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问一道官网关于nopat调整的题目

goals:

Adjust financial leverage to the optimal level.
Implement efficiencies in administrative functions.
Reduce research and development (R&D) expenses.

Q. Which of management’s three strategic goals will least likely result in a higher EVA for DongSun?

Goal 1
Goal 2
Goal 3

Solution

C is correct. By definition, EVA = NOPAT – (C% × TC), where NOPAT is the net operating profit after taxes, C% is the cost of capital, and TC is the total capital employed. Efficiencies in the administrative functions will decrease operating expenses, increase NOPAT, and thus increase EVA. Adjusting financial leverage to the optimal level will decrease the cost of capital and thus increase EVA. R&D costs are added back to NOPAT when calculating EVA. Therefore, decreasing R&D will serve to lower NOPAT and thus lower EVA.

首先为什么研发费加回导致nopat降低？其次研发费，战略投资、递延所得税，经营租赁，LIFO这几项为何要在计算nopat时调整可否解释一下？

以下是原版书的原文，正好解释了你的问题。

研发费用我们是资本化的所以在利润表里是以摊销的形式出现的，所以RD是非现金费用，所以要加回来。同理递延税不是真正支付出去的现金税费。其它简单了解即可，考到可能性非常小。加油。

Research and development (R&D) expenses are capitalized and amortized rather than
expensed (i.e., R&D expense, net of estimated amortization, is added back to earnings to
compute NOPAT).
In the case of strategic investments that are not expected to generate an immediate
return, a charge for capital is suspended until a later date.
Deferred taxes are eliminated such that only cash taxes are treated as an expense.
Any inventory LIFO (last in, first out) reserve is added back to capital, and any increase
in the LIFO reserve is added in when calculating NOPAT.
Operating leases are treated as capital leases, and nonrecurring items are adjusted

问一道官网关于nopat调整的题目

Solution

1 个答案

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