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xiaoe · 2024年07月17日

为什么分母要算两年的平均，不是算的2018的return么

  1. CFA II
  2. FRA

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NO.PZ202304050100011901

问题如下：

(1) The average return on fixed-income assets for NANLife in 2018 is closest to: (2020 mock A PM 23)

选项：

A.

4.6%.

B.

4.8%.

C.

5.1%.

解释：

The average return on fixed-income assets is calculated as follows: Investment income from fixed income ÷ Average fixed-income assets.

Investment income = Interest income + Gains/losses from fixed-income investments = $6,610 + $300 = $6,910.

Average fixed-income assets including debt securities + Loan and deposits = (½)($8,800 + $141,000) + (½)($9,000 + $130,800) = $144,800.

Average return = 6,910 ÷ 144,800 = 4.8%.

为什么分母要算两年的平均，不是算的2018的return么

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1 个答案

王园圆_品职助教 · 2024年07月18日

同学你好，在一级中财务这里学过的各种ratio都遵循一个规律，就是分子是一年的累计发生值的话，分母必须也匹配一年累计发生值

但是由于大部分计算return的分母都是B/S表上的时点值，那最准确的计算下，就应该用B/S表该项目的期初和期末时点值的平均值，从而近似替代“一年累计发生值”的这个概念

本题就是基于这个逻辑进行计算的，请看以下一级关于ROA等拥有类似原理的精确计算公式，也是基于这个原则出现的

另外，同学注意，本题是财务的题目，而不是Equity的题目。在二级Equity中才强调必须用年初B/S表的值，投资一年获得总收益的这个概念反推 收益/期初投资值 这个公式，但财务是没有这个概念的，还是应该更多遵循财务这里的基本原则进行计算

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NO.PZ202304050100011901问题如下 (1) The average return on fixeincome assets for NANLife in 2018 is closest to: (2020 moA PM 23) A.4.6%.B.4.8%.C.5.1%. The average return on fixeincome assets is calculatefollows: Investment income from fixeincome ÷ Average fixeincome assets.Investment income = Interest income + Gains/losses from fixeincome investments = $6,610 + $300 = $6,910.Average fixeincome assets inclung securities + Loanposits = (½)($8,800 + $141,000) + (½)($9,000 + $130,800) = $144,800.Average return = 6,910 ÷ 144,800 = 4.8%. 为什么没算上rentincome

2024-04-15 11:06 2 · 回答

NO.PZ202304050100011901 问题如下 (1) The average return on fixeincome assets for NANLife in 2018 is closest to: (2020 moA PM 23) A.4.6%. B.4.8%. C.5.1%. The average return on fixeincome assets is calculatefollows: Investment income from fixeincome ÷ Average fixeincome assets.Investment income = Interest income + Gains/losses from fixeincome investments = $6,610 + $300 = $6,910.Average fixeincome assets inclung securities + Loanposits = (½)($8,800 + $141,000) + (½)($9,000 + $130,800) = $144,800.Average return = 6,910 ÷ 144,800 = 4.8%. 感觉老师课上没讲过这个指标怎么算，为啥这些指标算固收收益？可以把知识点对应的视频发给我吗？

2023-04-29 16:10 1 · 回答