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开泰-王飞 · 2021年12月04日

Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company.

  1. CFA II
  2. Equity

NO.PZ2018103102000068

问题如下：

The Senior VP of Acquisitions for RN fund asks Jacques to evaluate a potential investments-a family-owned Cosmetics company TMT. Jacques has obtained the recent an excerpt of the income statement and additional data needed to calculate normalized earnings as follows. Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current debt is not optimal, and can be replaced with a lower interest rate. The normalized earning after tax for TMT is closest to:



选项：

A.

$90,285,000

B.

$67,112,000

C.

$53,124,000

解释：

A is correct.

考点：Normalized earnings

解析：A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalized earnings等于$90,285,000。

这个里面的费用不都是增加管理费用吗，为何要相减？说得不是一部分是裁员的补贴，一部分是对家庭的赔偿吗？

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1 个答案

王园圆_品职助教 · 2021年12月04日

嗨，从没放弃的小努力你好：


同学你好，所谓normalized earnings，意思就是我们要把一个非上市公司的利润调成上市公司，正常经营的利润

非上市公司会努力把费用做虚高从而减少应交税费，而上市公司更有可能按照市场公允价值支付各项费用从而避免费用过高销减利润使投资者不满意。

所以“compensation paid to family members”是指：按照上市公司逻辑根本就不会用这么高的价格雇佣一些家庭成员来增加无用开销，所以这个费用应该被调低，也就是从管理费用中剔除——SG&A - 9000000
"the smaller amount of salary expense for replacement employees"这句话是说公司会从市场上按照合理报价找到另外一群人来代替这些家庭成员工作，因此这些合理的工资支付是增加管理费用的。——SG&A + 6300000

所以两者一起影响SG&A，最终使SG＆A下降2700000，再加上税收的影响，最终公司的利润会变多



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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2018103102000068问题如下 The Senior VP of Acquisitions for RN funasks Jacques to evaluate a potentiinvestments-a family-owneCosmeticompany TMT. Jacques hobtainethe recent excerpt of the income statement anaitionta neeto calculate normalizeearnings follows. Aitionta for TMT inclung estimates of the compensation paito family members anthe smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current is not optimal, ancreplacewith a lower interest rate. The normalizeearning after tfor TMT is closest to: A.$90,285,000B.$67,112,000C.$53,124,000 A is correct.考点Normalizeearnings解析A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalizeearnings等于$90,285,000。 ​税收的影响帮忙告知下。最新的税率是多少呢？谢谢

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