Corporate Finance

Problem set #5
• This problem set covers Chapter 5&6.
• Due date is Friday (99/09/14) midnight at 23:55 (not extendable).
• You should upload a .rar or .zip file in CW containing one Excel and one Word file (a PDF file
may be included as well), the names of which should be in the format of “CF-HW#-Student
Number”.
• For the questions needing Excel, put the answer to each question in a separate sheet. Also,
copy the tables in the Word file as well. Therefore, the Word file will have everything for all
questions but the calculations will be in Excel. In other words, the Word file should be a
standalone file.
• You are allowed a maximum of 15 days’ delay (in total) for the submission of all your
assignments.

:(‫ ﻋﺒﺎرات زﯾﺮ را ﺑﻪ ﺻﻮرت ﮐﻮﺗﺎه ﺗﻌﺮﯾﻒ ﮐﻨﯿﺪ )ﺣﺪاﮐﺜﺮ ﯾﮏ ﭘﺎراﮔﺮاف‬-1

a) Soft Rationing VS Hard Rationing

b) Discounted Payback Period
c) Equivalent Annual Cash Flows

.‫ را ﻫﺮ ﮐﺪام در ﯾﮏ ﭘﺎراﮔﺮاف ﺗﻮﺿﯿﺢ دﻫﯿﺪ‬IRR ‫( اﺳﺘﻔﺎده از روش‬Pitfall) ‫ ﺿﻌﻒ‬4 -2

‫ اﮔﺮ ﻫﺰﯾﻨﻪ ﺳﺮﻣﺎﯾﻪ ﺷﺮﮐﺖ را‬.‫ ﻟﯿﺴﺖ ﭘﺮوژﻫﻬﺎي زﯾﺮ ﺑﺎ ﭘﯿﺸﺒﯿﻨﯽ ﺟﺮﯾﺎن ﻧﻘﺪي ﻣﻨﺪرج در ﺟﺪول ﺑﺮاي ﺷﺮﮐﺘﯽ ﻣﻮﺟﻮد اﺳﺖ‬-3
.‫ ﺑﻪ ﺳﻮاﻻت زﯾﺮ ﭘﺎﺳﺦ دﻫﯿﺪ‬،‫ ﻓﺮض ﮐﻨﯿﻢ‬15%

𝐶2 𝐶1 𝐶0
18 40 -20 1
30 10 -10 2
20 15 -10 3
70 -40 0 4

.‫اﻟﻒ( ارزش ﻓﻌﻠﯽ ﺧﺎﻟﺺ و ﺷﺎﺧﺺ ﺳﻮدآوري اﯾﻦ ﭼﻬﺎر ﭘﺮوژه را ﻣﺤﺎﺳﺒﻪ ﮐﻨﯿﺪ‬

.‫ ﮐﺪام ﭘﺮوژه ﯾﺎ ﭘﺮوژﻫﻬﺎ ﺑﺎﯾﺪ اﻧﺘﺨﺎب ﺷﻮﻧﺪ‬،‫ ﻣﯿﻠﯿﻮن در ﺳﺎل اول وﺟﻮد داﺷﺘﻪ ﺑﺎﺷﺪ‬20 ‫ب( اﮔﺮ ﻣﺤﺪودﯾﺖ ﺗﺎﻣﯿﻦ ﻣﺎﻟﯽ‬

:‫ ﺟﺪول ﺟﺮﯾﺎن ﻧﻘﺪي زﯾﺮ را در ﻧﻈﺮ ﺑﮕﯿﺮﯾﺪ‬-4

Cash Flows(Millions)
𝐶0 𝐶1 𝐶2 𝐶3 𝐶4
-22 20 20 20 -40

.‫ را ﺑﺮاي اﯾﻦ ﭘﺮوژه ﻣﺤﺎﺳﺒﻪ ﮐﻨﯿﺪ‬IRR ‫( ﻣﻘﺪار‬a

‫ ﺗﻮﺿﯿﺢ‬NPV ‫ اﯾﻦ ﭘﺮوژه ﻣﻨﺎﺳﺐ اﺳﺖ؟ ﺑﺎ اﺳﺘﻔﺎده از‬،‫ ﺑﺎﺷﺪ‬%40 ‫ و ﯾﺎ‬%20 ،%5 ‫ ﺑﺮاﺑﺮ ﺑﺎ‬Discount Factor ‫( اﮔﺮ‬b
.‫دﻫﯿﺪ‬
‫ ﺑﺎﻻ و ﭘﺎﯾﯿﻦ ﺟﺬاب ﻧﯿﺴﺖ؟‬Discount Factors ‫ ﭼﺮا ﭘﺮوژه در‬.‫( ﻣﺸﺎﻫﺪه ﻗﺴﻤﺖ ﻗﺒﻞ ﺧﻮد را ﺗﻮﺿﯿﺢ دﻫﯿﺪ‬c
‫‪ -5‬دو دﺳﺘﮕﺎه زﯾﺮ ‪ Mutually Exclusive‬ﻣﯿﺒﺎﺷﻨﺪ و ﻫﺮ ﮐﺪام داراي ﺟﺮﯾﺎن ﻧﻘﺪي واﻗﻌﯽ ﻫﺰﯾﻨﻪ ﻫﺎي زﯾﺮ ﻣﯿﺒﺎﺷﻨﺪ‪ .‬ﻣﻘﺪار‬
‫ﻫﺰﯾﻨﻪ ﻓﺮﺻﺖ ﺳﺮﻣﺎﯾﻪ ﺑﺮاﺑﺮ ﺑﺎ ‪ %6‬ﻣﯿﺒﺎﺷﺪ‪.‬‬

‫‪Year‬‬ ‫‪Machine A‬‬ ‫‪Machine B‬‬

‫‪0‬‬ ‫‪$‬‬ ‫‪40,000‬‬ ‫‪$‬‬ ‫‪50,000‬‬
‫‪1‬‬ ‫‪$‬‬ ‫‪10,000‬‬ ‫‪$‬‬ ‫‪8,000‬‬
‫‪2‬‬ ‫‪$‬‬ ‫‪10,000‬‬ ‫‪$‬‬ ‫‪8,000‬‬
‫‪3‬‬ ‫‪$‬‬ ‫‪10,000‬‬ ‫‪$‬‬ ‫‪8,000‬‬
‫‪4‬‬ ‫‪-‬‬ ‫‪$‬‬ ‫‪8,000‬‬

‫‪ (a‬ﻣﻘﺪار ‪ NPV‬را ﺑﺮاي ﻫﺮ دﺳﺘﮕﺎه ﻣﺤﺎﺳﺒﻪ ﮐﻨﯿﺪ‪.‬‬

‫‪ (b‬ﺑﺮاي ﻫﺮ دﺳﺘﮕﺎه ‪ Equivalent Cash Flow‬را ﻣﺤﺎﺳﺒﻪ ﮐﻨﯿﺪ‪.‬‬
‫‪ (c‬ﮐﺪام دﺳﺘﮕﺎه ﺑﻬﺘﺮ ﻣﯿﺒﺎﺷﺪ؟‬
‫‪ (d‬آﯾﺎ ﻣﯿﺘﻮاﻧﯿﺪ روش دﯾﮕﺮي ﺑﻪ ﺟﺰ روش ﻗﺴﻤﺖ ب ﺑﺮاي ﻣﻘﺎﯾﺴﻪ اﯾﻦ دو دﺳﺘﮕﺎه ﭘﯿﺸﻨﻬﺎد دﻫﯿﺪ؟ ﻧﺘﯿﺠﻪ ﺑﺎ ﻗﺴﻤﺖ ب‬
‫ﯾﮑﺴﺎن اﺳﺖ؟‬
‫‪ (e‬ﻓﺮش ﮐﻨﯿﺪ ﻧﺮخ ﺗﻮرم ﺳﺎﻟﯿﺎﻧﻪ ‪ %8‬ﺑﺎﺷﺪ‪ .‬ﻣﻘﺪار ‪ Equivalent Cash Flow‬را ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻧﺮخ ﺗﻮرم ﺑﺮاي ﻫﺮ دو‬
‫دﺳﺘﮕﺎه ﻣﺤﺎﺳﺒﻪ ﮐﻨﯿﺪ‪.‬‬

‫‪ -6‬ﺷﺮﮐﺖ ﺷﻤﺎ ﺑﻪ ﺗﺎزﮔﯽ ﯾﮏ دﺳﺘﮕﺎه ﺑﻪ ﻗﯿﻤﺖ ‪ $22500‬ﺧﺮﯾﺪاري ﮐﺮده اﺳﺖ‪ .‬اﻧﺘﻈﺎر ﻣﯿﺮود ﺗﺎ اﯾﻦ دﺳﺘﮕﺎه ﺑﻌﺪ از ﻣﺎﻟﯿﺎت‬
‫‪ Operating Cash Flow‬اي ﺑﻪ ﻣﻘﺪار ‪ $6250‬در ﻫﺮ ﺳﺎل داﺷﺘﻪ ﺑﺎﺷﺪ‪ .‬ارزش اﺳﻘﺎط دﺳﺘﮕﺎه در ﻫﺮ ﺳﺎل در‬
‫ﺟﺪول زﯾﺮ آﻣﺪه اﺳﺖ و ‪ Cost of Capital‬ﺷﻤﺎ ‪ %10‬ﻣﯿﺒﺎﺷﺪ‪ ،‬آﯾﺎ ﺑﻪ ﺻﺮﻓﻪ اﺳﺖ ﺗﺎ دﺳﺘﮕﺎه را ﺗﺎ ﭘﺎﯾﺎن ‪ 5‬ﺳﺎل ﻧﮕﻪ‬
‫دارﯾﺪ؟ اﮔﺮ ﺧﯿﺮ‪ ،‬در ﭼﻪ ﺳﺎﻟﯽ ﺑﻬﯿﻨﻪ اﺳﺖ ﺗﺎ دﺳﺘﮕﺎه ﻓﺮوﺧﺘﻪ ﺷﻮد؟‬

‫‪Annual Operating‬‬
‫‪Year‬‬ ‫‪Salvage Value‬‬
‫‪Cash Flow‬‬
‫‪0‬‬ ‫‪$‬‬ ‫‪-22,500‬‬ ‫‪$‬‬ ‫‪22,500‬‬
‫‪1‬‬ ‫‪$‬‬ ‫‪6,250‬‬ ‫‪$‬‬ ‫‪17,500‬‬
‫‪2‬‬ ‫‪$‬‬ ‫‪6,250‬‬ ‫‪$‬‬ ‫‪14,000‬‬
‫‪3‬‬ ‫‪$‬‬ ‫‪6,250‬‬ ‫‪$‬‬ ‫‪11,000‬‬
‫‪4‬‬ ‫‪$‬‬ ‫‪6,250‬‬ ‫‪$‬‬ ‫‪5,000‬‬
‫‪5‬‬ ‫‪$‬‬ ‫‪6,250‬‬ ‫‪$‬‬ ‫‪-‬‬