问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么是($500,000-$500,000/5)*0.73 的推导逻辑没有很懂。
竹子 · 2019年11月23日
同学你好，
折旧，可以是累积折旧，也可以是折旧费用。在通常的语境中，我们是指折旧费用，即资本化之后，每年要计一个资产的损耗，这个是记在I.S中，作为折旧费用的。资本化的本质，是花了一笔钱，不把它一次性作为费用，而是先确认为资 产，每年记一个费用，这个费用就是折旧费用。折旧与费用不矛盾。
第二点，你对费用化的理解是对的。这里的NI是，目前公司资本化之后的NI，也就是NI中是扣除了资本化之后计的折旧费用的。而现在费用化，要扣除所有的价格（当然也要考虑税），所以费用化下的NI，扣除的是所有价格*（1-t)，而资本化下的NI，只扣除了dep*(1-t)，两个费用相差着292000，所以答案中，在目前的NI（也就是资本化下的NI）继续扣292000，就能得到费用化下的NI
NO.PZ2018062018000052问题如下Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:A.6.3%.B.4.1%.C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 为什么对NI的影响是减少了100000*（1-27%）；1-27%是为什么
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 如果要是费用化的话，这个机器的总值500，000不就应该是减去的费用吗？要算ni的时候就应该是900,000-500,000*（1-t）啊，为什么要乘上1/5？
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% shareholr's equity 为什么还需要减呀？
NO.PZ2018062018000052问题如下Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:A.6.3%.B.4.1%.C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 感觉唯一需要考虑的点就是100，000。对于tax的计算还是不太明白。
