NO.PZ2023102301000043
问题如下：
A chemical company is considering a project that has an estimated risk-adjusted return on capital (RAROC) of 17%. Suppose that the risk-free rate is 4% per year, the expected market rate of return is 12% per year, and the company's equity beta is 1.5. Using the criterion of adjusted risk-adjusted return on capital (ARAROC), the company should:选项：
A.Reject the project because the ARAROC is higher than the market expected excess return. B.Accept the project because the ARAROC is higher than the market expected excess return. C.Reject the project because the ARAROC is lower than the market expected excess return. D.Accept the project because the ARAROC is lower than the market expected excess return.解释：
ARAROC = (RAROC – Rf)/β = (0.17 – 0.04)/1.5 = 8.67%.
Market excess return = Rm – Rf = 0.12 – 0.04 = 8%.
Where: Rf = risk-free rate of return β = beta of company equity Rm= market rate of return
As ARAROC is higher than the market excess return, the project should be accepted.
ARAROC = (RAROC – Rf)/β = (0.17 – 0.04)/1.5 = 8.67%.
公示图里面新公式是 ARAROC=RAROC-β（RM-RF）=0.17-1.5（0.12-0.04）=0.05才对
