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stellar23 · 2019年12月02日

问一道题：NO.PZ2018091705000079

  1. CFA III
  2. 个人IPS

问题如下：

Shelly tells her investment manager that she has recently been reading about traditional and economic balance sheets, would like to clarify her understanding on calculation of net wealth. Which of following formulations are correct to calculate her net wealth?

选项：

A.

Net wealth = Net worth +(PV of future earnings + PV of unvested pension benefits) -(PV of consumption goals + PV of bequests)

B.

Net wealth = Net worth -(PV of future earnings + PV of unvested pension benefits) +(PV of consumption goals + PV of bequests)

C.

Net wealth = PV of future earnings + PV of unvested pension benefits +PV of consumption goals + PV of bequests

解释：

A is correct.

考点: Economic (Holistic) Balance Sheet

解析：Net wealth 净财富的计算方法如下:

Net wealth = Net worth from the traditional balance sheet +(Present value of future earnings + Present value of unvested pension benefits) – (Present value of consumption goals + Present value of bequests)

您好。这道题解答中提到“un-vested pension benefits". 我不确定这个解释对不对。Unvested Pension应该算作HC的一部份，所以这里应该是"vested pension benefits". 我的理解对吗？ 谢谢您！

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1 个答案

包包_品职助教 · 2019年12月02日

嗨，从没放弃的小努力你好：


答案的这个解释是对的，vested pension benefits已经作为financical capital 包含在Net worth from the traditional balance sheet。而我们我们需要再加上human capital， unvested pension benefits是属于human capital，那就是再加上Present value of future earnings + Present value of unvested pension benefits

你再理解下看看能明白不？


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努力的时光都是限量版，加油！


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