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买买要当学霸 · 2020年01月21日

问一道题：NO.PZ2018101501000035

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing in a four-year project, relevant information is shown in the following table. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. What`s the residual income in the first year?

选项：

A.

3836.15

B.

6184.55

C.

6676.10

解释：

A is correct.

考点：Other Valuation Models

解析：根据公式RIt = NIt - Re × Bt-1

RI1 = 12,356 – 0.15 × (80,000 - 23,201) = 3836.15

老师 我想扩展一下这个问题 假如题目让求第二年residual income 计算过程应该是怎么样的呢？（主要想看一下depreciation应该如何处理，第一年的residual income无depreciation）

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1 个答案

maggie_品职助教 · 2020年01月22日

第二年就正常做：RI2=20534-0.15*(60000-18857).

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