Eva · 2021年05月30日
NO.PZ2018101501000035
问题如下：
Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the residual income in the first year?
选项： 3836.15
6184.55
C.6676.10
解释：
A is correct.
考点：Other Valuation Models
解析：根据公式RIt = NIt - Re × Bt-1
RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15
Bt-1 为什么不是80,000？
王琛_品职助教 · 2021年05月31日
嗨，爱思考的PZer你好：
因为 RI 是站在股东的角度，所以公式中的字母 B，是指 Beginning-of-period book value of equity，或者叫 Equity capital，不能用总资产哈
如果这道题是计算 EP1，因为 EP 是站在公司的角度，所以 EP1 计算公式中的 capital，是总资产，才用 80000。也请参考：https://class.pzacademy.com/qa/79152
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ2018101501000035 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 两个章节的RI的公式是一样的，为什么这里的RI1不直接用B0=$80,000，而是要减去liabilities? 谢谢。
NO.PZ2018101501000035 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 我记得老师上课时说过RI在equity中用是用equity,而corporate finance中等同于EVA,要站FIRM角度，不知道是不是我听错了。 按理说这里应该用WACC?
Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the resiincome in the first year? 3836.15 6184.55 6676.10 A is correct. 考点Other Valuation Mols 解析根据公式RIt = NIt - Re × Bt-1 RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15 老师 我想扩展一下这个问题 假如题目让求第二年resiincome 计算过程应该是怎么样的呢？（主要想看一下preciation应该如何处理，第一年的resiincome无preciation）
老师，resiincome计算中的“r*BV"的r为什么不是WACC,Equity和Corporate Finance里面的RI计算中的r都是cost of equity吗？
