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哒哒哒哒 · 2024年06月05日

老师请问212的revenue是怎么算出来的呢

  1. CFA I
  2. Corporate Issuers

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NO.PZ202309050300000103

问题如下：

Consider the same all-equity-financed firm as in Question 1 and its choices for financing a new investment in LT assets of 40. The pertinent details in the firm’s initial balance sheet are shown below.


Revenue before the investment is 200, operating expenses are 140 and are expected to remain unchanged, interest on new debt financing is 20%, and the return on the new investment is 30%.

Calculate the ROE for the firm if it finances the investment with debt, the issuance of new shares, or cash on hand and compare the results.

Discuss the results of the comparison.

选项：

解释：


Financing the investment with new shares produces the lowest ROE among the three financing options. However, since the investment produced a return equal to the beginning ROE, there was no change in ROE from the initial case.

Financing with debt produced a higher ROE, because the interest rate on debt was lower than the return on the new investment and no new shares were issued, avoiding dilution.

The highest ROE was produced by using excess cash on hand, which avoids both dilution and the interest cost of debt.

onsider the same all-equity-financed firm as in Question 1 and its choices for financing a new investment in LT assets of 40. The pertinent details in the firm’s initial balance sheet are shown below.



Revenue before the investment is 200, operating expenses are 140 and are expected to remain unchanged, interest on new debt financing is 20%, and the return on the new investment is 30%.

Calculate the ROE for the firm if it finances the investment with debt, the issuance of new shares, or cash on hand and compare the results.

Discuss the results of the comparison.

选项：

解释：




Financing the investment with new shares produces the lowest ROE among the three financing options. However, since the investment produced a return equal to the beginning ROE, there was no change in ROE from the initial case.

Financing with debt produced a higher ROE, because the interest rate on debt was lower than the return on the new investment and no new shares were issued, avoiding dilution.

The highest ROE was produced by using excess cash on hand, which avoids both dilution and the interest cost of debt.

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1 个答案

王琛_品职助教 · 2024年06月06日

嗨，努力学习的PZer你好：


1

投资之前公司的营收是 200, "Revenue before the investment is 200"

公司做了一笔针对长期资产的投资 40, "financing a new investment in LT assets of 40"

这笔投资的收益是 30%, "the return on the new investment is 30%"

2

所以投资之后，公司的收益为 200 + 40*30% = 200 + 12 = 212

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NO.PZ202309050300000103 问题如下 Consir the same all-equity-financefirm in Question 1 anits choices for financing a new investment in LT assets of 40. The pertinent tails in the firm’s initibalansheet are shown below. Revenue before the investment is 200, operating expenses are 140 anare expecteto remain unchange interest on new financing is 20%, anthe return on the new investment is 30%. Calculate the ROE for the firm if it finances the investment with bt, the issuanof new shares, or cash on hanancompare the results. scuss the results of the comparison. Financing the investment with new shares proces the lowest ROE among the three financing options. However, sinthe investment procea return equto the beginning ROE, there wno change in ROE from the initicase. Financing with procea higher ROE, because the interest rate on wlower ththe return on the new investment anno new shares were issue avoing lution. The highest ROE wproceusing excess cash on han whiavoi both lution anthe interest cost of bt. 蓝色框里的数字，都是如何甲酸得来的呢？

2023-11-26 20:08 1 · 回答