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小范范 · 2020年02月25日

问一道题:NO.PZ201612170200000304 第4小题 [ CFA II ]

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问题如下图:

选项:

A.

B.

C.

解释:

老师,我看讲义上EV的公式中是加上MV of Debt,那不就应该加上全部Debt,不区分长短期么?为什么current liabilities就不加呢?谢谢

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maggie_品职助教 · 2020年02月26日

嗨,爱思考的PZer你好:


EV是从市值的角度来衡量企业价值,因此负债只要市场价值的部分都统计在内,不区分长短期。


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小范范 · 2020年02月27日

对呀都统计在内不就应该加上的么?

maggie_品职助教 · 2020年02月27日

EV=Market value of common stock + market value of preferred equity + market value of debt (公司对外债务的市值)– cash and short term investment 这里需要区分的是debt和liability这两个概念,公司对外的债务debt分为长期和长期中需要短期偿还两部分,题目里只给了current liability并没有做具体划分(current liability 包括各种应付科目都不是公司的debt),因此这道题在计算EV时只考虑了长期debt部分。

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