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春夏秋冬眠🖤 · 2021年05月30日

No.PZ2018101501000037 (选择题) Matt is making comments regarding the economic income. Comment 1: The economic income each year is equal to the after-tax cash flow minus the economic depreciation. Comment 2: The economic income each year is equal to the after-tax cash flow plus the change in the project`s market value. Which statement is correct?

NO.PZ2018101501000037

问题如下:

Matt is making comments regarding the economic income.

Comment 1: The economic income each year is equal to the after-tax cash flow minus the economic depreciation.

Comment 2: The economic income each year is equal to the after-tax cash flow plus the change in the project`s market value.

Which statement is correct?

选项:

A.

Neither.

B.

Both.

C.

Only one is correct.

解释:

B is correct.

考点:Other Valuation Models

解析:根据定义式:economic income = cash flow – economic depreciation = cash flow + (ending market value – beginning market value),两句话的表述都是正确的。

请问,如果两个说法里都没有说after-tax,说法还是正确的吗?


Comment 1: The economic income each year is equal to the after-tax cash flow minus the economic depreciation.

Comment 2: The economic income each year is equal to the after-tax cash flow plus the change in the project`s market value.


1 个答案

王琛_品职助教 · 2021年05月31日

嗨,从没放弃的小努力你好:


如果两个说法里都没有说 after-tax,那就不正确了,因为 market value 是根据税后现金流折现出来的

另外,咱们在资本预算的原则中提到过,现金流都是基于税后的 "Cash flows are analyzed on an after-tax basis. "


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