买买要当学霸 · 2019年12月04日
* 问题详情，请 查看题干
问题如下：
4. Using the excess earnings method, the value of the intangibles is closest to:
选项：
A.$144.0 million.
B.$205.7 million.
C.$338.8 million.
解释：
B is correct.
Return on working capital = 0.08 × $10,000,000 = $800,000
Return on fixed assets = 0.12 × $45,000,000 = $5,400,000
Return on intangibles = $35,000,000
Value of intangibles using CCM = $28,800,000/(0.20 -
问题一：为什么此处的Normalized earnings 是firm value呢（我理解的firm value=Debt+Equity）
问题二：为什么此处的28,800,000没有乘以（1+g）呢
NO.PZ201512300100001404 问题如下 4. Using the excess earnings metho the value of the intangibles is closest to: A.$144.0 million. B.$205.7 million. C.$338.8 million. B is correct.Return on working capit= 0.08 × $10,000,000 = $800,000Return on fixeassets = 0.12 × $45,000,000 = $5,400,000Return on intangibles = $35,000,000 - $800,000 -$5,400,000 = $28,800,000Value of intangibles using C= $28,800,000/(0.20 - 0.06) = $205.71 million. 翻了下讲义，没有找到C和 EEM估值的内容
NO.PZ201512300100001404问题如下4. Using the excess earnings metho the value of the intangibles is closest to:A.$144.0 million.B.$205.7 million.C.$338.8 million.B is correct.Return on working capit= 0.08 × $10,000,000 = $800,000Return on fixeassets = 0.12 × $45,000,000 = $5,400,000Return on intangibles = $35,000,000 - $800,000 -$5,400,000 = $28,800,000Value of intangibles using C= $28,800,000/(0.20 - 0.06) = $205.71 million.Return on intangibles = $35,000,000 - $800,000 -$5,400,000 = $28,800,000 ,为什么这样减出来就是无形资产？ 没有resiincome吗？
NO.PZ201512300100001404 老师这里直接用EE/Re-g，为什么不是EE*(1+g)/re-g?
NO.PZ201512300100001404 问题如下 4. Using the excess earnings metho the value of the intangibles is closest to: $144.0 million. $205.7 million. $338.8 million. B is correct. 为什么working capital价值直接乘以要求回报率就是return，而无形资产就是价值要乘以（r-g）才是return。
想问个问题，既然working capital和fixeinvestment产生的利润都可以直接用对应的FV*requirereturn算，为什么intangible asset不能也直接这么算？非要通过 NI-其他 来倒算EEM呢？而且明显WC，fixeinvestment和intangible asset乘以对应的re也不可能正好等于NI
