofinvestmentsthatmaximizesthecompanyNPVthantheportfoliothatmaximizesthecompanyIRR.mSuggestion4"Projectbetasshouldbeusedforestablishingtherequiredrateofreturnwhenevertheproject'sbetaisdifferentfromthecompany'sbeta?*.noHUSB义SHg.rtovjv¾UBA10CLlUSCXJCLluosIoJOJiiOUIAJOsIBlLdoopSBqMInswerBiscorrect.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%)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