CFA一级企业发行人例题解析discount rate,external credit

发布时间：2025-06-30 17:21编辑：融跃教育CFA

CFA一级企业发行人例题解析

题目一：

Consider the two investments below. The cash flows as well as the NPV and IRR for the two investments are given. For both investments, the required rate of return is 10%.

What discount rate would result in the same NPV for both investments?

A A rate between 0.00% and 10.00%

B A rate between 10.00% and 15.02%

C A rate between 15.02% and 16.37%

答案：B

解析：B is correct. For these investments, a discount rate of 13.16% would yield the same NPV for both (an NPV of 6.73).

关联考点：Capital Investments

易错点分析：可以通过坐标轴画出NPV和r的关系。

题目二：

Keown has had a target capital structure of 60% equity and40% debt. The business is profitable and has generated positive net income and free cash flow for the past five years. Keown’s payout ratio is targeted at 40% of net income,allowing the firm to retain 60% for reinvestment. As the firm is considered

mature by the market, the CEO feels it is critical to finance any working capital needs through the use of debt rather than equity to avoid diluting existing shareholders. As the CFO of Keown, you are deciding whether you should draw down your external line of credit to take the discount offered by your suppliers (standard terms in the industry are 2/10, net 30). The CEO has argued that she would rather not utilize the external line of credit for a 2% supplier discount. Keown can borrow through its line of credit at an effective annual rate of 7.7%.

Is the CEO correct? Should you forego the 2% supplier discount rather than drawing on the line of credit?

解析：No. Keown should not forego the 2% discount offered by its supplier and should instead use its external credit line for financing. This is because the effective annual rate (EAR) on the foregone trade credit is 44.6%, or

= [(1+(2/98))^(365/20)] – 1

= [(1+0.02041)^(18.25)] –1

= 44.6%,

which is significantly higher than the 7.7% rate Keown would pay on proceeds

关联考点：Financing Options-Internal financing

易错点分析：

cost of trade credit被当成付款方的成本？cost of trade credit是商业信用成本，付款方延迟付款而失去2%的折扣优惠的代价，付款方要比较商业信用成本和自身的借贷利率，如果商业信用成本更大，则在10天内付款，享受2%的折扣优惠。