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1 12-84 財務管理經典題型解析 ( 下 ) 主題二資本預算技術的應用出題頻率 : 重點提示計畫年限不等的投資方案 : 重置法 : 利用不等的互斥計畫年限, 找出其最小公倍數作為共同的年限, 再計算各互斥計畫在此期間內的 NPV, 並選擇 NPV>0 且最大的投資方案約當年金法 : 步驟如下 : 計算個別投資計畫在其原始年限下的淨現值計算個別投資計畫的約當年金計算個別投資計畫約當年金的永續年金現值選擇永續年金現值大於零且較大者約當年金成本法 : 適用於計畫年限不同的互斥方案中, 其每年都有相同的現金流入量 ; 此時應先計算各投資計畫的約當年金成本, 再選擇約當年金成本最小者計畫規模不等的投資方案 : NPV 法 : 選 NPV 較大者增量現金流量之淨現值法 : 大於零時採大計畫, 小於零時採小計畫增量現金流量之內部報酬率法 : 大於資金成本時採大計畫, 小於時採小計畫實質選擇權 : 指公司擁有權利, 可以在投資計畫進行期間, 隨時進行擴充縮減轉換或放棄該投資計畫, 如成長選擇權延遲開發選擇權擴充選擇權縮減選擇權轉換選擇權放棄選擇權及多重選擇權等若擴張的 NPV 大於零, 表示該計畫值得投資 ; 反之則不值得投資擴張的 NPV= 傳統 NPV+ 實質選擇權價值

2 Chapter 12 資本預算與租賃計畫年限不等方案之決策 Briefly describe how to evaluate mutually exclusive projects with unequal lives. 高應大金融資訊重置法 (replacement chain approach): 或稱重置鏈法, 是假設各投資方案都可以無限制的重複進行投資, 利用不等的互斥計畫年限, 找出其最小公倍數作為共同的年限, 再計算各互斥計畫在此期間內的 NPV 現值總和, 並選擇現值總和 > 0 且最大的投資方案約當年金法 (equivalent annual annuity approach): 應用於互斥計畫年限間最小公倍數太大時, 則 NPV 的計算將變得相當繁雜, 此時則改用約當年金法進行評估其步驟為 : 計算個別投資計畫在其原始年限下的淨現值計算個別投資計畫的約當年金計算個別投資計畫約當年金的永續年金現值選擇永續年金現值大於零且較大者約當年金成本法 (equivalent annual cost approach): 適用於計畫年限不同的互斥方案中, 其每年都有相同的現金流入量 ; 此時應先計算各投資計畫的約當年金成本, 再選擇約當年金成本最小者 2-2 計畫年限不等 - 重置法試分析下列互斥方案, 若該公司平均資金成本為 10%, 應投資哪一方案? 理由 : 預期年淨現金流量年度方案 1 方案 2 0 ($100,000) ($100,000) 1 60,000 33, ,000 33, , ,500 中山財管

3 12-86 財務管理經典題型解析 ( 下 ) 採重置法,4 年為最小公倍數 60,000 60, 000 方案 1:NPV = 100, (1 + 10%) (1 + 10%) 1 2 4, NPV 0 + NPV 2 = 4, = 7, (1 + 10%) 方案 2:NPV = 100, ,500 PVIFA 10%,4 = 6,191 故方案 1 較優 = 4, 計畫年限不等 - 約當年金法有 A,B 二互斥方案,A 期限為 4 年, 其 NPV 為 $300;B 期限為 6 年, 其 NPV 為 $450, 若其必要報酬率均為 10%, 則何方案較佳? A B 難以比較二者相等朝陽財金 ; 由於兩方案年限不同, 故不可直接以 NPV 比較, 可以重置法或約當年金法來評估兩方案優劣本題以約當年金法為例 : NPVA 約當年金 (A 案 )= = 300 PVIFA10%, = % = 約當年金 (B 案 )= = 450 PVIFA = , % = 10%,6 約當年金 (B 案 )> 約當年金 (A 案 ), 故選 2-4 計畫年限不等之決策 Capital Budgeting Decisions-Projects with Unequal Lives: Florida Canning Company must replace one of its fully depreciated canning machines. Two new models are available: Machine A, having a cost of $l00,000, an expected life of 3 years, and beforetax cash flow savings of $55,000 per year, and Machine B, having a cost of $200,000, an expected life of 5 years, and before-tax cash flow savings of $80,000 per year. Machine A falls into the MACRS

4 Chapter 12 資本預算與租賃 year class, while Machine B falls into the MACRS 5-year class. Both machines will have an expected salvage value equal to their book value at the end of their expected lives. After that time, Florida projects that machinery prices and cash flows will be constant. The firm s cost of capital is 15 percent and its corporate tax rate is 40 percent. If the replacement is to be made, it must be done now. The MACRS recovery allowance percentages for 3- and 5-year assets as follows: Recovery Allowance Year 3-year Asset 5-year Asset 1 133% 120% 2 145% 132% 3 115% 119% 4 117% 112% 5 111% 6 116% 100% 100% What is Machine A s regular NPV? What is Machine B s regular NPV? What is Machine A s EAA (equivalent annual annuity)? What is Machine B s EAA (equivalent annual annuity)? Should Florida Canning Company replace the old machine with one of these two models? If so, with which one and why? 機器 A 各年的折舊如下 : D 1 = 100,000 33% = 33,000 D 2 = 100,000 45% = 45,000 D 3 = 100,000 15% = 15,000 殘值 = 100,000 7% = 7,000 CF 1 = 55,000 (1 40%) + 40% 33,000 = 46,200 CF 2 = 55,000 (1 40%) + 40% 45,000 = 51,000 中央財管

5 12-88 財務管理經典題型解析 ( 下 ) CF 3 = 55,000 (1 40%) + 40% 15, ,000 = 46,000 46,200 51,000 46,000 NPV A = 100, = 8, (1 + 15%) (1 + 15%) (1 + 15%) 機器 B 各年的折舊如下 : D 1 = 200,000 20% = 40,000 D 2 = 200,000 32% = 64,000 D 3 = 200,000 19% = 38,000 D 4 = 200,000 12% = 24,000 D 5 = 200,000 11% = 22,000 殘值 = 200,000 6% = 12,000 CF 1 = 80,000 (1 40%) + 40,000 40% = 64,000 CF 2 = 80,000 (1 40%) + 64,000 40% = 73,600 CF 3 = 80,000 (1 40%) + 38,000 40% = 63,200 CF 4 = 80,000 (1 40%) + 24,000 40% = 57,600 CF 5 = 80,000 (1 40%) + 22,000 40% + 12,000 = 68,800 64,000 73,600 63,200 57,600 = 200, (1 + 15%) (1 + 15%) (1 + 15%) (1 + 15%) 68, (1 + 15%) = 19, NPVA 8, EAA A = = = 3, PVIFA15%, , EAA B = = = 5, PVIFA %, 應以 B 機器重置, 因為 A 機器的約當年金值小於 B 機器, 在兩者 NPV 均大於零的情況下, 應該選擇 B 機器重置舊機器 2-5 約當年金成本法 Glassparts, Inc. uses machines to manufacture windshields for automobiles. One machine costs $142,000 and lasts about 5 years before it needs replaced. The operating cost per machine is $7,000 a year. What is the equivalent annual cost of one machine

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PowerPoint Template ACCAspace Provided by ACCA Research Institute ACCA F9 Financial Management 财务管理 ACCA Lecturer: Sinny Shao Part D investment appraisal 1 Investment decisions without DCF 2 Investment decisions with DCF