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Pina · 2021年01月24日

total asset = total capital ?

* 问题详情,请 查看题干

问题如下:

4. Based on Exhibit 1, residual income for SSX is closest to:

选项:

A.

€40.9 million.

B.

€90.2 million.

C.

€133.9 million.

解释:

C is correct.

The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge. Residual income = Net income – Equity charge

Calculation of Net Income (values in millions):

Equity charge = Total assets × Equity weighting × Cost of equity

Equity charge = €4,000 million × 0.40 × 0.15 = €240 million

Therefore, residual income = €373.9 million – €240 million = €133.9 million.

Alternatively, residual income can be calculated from NOPAT as follows.

Residual income = NOPAT – Total capital charge

NOPAT = EBIT × (1 – Tax rate)

NOPAT = €700 million × (1 – 0.35) = €455 million

The total capital charge is as follows.

Equity charge = Total assets × Equity weighting × Cost of equity

= €4,000 million × 0.40 × 0.15

= €240 million

Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)

= €4,000 million × 0.60 × 0.052(1 – 0.35)

= €81.1 million

Total capital charge = €240 million + €81.1 million

= €321.1 million

Therefore, residual income = €455 million – €321.1 million = €133.9 million

老师好 ,1)为什么这里的total asset = total capital ? 还是这两个永远相等.如果题目里没有明确说不同的时候? 2) 如果用RI = (ROE - RE)*B T-1 来算的话, 为啥4000*0.4 就是Bt-1. 而不是Bt ? 3) 什么时候EVA = RI? 有看到类似稳题 但是回答没有看懂。能否再麻烦总结以下。


以下是回答


“EVA和RI不是同一个指标。

EVA指的是站在公司角度计算剩余价值,而RI是站在普通股股东角度计算剩余价值。

但是在如下两个假设同时成立的时候,题目会出现了RI恰好等于EVA的情况。

首先,是债务的边际成本等于公司整体融资成本Rd。也就是影响NI的interest rate=Rd。 RI=NI-equity charge=(EBIT-I)(1-T)-equity charge=EBIT(1-T)-I*(1-T)-equity charge=EBIT(1-T)-BV(debt)*Rd*(1-T)-BV(equity)*Re

其次,计算WACC需要的wd和wd,用的是Book value而不是market value(原本计算WACC需要的是market value)。 EVA=EBIT(1-T)-Debt charge-equity charge=EBIT(1-T)-BV(debt)*Rd*(1-T)-BV(equity)*Re 这样RI=EVA。 所以建议做题目的时候,最好还是使用RI原本的公式。”


谢谢!

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2021年01月25日

同学你好,针对你的几个问题:

1、基本上total capital=total asset。因为total capital指的是总资本,包括股权和债权投入,因为A=E+L,所以total capital的数字等于total asset。如果你后面做题发现有不同的,可以再发上来我们讨论哈。

2、RI的公式是RI(t)=(ROE-Re)*B(t-1),那么如果已知条件齐全的话,计算出来的肯定是B(t-1)。但是这个题目表格里没有给股数,你是怎么算总的RI的呢?所以就不能用这个公式计算,就要考虑其他计算RI的公式。

3、什么时候EVA = RI,这个你贴的解释已经很清楚了,你是对哪句话不明白吗?可以发上来讨论。

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