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I Yuan · 2021年04月26日

我今天早上刚刚复习完Equity，现在学Corporate Finance.

  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

两个章节的RI的公式是一样的，为什么这里的RI1不直接用B0=$80,000，而是要减去liabilities?


谢谢。

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1 个答案

王琛_品职助教 · 2021年05月01日

嗨，努力学习的PZer你好：


两个科目中，关于 RI 的计算公式是一样的

公式中的字母 B，是指 Beginning-of-period book value of equity，或者叫 Equity capital

不能用总资产哈

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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