如题

问题如下：

Jim Martin is using economic value added (EVA) and market value added (MVA) to measure the performance of Sundanci. Martin uses the fiscal year 2000 information below for his analysis.

• Adjusted net operating profit after tax (NOPAT) is $100 billion.

• Total capital is $700 billion (no debt).

• Closing stock price is $8.4.

• Total shares outstanding is 84 billion.

• The cost of equity is 14 percent.

The different between MVA and EVA is:

选项：

A.

3.6 billion

B.

2 billion

C.

1.48 billion

解释：

Economic value added = Net operating profit after taxes -(Cost of capital × Total capital) = $100 billion -(14% × $700billion) = $2 billion. In the absence of information that would be required to calculate the weighted average cost of debt and equity, and given that Sundanci has no long-term debt, the only capital cost used is the required rate of return on equity of 14 percent.

Market value added = Market value of capital -Total capital = $8.4 stock price × 84 billion shares -$700 billion = $5.6 billion The different between MVA and EVA=$5.6 billion-$2 billion=$3.6 billion.