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。