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Shawnxz · 2020年03月05日

问一道题:NO.PZ201601200500001101

* 问题详情,请 查看题干

问题如下:

1. Economic income during year one is closest to:

选项:

A.

23,186.

B.

29,287.

C.

46,101.

解释:

Economic income = Cash flow – Economic depreciation

Economic income (Year 1) = C F 1 −( V 0 − V 1 ) After-tax operating cash flow (CF) = (S – C – D)(1 – T) + D + After-tax salvage = EBIT(1 – T) + D + After-tax salvage

CF1 = 58,000

V0=58,000/1.12+64,000/1.12^2+70,000/1.12^3+76,000/1.12^4+76,000/1.12^5=244,054.55

V 1 = 64,000/1.12 + 70,000/1.12^2 + 76,000 /1.12^3 + 76,000/1.12^4 =215,341.10

Economic income (Year 1) = 58,000 – (244,054.55– 215,341.10)

Economic income (Year 1) = 58,000 – 28,713.45 = 29,286.55

如果用EI1=Vo*Re的话,答案怎么不一样呢?老师能给我一个过程吗?

1 个答案

Debrah_品职答疑助手 · 2020年03月06日

同学你好。由于EI是站在公司角度,Re是Required Return,因此选用的是WACC,EI1=V0*Re=244,054.55 *12%=29,287