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开泰-王飞 · 2021年06月08日

capital spending什么意思?

* 问题详情,请 查看题干

NO.PZ201810160100000104

问题如下:

Based on Exhibit 1 and Yeta’s target capital structure, the total dividend that Yeta would have paid last year under a residual dividend policy is closest to:

选项:

A.

$77 million.

B.

$112 million.

C.

$175 million.

解释:

A is correct. The dividend under a residual dividend policy would be $77 million, calculated as follows:

B is incorrect because $112 million incorrectly subtracts financing from new debt rather than financing from retained earnings in the calculation of dividend paid:

C is incorrect because $175 million incorrectly uses net income before taxes rather than net income after taxes (earnings) in the calculation:

不太明白    

1 个答案

王琛_品职助教 · 2021年06月09日

嗨,努力学习的PZer你好:


capital spending 可以理解为 capital expenditures 资本开支

这道题考查的知识点是剩余股利政策 residual dividend policy,公司在拥有良好的投资机会时,留存收益应优先满足投资项目所需的资金,即 capital spending,再将剩余部分作为股利进行发放

关于 capital spending, 公司根据目标资本结构决定投资的资金多少来自 Equity,多少来自 Debt;其中来自 Equity 的部分,可以通过内生现金流(NI)也可以通过外部权益融资。NI 在满足投资的剩余部分可以用来对外分红。

在这道题目中,公司目标资本结构是 D/E=4/6,投资支出 CAPEx=175mn,因此来自权益的部分是 175x60%=105mn。由于最近一个年度的税后利润是 182mn,因此经营在满足资本开支的情况下,剩余部分可以对外分红,即 182-105=77mn

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