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แบบฝึ กหัดวิ ชากง. 201 การเงิ นธุรกิ จ – เฉลย
หัวข้อที่ 4 เทคนิ คการตัดสิ นใจจ่ายลงทุน (Capital Budgeting Techniques)
1. Kanin Entrepreneur has been presented with an investment opportunity that will yield the 10 years of
incremental operating cash flow presented below. The net investment cash outflow is an immediate
Bt125,000 and the financial manager estimates the marginal cost of capital (WACC) to be 10%.
End of Year(s)
1
2-9
10
Operating
Cash Inflow ($)
80,000
25,000
30,000
1.1) What is the payback period and the discounted payback period of the investment?
ตอบ:
PaybackPeriod
1
2
80,000
105,000
1
1
Payback Period
3
20,000
0.80
2.8 years
#
Discounted Payback Period
1
2
3
4
72,728
93,389
112,172
13,383
1
1
1
0.78
Payback Period
3.78 years
#
1.2) What is the net present value (NPV) of the investments? How does the NPV impact shareholder wealth?
ตอบ:
End of Year(s)
1
2-9
10
(d)
(e )
Operating
Discount factor
Cash Inflow (Bt) (WACC 10%)
80,000
1
25,000 (5.3349)(0.9091)
30,000
0
PVCI
PVCO
NPV
d*e
Product
72,728
121,249
11,565
205,542 (a)
125,000 (b)
80,542 (a-b)
If management accept the project, shareholder wealth will rise by Bt80,542
1.3) What is the benefit/cost ratio (profitability index)?
ตอบ:
PI = 205542/125000 =
1.64 #
#
#
2. The management of Napas Designs is considering the following list of proposed capital investment projects:
Project
A
B
C
D
E
Investment ($)
70,000
12,000
18,000
6,000
26,000
IRR
28%
16%
12%
8%
7%
NPV ($)
18,000
12,000
16,000
-2,000
-6,000
2.1) The financial manager uses the same required rate of return to evaluate each of these projects. The
required rate of return is nearest? Give your reasons.
(a) 7-8% (b) 8-12%
(c) 12-16%
(d) 16-28%
Reasons:
ตอบ:
8-12% เพราะ IRR คืออัตราคิดลดทีท่ าให้ NPV เท่ากับ 0
2.2) Calculate the present value of Project C’s future cash flow (PVCI).
ตอบ:
NPV = PVCI - PVCO
16000 = PVCI - 18000
PVCI = 16000+18000 =
34,000 #
2.3) If the projects are not mutually exclusive and there is no capital rationing, then the size of the optimum
capital budget is at what amount?
ตอบ:
Posititive NPV projects =
70000+12000+18000 =
100,000 #