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.
老师EVA的那个NOPLAT到底是啥呢?如果按照EBIT*(1-T)的话,最后一期是不加残值的,但如果当做实际现金流的话又少了一个Dep,这里该怎么理解合适?