问一道题：NO.PZ2018101501000036

问题如下：

Anna is evaluating Company M which is going out of business in four years. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. The relevant distribution information is shown in the following cash flow statement. What is the value of equity at time zero?

选项：

113,696.29

85,988.53

76,714.45

解释：

C is correct.

考点：Other Valuation Models

解析：题目要我们求归属于股东的价值，只需将分配给股东的现金流( NI+Depreciation-principal repayment 即表格中Dividends)折现得到权益价值即可。

$PV=\frac{20,120}{1.15}+\frac{23,189}{1.15^2}+\frac{36,984}{1.15^3}+\frac{30,375}{1.15^4}=76,714.45$

这里所有的股东权益是发放成Div了吗？为什么直接用Div来代表股东权益呢？不是应该是Equity吗？

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1 个答案

Debrah_品职答疑助手 · 2020年05月27日

同学你好，这个题目的考点是Claims Valuation Approach。CF to shareholders= NI+Depreciation-principal repayment，只不过在这道题目里恰好等于dividend。请看基础班讲义相关内容。

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