问题如下图：
选项：
A. 
B. 
C. 
解释：
请问老师，第一年的收益是否需算入cf呢？类似于NO.PZ2017092702000028这道题，t1的dividend就有算在cf里
星星_品职助教 · 2019年09月01日
同学你好，
这道题我分了两个角度解答，第一个是直接针对你问的问题，第二个是这种题考试中应该怎么快速的做。
一、 现金流可以简单理解为，1）投资人从账户里把钱彻底拿走，拿走的钱不参与下期投资了。例如你说的PZ2017092702000028题，Dividend是从投资人账户里往外彻底的把钱拿走了，拿出来的钱就不会再参与下一期的收益了；2）真的往账户里多投了钱。
如PZ2017092702000030（本题），账户balance余额的变化就不算是现金流。账户余额在t=1时刻变成了10×1.14，这不是现金流，因为钱没有拿走，多出来的1.14还在继续累积利息。
这道题目里现金流的概念是t=0投入的10(CF0=-10)；t=1时的投入的100（CF1=-100）；t=2时的10×1.14×1.08+100×1.08 （CF2=+102.312）。
二、 这种题是一个常见的题型。这种题型实际不是在考察计算TWR和MWRR的。观察选项可以发现问的是TWR和MWRR的大小比较。这个时候就要应用到一个理念，就是MWRR可以近似看成是一个现金流的加权平均，权重为现金流（只是近似，不是平常咱们看到的那种完美的加权平均形式哈）。所以这道题目里第一期的现金流为10，对应回报率14%；第二期为100，对应回报率为8%。MWRR权重一定是第二期大，所以MWRR会向低的回报率8%靠近（本题中为8.53%）。所以MWRR一定低于用TWR，因为TWR是几何平均算出来的，更接近14%和8%的中间值（本题中为近11%），应用这种方法可以快速得出答案，节省很多时间。
这种用现金流来近似权重的思维方式，在固收里还会出现；而这种比较MWRR和TWR大小的题型也是考试的重点题型，应用这种方法就不用算两个回报率了。
而真正考察计算的题型是类似PZ2017092702000028题那种，可以观察他的选项就是一堆数字，那种才是MWRR的常规计算考法，所以题目读起来也会清晰很多。
写的比较长，希望能解答你的问题，加油
加油啊貓小姐 · 2019年09月01日
很详尽，谢谢老师！
Cony静 · 2020年01月30日
但是这样理解现金流却和何老师在视频中讲解的那道例题中计算现金流的方法不同了，何老师讲解的那道例题是在每一期现金流中考虑客户加投或者是withdraw的情况呀？
星星_品职助教 · 2020年01月30日
今年的数量里并没有关于twrr和mwrr的例题。这道题也不是在考察计算
索菲JING · 2020年02月11日
老师，这里的CF2应该是120.31吧？
星星_品职助教 · 2020年02月11日
对
NO.PZ2017092702000030问题如下the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely:A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return.A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100=(1+r)210×1.14×1.08+100×1.08 Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)−1=10.96CF0 -10CF1 1.4-100CF2 100*0.08+10*0.08
NO.PZ2017092702000030 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100=(1+r)210×1.14×1.08+100×1.08 Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)−1=10.96
NO.PZ2017092702000030问题如下the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely:A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return.A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100=(1+r)210×1.14×1.08+100×1.08 Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)−1=10.96何老师讲到说，如果有aition, MWRR大于TWRR。我不太理解什么时候能用，也不明白为什么这道题不能用。
NO.PZ2017092702000030 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100=(1+r)210×1.14×1.08+100×1.08 Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)−1=10.96 一定要全部算出来吗
NO.PZ2017092702000030 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100=(1+r)210×1.14×1.08+100×1.08 Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)−1=10.96 不太理解mwrr 算法，可否详细一下？以及mwrr可否用计算器的第二行CF算，如果可以，如何输入呢？