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小布的圈圈 · 2018年01月11日

问一道题：NO.PZ201612170200000304 第4小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下图：

    

选项：

A.

B.

C.

解释：


请问，企业价值是这样计算的嘛？只需要加上长期负债，短期负债不用加？而且留存收益也不用加（虽然书上公式里面确实没有留存收益这一项，但是为什么不用加呢）？

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2 个答案

maggie_品职助教 · 2018年01月15日

你有根本性的误区，企业价值等于企业的市场价值并非账面价值。

maggie_品职助教 · 2018年01月12日


这里需要区分的是debt和liability这两个概念，公司对外的债务debt分为长期和长期中需要短期偿还两部分，题目里只给了current liability并没有做具体划分（current liability包括各种应付科目都不是公司的debt），因此这道题在计算EV时只考虑了长期debt部分。

此外，EV里面加的是权益的市值并非账面价值。

小布的圈圈 · 2018年01月14日

请问，即便是应付账款，确实不需要付利息，但为什么就应该被计算公司价值的时候排除在外呢？毕竟A公司收购B公司后，B公司之前的任何不需要付利息的短期借款，也不是就不需要偿还啦？？为什么不计入公司价值呢？不好意思，我还是无法理解~

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