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1 ACCAspace Provided by ACCA Research Institute ACCA F9 Financial Management 财务管理 ACCA Lecturer: Sinny Shao

2 Part D investment appraisal 1 Investment decisions without DCF 2 Investment decisions with DCF 3 Payback period

3 主要知识点回顾 : 重点 : 将所有的 cash inflow 及 cash outflow 都贴现到现在, 和期初投资作对比 Discount rate: cost of capital 如何决策 :NPV>0 accept the project NPV<0 reject the project 难点 : 辨别出和项目相关的现金流

4 复杂的 NPV 计算 : 1)Inflation Real interest rate 已剔除通胀因素 nominal interest rate 包含通胀的影响二者关系 : 费雪理论简化 :i=r+h

5 Real cash flows (cash flows in current prices) should be discounted at a real discount rate, which is a return ignoring inflation. Nominal cash flows(the actual expected cash flows at future prices) should be discounted at a nominal discount rate, which is a rate relating to current market rates of return.

6 2)Tax Payments of tax, or reductions of tax payments, are cash flows and ought to be considered in DCF analysis 在计算 NPV 时考虑到 tax 的问题 : The assumption of tax:pay in current year or pay in arrears Net operating cash flows from a project should be considered as the taxable profits

7 Tax on depreciation: 折旧虽然不是 cash flow, 但是在计算税收时,depreciation expense 有帮助减少 tax, 因此有一项 cash inflow There are two possible assumptions about the time when tax-allowable depreciation starts to be claimed. (a) It can be assumed that the first claim occurs at the start of the project (at year 0). (b) Alternatively it can be assumed that the first claim occurs later in the first year.

8 关于 discount rate: When taxation is ignored in the DCF calculations, the discount rate will reflect the pre-tax rate of return required on capital investments. When taxation is included in the cash flows, a post-tax required rate of return should be used.

9 Red Co is considering the purchase of a machine for $2,190,000. It would be sold after four years for an estimated realizable value of $790,000. By this time tax-allowable depreciation of $1,450,000 would have been claimed. The rate of tax is 30%. What is the cash flow arising as a result of tax implications on the sale of the machine at the end of four years? A. Inflow of $15,000 B. Outflow of $50,000 C. Outflow of $459,000 D. Outflow of $15,000

10 NPV 计算的格式 :

11 Working capital: 多数情况下可回收 When working capital is recovered at the end of the project it has a different nominal value to the working capital that was invested at the beginning. The nominal value of the investment should be inflated each period to maintain its real value. Year Working capital (500,000) (25,000) (26,250) 551,250

12 The details of an investment project are as follows: Life of the project 10 years Cost of asset bought at the start of the project 100,000 Annual cash inflow 20,000 Cost of capital, after tax 8% each year Corporation tax is 30% and is paid half in the year and half in the following year, in equal quarterly instalments. The instalments are in the 7th and 10th months of the year in which the profit was earned and in the 1st and 4th months of the following year. Tax allowable depreciation of 25% reducing balance will be claimed each year. What is the present value of the cash flows that occur in the second year of the project? A 17,622 B 18,426 C 20,193 D 22,764

13 Tax allowable depreciation in year 1 = $100,000 25% = $25,000 Tax saved in year 2 = $25,000 50% 30% = $3,750 Reducing balance of asset at beginning of year 2 = $100,000 $25,000 = $75,000 Tax allowable depreciation in year 2 = $75,000 25% = $18,750 Tax saved in year 2 = $18,750 50% 30% = $2,813 Annual cash inflow Tax on (6000) Tax saved (year 1) 3750 Tax saved (year 2) 2813 total discount@8% PV 17622

14 ACCAspace

Microsoft Word - 中級會計學--試題.doc

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