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johnny · 2021年04月24日

我记得老师上课时说过RI在equity中用是用equity,而corporate finance中等同于EVA,要站FIRM角度，不知道是不是我听错了。

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000035

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

我记得老师上课时说过RI在equity中用是用equity,而corporate finance中等同于EVA,要站FIRM角度，不知道是不是我听错了。

按理说这里应该用WACC?

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王琛_品职助教 · 2021年05月01日

嗨，努力学习的PZer你好：


同学是听错了哈，这里就是用 Re，cost of equity

RI 和 EVA，不论在权益科目，还是公司理财科目，都是相同的公式

只是 EP 的别名不同，EP 在权益科目，是 RI；EP 在公司理财科目，是 EVA

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