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Alex · 2017年12月05日

问一道题：NO.PZ201612170200000304 第4小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下图：

    

选项：

A.

B.

C.

解释：


这里想问2点，首先教材上给的公式是market value of debt，为什么不含短期负债？其次，题目上说，长期负债的市值等于现在的book value，那么，这里为什么还用原值367来计算，不是应该用现在的市值么？

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maggie_品职助教 · 2017年12月06日

  • 这里需要区分的是debt(付息负债)和liability这两个概念，公司对外的债务debt分为长期和长期中需要短期偿还两部分，题目里只给了current liability并没有做具体划分（current liability通常包括各种应付科目都不是公司的付息负债），因此这道题在计算EV时只考虑了长期debt部分。

  • 题目报表中给出的就是长期负债的账面价值（book value）：367,题干又说明市值等于账面价值，因此在计算EV时直接带入367


Alex · 2017年12月06日

明白了，反正预收款和应付款这种不付利息的肯定不算哈，但是短期借款这种给利息的就算。

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