开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

lcrcp3 · 2023年09月27日

如题

NO.PZ2023032701000056

问题如下:

Jim Martin is using economic value added (EVA) and market value added (MVA) to measure the performance of Sundanci. Martin uses the fiscal year 2000 information below for his analysis.

Adjusted net operating profit after tax (NOPAT) is $100 billion.

Total capital is $700 billion (no debt).

Closing stock price is $8.4.

Total shares outstanding is 84 billion.

The cost of equity is 14 percent.

The different between MVA and EVA is:

选项:

A.

3.6 billion

B.

2 billion

C.

1.48 billion

解释:

Economic value added = Net operating profit after taxes -(Cost of capital × Total capital) = $100 billion -(14% × $700billion) = $2 billion. In the absence of information that would be required to calculate the weighted average cost of debt and equity, and given that Sundanci has no long-term debt, the only capital cost used is the required rate of return on equity of 14 percent.

Market value added = Market value of capital -Total capital = $8.4 stock price × 84 billion shares -$700 billion = $5.6 billion The different between MVA and EVA=$5.6 billion-$2 billion=$3.6 billion.

MVA上课讲的公式可是=NOPAT-TC×WACC,这题为什么直接就用re了?就因为只给了re?那要re和WACC都给了用什么。

1 个答案
已采纳答案

王园圆_品职助教 · 2023年09月27日

同学你好,首先,你想问的是EVA而不是MVA的公式吧?请看以下讲义截图,这两个概念的公式不要混淆哦

其次,上课确实说过EVA下,应该用WACC来乘以TC,但是题目第二个黑点点已经明确说了没有负债“Total capital is $700 billion (no debt).”,那这里的WACC就和Re一致了哦,所以题目解析才会直接用Re计算EVA的,如果题目同时有Re和WACC,同学可以仔细看下题目中有没有提及公司有物debt,如果有debt,那就用WACC计算,没有就用re计算

  • 1

    回答
  • 0

    关注
  • 1129

    浏览
相关问题