开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

大老王 · 2021年05月29日

残值

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000038

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 market value added (MVA)?

选项：

A.

56,070.52

B.

62,625.16

C.

55,795.03

解释：

B is correct.

考点：Other Valuation Models

解析：根据公式MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}

其中EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capital

EP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500

需要注意的是第四年的EBIT要加回残值的影响

EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000

MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16

请问为什么EP4的残值是为啥是除以（1-25%）呢，即10,000/(1-25%)？ 

添加评论
1 个答案

王琛_品职助教 · 2021年05月30日

嗨，从没放弃的小努力你好：


计算税后残值的方法有两种，只不过是残值放在哪里计算而已哈

如果是放在 NOPAT 前计算残值，NOPAT 的计算过程就是解析的：10000/(1-0.25)+20000=33,333.33，33333.33(1-0.25)=25000

如果是放在 NOPAT 中计算残值，计算过程为：20000(1-0.25)+10000=25000

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

  • 1

    回答

  • 0

    关注

  • 545

    浏览
相关问题

NO.PZ2018101501000038 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n​(1+WACC)tEPt​​ 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500​+1.1224,000​+1.1318,500​+1.1423,000​=62,625.16 preciation是否要从asset里减去？

2021-11-17 16:15 1 · 回答

Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n​(1+WACC)tEPt​​ 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500​+1.1224,000​+1.1318,500​+1.1423,000​=62,625.16 1:不懂最后一年怎么算的；2EP3为什么我算的不是这个数

2021-09-22 11:31 1 · 回答

NO.PZ2018101501000038 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n​(1+WACC)tEPt​​ 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500​+1.1224,000​+1.1318,500​+1.1423,000​=62,625.16请问这道题可以用算算每期的ocf方法吗？这样的话，t=0时，-8，后面的ocf分别是4.25、5、4.25、4.5，再折现求Npv？

2021-07-18 14:36 1 · 回答

NO.PZ2018101501000038 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n​(1+WACC)tEPt​​ 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500​+1.1224,000​+1.1318,500​+1.1423,000​=62,625.16 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33 这里应该怎么理解EBIT的计算方法

2021-07-02 16:35 1 · 回答

NO.PZ2018101501000038 Company M is investing in a four-yeproject, relevant information is shown in the following table. The company is in the 25% tbracket. The weighteaverage cost of capitanthe cost of equity is 10% an15%, respectively. What`s the market value ae(MVA)? 56,070.52 62,625.16 55,795.03 B is correct. 考点Other Valuation Mols 解析根据公式 MVA=∑t=1nEPt(1+WACC)tMVA=\sum_{t=1}^n\frac{EP_t}{{(1+WACC)}^t}MVA=∑t=1n​(1+WACC)tEPt​​ 其中 EP=EBIT∗(1−T)−WACC∗capitalEP=EBIT\ast(1-T)-WACC\ast capitalEP=EBIT∗(1−T)−WACC∗capitEP1 = 30,000*(1-25%)-10%*80,000 =14,500 同理可得EP2 = 24,000；EP3 = 18,500 需要注意的是第四年的EBIT要加回残值的影响 EBIT4 = 20,000+10,000/(1-25%) = 33,333.33，EP4 = 23,000 MVA=14,5001.1+24,0001.12+18,5001.13+23,0001.14=62,625.16MVA=\frac{14,500}{1.1}+\frac{24,000}{1.1^2}+\frac{18,500}{1.1^3}+\frac{23,000}{1.1^4}=62,625.16MVA=1.114,500​+1.1224,000​+1.1318,500​+1.1423,000​=62,625.16 ep4=ebit（1-t）-wacc*capital，capital不是账面价值-残值嘛？

2021-05-30 00:01 1 · 回答