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Celestine · 2020年02月07日

问一道题:NO.PZ201601200500001105

* 问题详情,请 查看题干

问题如下:

5. Are Robinson’s first two observations, respectively, correct?

选项:

A.

Yes for both observations.

B.

No for the first and Yes for the second.

C.

Yes for the first and No for the second.

解释:

Robinson’s first statement is wrong. The value of an asset is the present value of its future cash flows. Economic income each year is the cash flow minus economic depreciation, EI = CF  ED. For this company, which is declining in value each year, the economic depreciation is positive and EI is less than CF each year. Consequently, the present value of economic income (EI) will be less than the present value of future cash flows (CF). Robinson’s second statement is correct.

第二个陈述不严谨啊,EI应该是after-tax CF减去economic depreciation,题目中没说是税后

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月09日

你的理解没错,这题的描述确实不够严谨,但是协会没有出勘误,我们姑且认为它想表达的是税后吧。

此外,在整章一开始资本预算的基本原则中讲到本章的现金流都是税后的,我理解这里的CF代表的是税后现金流。