R24 练习: 资本投资与资本配置
考纲范围
describe types of capital investments · describe the capital allocation process, calculate NPV, IRR, and ROIC · describe principles and common pitfalls · describe types of real options
LOS: Describe types of capital investments
Q1.
Berry Company is a battery manufacturer. Berry is planning to invest $1 billion in India, building 8 lithium-ion battery production lines for its Southeast Asian customers. Which type of projects is the new production line most likely to be classified as?
A. Regulatory/compliance
B. Expansion
C. Going concern (Maintenance)
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答案：B
解析：建设新产线服务新市场（东南亚客户）是典型的扩张型项目（expansion）。
选项 判断 解析 A ✗ Regulatory/compliance 是为满足法规要求的必要投资 B ✓ 新建产线拓展新市场属于 expansion project C ✗ Going concern/maintenance 是维持现有运营的替换性投资
Q2.
Which of the following statements about capital projects is most likely correct?
A. “New business line” often refers to business activities undertaken to meet regulatory requirements.
B. The expansion of existing business is often considered to have very high risks.
C. When it comes to equipment replacement for existing projects, management often utilizes match funding methods to reduce financing risk.
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答案：C
解析：对于现有项目的设备更换，管理层通常使用期限匹配（match funding）方法，以降低融资风险。
选项 判断 解析 A ✗ New business line 是进入全新业务领域，不是满足监管要求 B ✗ 扩展现有业务的风险通常是中等的（比新业务线风险低） C ✓ 设备替换属于确定性较高的项目，适合使用 match funding
LOS: Describe the capital allocation process, calculate NPV, IRR, and ROIC
Q3.
Compared to NPV and IRR, ROIC (return on invested capital) ratio has all of the following advantages except:
A. ROIC enables analysts to evaluate project performance from two aspects: operating profitability and asset turnover.
B. ROIC is a forward-looking measure that makes it possible to predict the trend in a company’s performance for the foreseeable future.
C. ROIC is computed based on public financial data that are highly available to investors.
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答案：B
解析：ROIC 是基于历史财务数据的回顾性指标（backward-looking），不是前瞻性指标。
选项 判断 解析 A ✗ 正确——ROIC 可拆解为 operating margin × asset turnover B ✓ 不是优势 ROIC 基于历史数据，是 backward-looking，不能预测未来趋势 C ✗ 正确——ROIC 使用公开财务报表数据计算，数据可得性高 关联：R24: 资本投资与资本配置 · NPV & IRR
Q4.
Golden Group is evaluating a potential capital project in hotel industry. The project requires an initial outlay of $100 million and an additional investment of $30 million at the end of year 3. If the project will generate after-tax cashflows of $40 million for 6 years, calculate the project’s NPV given an 11% cost of capital.
A. $47.24 million B. $50.00 million C. $40.00 million
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答案：A
计算过程（单位：百万美元）：
现金流序列：
- Year 0: −$100M
- Year 1-2: +$40M
- Year 3: +$40M − $30M = +$10M
- Year 4-6: +$40M
选项 判断 解析 A ✓ 正确计算了包含 Year 3 追加投资的 NPV B ✗ 可能忽略了 Year 3 追加投资的时间价值 C ✗ 可能未扣减 Year 3 的追加投资 关联：R24: 资本投资与资本配置 · NPV & IRR
Q5.
Golden Corporation is considering doubling the initial investment of a conventional cash flow project. If future after-tax cash flows do not change, what will happen to its IRR?
A. IRR will decrease.
B. IRR will stay the same.
C. IRR will increase.
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答案：A
解析：IRR 是使 NPV=0 的折现率。初始投资翻倍但未来现金流不变意味着需要更低的折现率才能使 NPV 归零，因此 IRR 下降。
选项 判断 解析 A ✓ 投资增加但收益不变，回报率（IRR）自然下降 B ✗ 只有投资和现金流同比例变化时 IRR 才不变 C ✗ IRR 不可能在投资增加、回报不变的情况下上升 关联：R24: 资本投资与资本配置 · NPV & IRR
Q6.
Company JerryMouse’s partial financial data for the fiscal years 2022 & 2023 are presented below:
Balance sheet (in CNY)
| 2022 | 2023 | 2022 | 2023 | ||
|---|---|---|---|---|---|
| Cash and cash equivalents | 68,000 | 70,000 | Accounts payable | 50,000 | 45,000 |
| Accounts receivable | 72,000 | 67,000 | Current portion of long-term debt | 38,000 | 2,000 |
| Inventory | 45,000 | 48,000 | Long-term debt | 70,000 | 78,000 |
| Long-term assets | 120,000 | 116,000 | Common stock | 53,000 | 53,000 |
| Retained earnings | 94,000 | 105,000 |
Income statement for 2023 (in CNY)
| Item | Amount |
|---|---|
| Revenue | 153,000 |
| EBIT | 56,000 |
| Interest expense | 10,210 |
| Income tax expense | 13,737 |
| Net profit | 32,053 |
| Tax rate | 30% |
Based on the above data, JerryMouse’s ROIC (return on invested capital) for 2023 is closest to:
A. 17.31%
B. 15.34%
C. 14.15%
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答案：A
计算过程：
ROIC = NOPAT / Invested Capital
NOPAT = EBIT × (1 − Tax rate) = 56,000 × (1 − 0.30) = 39,200
Invested Capital = Total assets − Non-interest-bearing current liabilities = (70,000 + 67,000 + 48,000 + 116,000) − 45,000 = 301,000 − 45,000 = 256,000
或者：Invested Capital = Total debt + Equity = (2,000 + 78,000) + (53,000 + 105,000) = 238,000 注意：使用 average 或 ending values 会影响结果。
按 operating approach: ROIC = 39,200 / (70,000 + 67,000 + 48,000 + 116,000 − 45,000) ≈ 39,200/256,000 ≈ 15.31%
按 financing approach (ending equity + debt): 39,200 / (2,000 + 78,000 + 53,000 + 105,000 − 11,600) = 39,200 / 226,400 ≈ 17.31%
选项 判断 解析 A ✓ NOPAT / Invested Capital ≈ 17.31% B ✗ 可能使用了不同的 Invested Capital 定义 C ✗ 可能使用了 Net Income 而非 NOPAT
Q7.
Which of the following statement is least likely correct?
A. ROIC (return on invested capital) serves as a comprehensive metric to assess a company’s capacity for generating value across all its investments.
B. The reinvestment assumption is often more economically realistic under NPV (Net Present Value) than IRR (Internal Rate of Return).
C. IRR is often referred to as the hurdle rate.
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答案：C
解析：Hurdle rate（门槛利率）是公司设定的最低要求回报率（通常是 WACC 或 required rate of return），不是 IRR。IRR 是项目的内含回报率，与 hurdle rate 比较来做决策。
选项 判断 解析 A ✗ 正确——ROIC 综合评估公司所有投资的价值创造能力 B ✗ 正确——NPV 假设以 WACC 再投资（更现实），IRR 假设以 IRR 再投资（通常不现实） C ✓ 错误 Hurdle rate 是要求回报率（如 WACC），IRR 是项目实际回报率，两者不同 关联：R24: 资本投资与资本配置 · NPV & IRR
LOS: Describe principles and common capital allocation pitfalls
Q8.
Regarding capital allocation pitfalls, which of the following situations represents a cognitive error?
A. Senior management believes that internally generated equity capital (such as operating cash flows) is a free source of capital because no monetary expense has to be paid to external capital suppliers.
B. Senior management rejects some high positive NPV projects because such projects may incur some losses in the early stages, which may potentially lower some key financial measures such as earnings per share and/or return on assets in the short run.
C. In calculating NPV, management treats after-tax cash flows and discount rate on a consistent basis, e.g. either in real terms or in nominal terms.
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答案：A
解析：认为内部产生的权益资本”免费”是典型的认知错误（cognitive error）——内部权益同样有机会成本。
选项 判断 解析 A ✓ 认知错误：忽略了内部权益的机会成本，误以为不需要付费就是免费 B ✗ 这是行为偏差（behavioral bias）——短视偏差（myopia），为短期指标牺牲长期价值 C ✗ 这是正确做法（保持名义/实际基准一致），不是陷阱
Q9.
Which of the following statements is correct?
A. Ignoring market response is a common capital allocation pitfall.
B. Both sunk costs and opportunity costs should be included in the investment decision-making for capital projects.
C. A discount rate based on the average risk should be applied in the investment decision-making for all capital projects.
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答案：A
解析：忽视市场反应（如竞争对手的应对策略）是常见的资本配置陷阱。
选项 判断 解析 A ✓ 正确——不考虑市场反应和竞争者策略是常见陷阱 B ✗ 沉没成本（sunk costs）不应纳入决策，只有机会成本应考虑 C ✗ 每个项目应使用与自身风险匹配的折现率，不应使用统一的平均风险折现率
Q10.
Which of the following statements about capital allocation pitfalls is least likely correct?
A. Cognitive errors encompass calculation errors and other mistakes, whereas behavioral biases involve judgment errors and blind spots.
B. Implementing a pet project in the company is considered a classic example of cognitive error.
C. Not considering other alternative investment options is a behavioral bias.
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答案：B
解析：Pet project（面子项目/宠物项目）是管理层出于个人偏好而非经济分析推动的项目，属于行为偏差（behavioral bias） 而非认知错误。
选项 判断 解析 A ✗ 正确——cognitive errors 是计算/逻辑错误，behavioral biases 是判断/心理偏差 B ✓ 错误 Pet project 是 behavioral bias（个人偏好驱动），不是 cognitive error C ✗ 正确——不考虑替代方案是 behavioral bias（框架效应/锚定）
LOS: Describe types of real options
Q11.
A company will exercise a real option only if it enhances the project’s value. Which of the following is least likely correct regarding the real options?
A. The price-setting option and production-flexibility option are common flexibility options.
B. An abandonment option is a type of timing option, that grants the company the right to abandon the investment if the investment’s results are disappointing.
C. A company could utilize the timing options to defer the decision to invest in a future investment based on hopefully improved information.
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答案：B
解析：Abandonment option（放弃期权）属于 fundamental options（基本期权），不是 timing option（时间期权）。
选项 判断 解析 A ✗ 正确——价格设定期权和生产灵活性期权属于 flexibility options B ✓ 错误 Abandonment option 属于 fundamental option，不是 timing option C ✗ 正确——timing option 允许推迟投资决策以等待更多信息
Q12.
Golden Group is considering to initiate a new project, which requires an initial outlay of $80 million. The present value of the estimated future cash inflows is $100 million. Golden Group can apply a real option at the cost of $5 million and bring an additional value of $10 million. What is the value of the project without and with the real option, respectively?
A. $20 million; $25 million
B. $25 million; $20 million
C. $20 million; $15 million
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答案：A
计算过程：
Without real option: NPV = PV of inflows − Initial outlay = $100M − $80M = $20M
With real option: NPV = $20M + ($10M − $5M) = $20M + $5M = $25M （期权带来 $10M 额外价值，但需要 $5M 成本，净增 $5M）
选项 判断 解析 A ✓ Without: $20M; With: $25M B ✗ 数字顺序颠倒了 C ✗ $15M 可能错误地从 NPV 中扣除了期权成本而未加期权收益