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kevinzhu · 2020年01月23日

问一道题：NO.PZ2018062018000052 [ CFA I ]

  1. CFA I
  2. FRA

问题如下：

Company M purchased a $500,000 equipment with a 5-year useful life at the beginning of 2016, considering the salvage value is zero. The equipment was capitalized and depreciated on straight-line method. At the end of 2016, ending shareholders’ equity of company M is 15,000,000, the tax rate is 27%, net income is 900,000, no dividend is taken into account. All else equal, if the equipment were expensed rather than capitalized, company M's return on equity at the end of 2016 would be:

选项：

A.

6.3%.

B.

4.1%.

C.

5.6%.

解释：

B is correct.

If the equipment were expensed rather than capitalized, company M’s net income and shareholders’ equity would be $292,000 lower than before: ($500,000-$500,000/5)× (1-27%) = $292,000

\(ROE=\frac{Net\text{ income}}{shareholder's\text{ equity}}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%\)

ROA的分子和分母为何都是减去同一个数据

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Olive_品职助教 · 2020年01月23日

嗨，爱思考的PZer你好：


这道题问的是，如果买的这个设备花的500000元直接费用化了，ROE应该是多少。题干给的数字是资本化处理的NI和equity，我们不能直接用，需要调整成费用化的NI和equity。资本化的会计处理是资产负债表asset增加500000，利润表中有一笔折旧=500000/5=100000，对NI的影响是减少了100000*（1-27%），如果费用化，就没有了这笔折旧，要加回，即+100000*（1-27%），但是同时要增加一笔expense=500000，NI就会减少500000*（1-27%），总的费用化调整是： +100000*（1-27%）-500000*（1-27%）=-292000。所以如果算费用化的ROE，分子NI应该在资本化NI的基础上减少292000，因为NI变化会直接影响equity的变化，所以分母也调整相同金额。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！


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