问题如下：
4. Based on Exhibit 1, residual income for SSX is closest to:
选项：
A.€40.9 million.
B.€90.2 million.
C.€133.9 million.
解释：
C is correct.
The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge. Residual income = Net income – Equity charge
Calculation of Net Income (values in millions):
Equity charge = Total assets × Equity weighting × Cost of equity
Equity charge = €4,000 million × 0.40 × 0.15 = €240 million
Therefore, residual income = €373.9 million – €240 million = €133.9 million.
Alternatively, residual income can be calculated from NOPAT as follows.
Residual income = NOPAT – Total capital charge
NOPAT = EBIT × (1 – Tax rate)
NOPAT = €700 million × (1 – 0.35) = €455 million
The total capital charge is as follows.
Equity charge = Total assets × Equity weighting × Cost of equity
= €4,000 million × 0.40 × 0.15
= €240 million
Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)
= €4,000 million × 0.60 × 0.052(1 – 0.35)
= €81.1 million
Total capital charge = €240 million + €81.1 million
= €321.1 million
Therefore, residual income = €455 million – €321.1 million = €133.9 million
老师好 ，1)为什么这里的total asset = total capital ？ 还是这两个永远相等.如果题目里没有明确说不同的时候？ 2） 如果用RI = (ROE - RE)*B T-1 来算的话， 为啥4000*0.4 就是Bt-1. 而不是Bt ? 3） 什么时候EVA = RI？ 有看到类似稳题 但是回答没有看懂。能否再麻烦总结以下。
以下是回答
“EVA和RI不是同一个指标。
EVA指的是站在公司角度计算剩余价值，而RI是站在普通股股东角度计算剩余价值。
但是在如下两个假设同时成立的时候，题目会出现了RI恰好等于EVA的情况。
首先，是债务的边际成本等于公司整体融资成本Rd。也就是影响NI的interest rate=Rd。 RI=NI-equity charge=(EBIT-I)(1-T)-equity charge=EBIT(1-T)-I*(1-T)-equity charge=EBIT(1-T)-BV(debt)*Rd*(1-T)-BV(equity)*Re
其次，计算WACC需要的wd和wd，用的是Book value而不是market value（原本计算WACC需要的是market value）。 EVA=EBIT(1-T)-Debt charge-equity charge=EBIT(1-T)-BV(debt)*Rd*(1-T)-BV(equity)*Re 这样RI=EVA。 所以建议做题目的时候，最好还是使用RI原本的公式。”
谢谢!
