开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

sobean · 2020年11月11日

问一道题:NO.PZ201601200500001106

* 问题详情,请 查看题干

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.

老师请问题目给出: Pure has a 19 percent cost of equity, 8 1/3 percent before-tax cost of debt, 12 percent weighted average cost of capital, and 40 percent tax rate, and it maintains a 50 percent debt/value ratio.

题目虽然给出了WACC,可是为什么用 19%的re 和 8 1/3的rd 按照比例算不出呢。

1 个答案
已采纳答案

王琛_品职助教 · 2020年11月11日

- 可以算出来呀,可以题目已经告诉了,不需要计算呀
- WACC = wd x rd x (1-T) + we x re = 0.5 x 0.083 x 0.6 + 0.19 x 0.5 = 0.12
- 同学以后如果问计算题,方便的话,可以把你的计算过程发上来嘛,这样咱们方便交流讨论哈

  • 1

    回答
  • 0

    关注
  • 423

    浏览
相关问题

NO.PZ201601200500001106 The market value aeis equto the present value of EP, whiin this case is 44,055. The market value aeis not equto the present value of EP, anmarket value aeis equto 44,055. Market value aeis equto the present value of EP. Its value, however, is not equto the book value of equity. The calculation of MVA is shown below: MVA=44,054.55, whiccalculatescounting the expecteEP. 易错点第五年的 EBIT 不是 40000,而是 60000。因为第五年的 EBIT 还要包含残值的影响,项目结束了,变卖资产残值获得的现金流也是做项目的一部分。税前变卖残值为12000/(1-0.4)=20000,加上 40000,就是表格中的 60000。 通过现金流折现求 NPV,无论是扩张项目、替代项目,还是估值方法(EI、EP、RI、Claims Valuation),项目期末的税后残值,都是要计算在内的,因为要符合资本预算的原则,这也是不同估值方法之间的共性。 根据NPV=MVA.这道题目直接计算NPV也可以吧?考试时候所有题目都可以这么简化计算吗?

2021-06-12 21:29 1 · 回答

NO.PZ201601200500001106 The market value aeis equto the present value of EP, whiin this case is 44,055. The market value aeis not equto the present value of EP, anmarket value aeis equto 44,055. Market value aeis equto the present value of EP. Its value, however, is not equto the book value of equity. The calculation of MVA is shown below: MVA=44,054.55, whiccalculatescounting the expecteEP. 易错点第五年的 EBIT 不是 40000,而是 60000。因为第五年的 EBIT 还要包含残值的影响,项目结束了,变卖资产残值获得的现金流也是做项目的一部分。税前变卖残值为12000/(1-0.4)=20000,加上 40000,就是表格中的 60000。 通过现金流折现求 NPV,无论是扩张项目、替代项目,还是估值方法(EI、EP、RI、Claims Valuation),项目期末的税后残值,都是要计算在内的,因为要符合资本预算的原则,这也是不同估值方法之间的共性。 如题目……………………………………

2021-04-15 23:46 1 · 回答

NO.PZ201601200500001106 The market value aeis equto the present value of EP, whiin this case is 44,055. The market value aeis not equto the present value of EP, anmarket value aeis equto 44,055. Market value aeis equto the present value of EP. Its value, however, is not equto the book value of equity. The calculation of MVA is shown below: MVA=44,054.55, whiccalculatescounting the expecteEP. 易错点第五年的 EBIT 不是 40000,而是 60000。因为第五年的 EBIT 还要包含残值的影响,项目结束了,变卖资产残值获得的现金流也是做项目的一部分。税前变卖残值为12000/(1-0.4)=20000,加上 40000,就是表格中的 60000。 通过现金流折现求 NPV,无论是扩张项目、替代项目,还是估值方法(EI、EP、RI、Claims Valuation),项目期末的税后残值,都是要计算在内的,因为要符合资本预算的原则,这也是不同估值方法之间的共性。 EP计算中EBIT x (1-t)是税后,如果最后一期算EP要加残值部分,那为什么不匹配对应用税后值?谢谢解答

2021-03-21 17:43 1 · 回答

NO.PZ201601200500001106 The market value aeis equto the present value of EP, whiin this case is 44,055. The market value aeis not equto the present value of EP, anmarket value aeis equto 44,055. Market value aeis equto the present value of EP. Its value, however, is not equto the book value of equity. The calculation of MVA is shown below: MVA=44,054.55, whiccalculatescounting the expecteEP. 易错点第五年的 EBIT 不是 40000,而是 60000。因为第五年的 EBIT 还要包含残值的影响,项目结束了,变卖资产残值获得的现金流也是做项目的一部分。税前变卖残值为12000/(1-0.4)=20000,加上 40000,就是表格中的 60000。 通过现金流折现求 NPV,无论是扩张项目、替代项目,还是估值方法(EI、EP、RI、Claims Valuation),项目期末的税后残值,都是要计算在内的,因为要符合资本预算的原则,这也是不同估值方法之间的共性。 求第五年60000的计算明细

2021-03-19 21:40 1 · 回答

NO.PZ201601200500001106 第五年EBIT为什么不是40000,而用60000,谢谢

2021-03-17 10:02 1 · 回答