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410140980 · 2021年11月25日

为什么算的excess earning是EE1不是EE0

* 问题详情,请 查看题干

NO.PZ201512300100001404

问题如下:

4. Using the excess earnings method, the value of the intangibles is closest to:

选项:

A.

$144.0 million.

B.

$205.7 million.

C.

$338.8 million.

解释:

B is correct.

Return on working capital = 0.08 × $10,000,000 = $800,000

Return on fixed assets = 0.12 × $45,000,000 = $5,400,000

Return on intangibles = $35,000,000 - $800,000  -$5,400,000 = $28,800,000

Value of intangibles using CCM = $28,800,000/(0.20 - 0.06) = $205.71 million.

老师这里直接用EE/Re-g,为什么不是EE*(1+g)/re-g?

1 个答案
已采纳答案

王园圆_品职助教 · 2021年11月25日

嗨,从没放弃的小努力你好:


同学你好,要仔细读题哦~~

在给出各个计算intangible assets的表格上面,最后依据话说了,以下的数据都是“project”的哦~~~

既然是预测的,就是未来的值,那就代表计算出来的值就直接是EE1而非EE0了哦~~所以不需要再*(1+g)哦~~

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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