问题如下图:
选项:
A.
B.
C.
解释:
这道题也没说给的asset是年初的还是年末的啊!
粉红豹 · 2019年02月02日
额...... IRR神兽你好.......
我是这么理解的:
如果只给的资产负债表的科目,你有这个疑惑是正常的。一般情况下,资产负债表是要给出时点的。
但是既然题目给了资产负债表的科目,同时又有利润表的科目(NI),我们又知道,利润表的科目都是流量值,所以,这里第一年的NI很明显就是第一年经营下来之后总的净利润。因此,上面对应的资产负债表的科目,你就可以认为是年末值:
0:第0年末第1年初(也就是期初)
1:第1年末第2年初
以此类推
因此,求RI in 1st year,就是 NI(1) - Re*B(0)
其中B(0)即为第1年初的value。
就是答案了。
神兽你觉得我说的有道理吗?
SUN · 2019年02月03日
嗯,有道理。。。不过还是说清楚比较好,毕竟表是给人看的。这题再加上残差项,想做对真不容易
粉红豹 · 2019年02月03日
嗯,同感
NO.PZ2018101501000035 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 Bt-1 为什么不是80,000?
NO.PZ2018101501000035 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 两个章节的RI的公式是一样的,为什么这里的RI1不直接用B0=$80,000,而是要减去liabilities? 谢谢。
NO.PZ2018101501000035 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 我记得老师上课时说过RI在equity中用是用equity,而corporate finance中等同于EVA,要站FIRM角度,不知道是不是我听错了。 按理说这里应该用WACC?
Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 老师 我想扩展一下这个问题 假如题目让求第二年resiincome 计算过程应该是怎么样的呢?(主要想看一下preciation应该如何处理,第一年的resiincome无preciation)
老师,resiincome计算中的“r*BV"的r为什么不是WACC,Equity和Corporate Finance里面的RI计算中的r都是cost of equity吗?