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曲轩宏 · 2022年01月12日

老师,请帮忙通俗的解释一下这道题为什么和equity有关系呢?知识点是在哪里哈?

NO.PZ2017102901000052

问题如下:

Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-year useful life and a salvage value of £0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X.

Ÿ Ending shareholders’ equity: £10,000,000

Ÿ Tax rate: 25%

Ÿ Dividends: £0.00

Ÿ Net income: £750,000

Based on the information given, Company Z’s return on equity using year-end equity will be closest to:

选项:

A.

5.4%.

B.

6.1%.

C.

7.5%.

解释:

B is correct.

Company Z’s return on equity based on year-end equity value will be 6.1%. Company Z will have an additional £200,000 of expenses compared with Company X. Company Z expensed the printer for £300,000 rather than capitalizing the printer and having a depreciation expense of £100,000 like Company X. Company Z’s net income and shareholders’ equity will be £150,000 lower (= £200,000 × 0.75) than that of Company X.

ROE=NI/equity=(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.

题目假设X公司和Z公司财务数据都是一样的,除了对一笔printer采购支出的处理之外。X公司是资本化,而Z公司是费用化,题目给了X公司的财务数据,让计算Z公司的ROE。我们根据题目给的数据可以计算出来X公司的ROE,在此基础上进行调整就可以得到Z公司的ROE。调整的时候就要考虑资本化和费用化导致的两个公司NI和Equity的不同。

看NI的不同,我们就要看损益表:X公司资本化,printer被当做资产处理,损益表中会有一笔100,000的折旧费用。Z公司费用化,printer的全部成本都算作expense,因此Z公司损益表中会有一笔300,000的expense。两个公司损益表中费用的差额为200,000,由于有税收的影响,最终NI的差异是200,000*(1-25%)=150,000,也就是Z公司的NI比X公司的NI少150,000。

再比较equity的不同,因为其他条件都相同,两个公司equity受到的影响就只有retained earning的影响,这个也是跟NI相关联,Z公司NI比X公司少150,000,那么Z公司的equity也会比X公司的equity少150,000。

最后再调整X公司的ROE以得到Z公司的ROE:

(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.61

如标题所示,其他的回答太正式了,没太理解哈
1 个答案

Kiko_品职助教 · 2022年01月12日

嗨,努力学习的PZer你好:


这道题因为是要求ROE呀,ROE=NI/equity ,所以我们要分别计算出来NI和equity才能得出答案。题目信息给的是X公司的,所以我们需要先求出X公司的NI和equity,在此基础上调整成Z公司的。

X和Z公司所有的业务都一样,除了对打印机的处理,X公司资本化,每年计折旧费用100,000;Z公司费用化,当年费用为300,000,所以Z公司费用比X公司多200,000,扣除税之后,Z公司的NI比X公司少200000*0.75=150000.

X公司 期末的equity为10,000,000,Z公司比它少150000,所以=10000000-150000=9850000

这样一来,Z公司的ROE=(750000-150000)/9850000=0.61

----------------------------------------------
努力的时光都是限量版,加油!

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