问题如下:
6. Which of the following would be Yip’s most appropriate response to Robinson’s third observation?
选项:
A.The market value added is not equal to the present value of EP, although the market value of equity is equal to 122,027.
B.The market value added is equal to the present value of EP, which in this case is 44,055.
C.The market value added is not equal to the present value of EP, and market value added is equal to 44,055.
解释:
Market value added is equal to the present value of EP. Its value, however, is not equal to the book value of equity. The calculation of MVA is shown below:
MVA=44,054.55, which can be calculated by discounting the expected EP.
在第一小题计算economic income的时候,最后一年的CF需加上残值12000。这里计算EP,我把最后一年的残值也加上了,因为讲义上说EP是“income earned by all capital holders”,我理解残值处置收入也算归属于投资人的收入,也应该包含在EP中,用于计算公司价值。请问这种理解的错误在哪里