NO.PZ201710200100000404
问题如下：
4. Based on Exhibit 1, residual income for SSX is closest to:
选项：
A.€40.9 million.
B.€90.2 million.
C.€133.9 million.
解释：
C is correct.
The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge. Residual income = Net income – Equity charge
Calculation of Net Income (values in millions):
Equity charge = Total assets × Equity weighting × Cost of equity
Equity charge = €4,000 million × 0.40 × 0.15 = €240 million
Therefore, residual income = €373.9 million – €240 million = €133.9 million.
Alternatively, residual income can be calculated from NOPAT as follows.
Residual income = NOPAT – Total capital charge
NOPAT = EBIT × (1 – Tax rate)
NOPAT = €700 million × (1 – 0.35) = €455 million
The total capital charge is as follows.
Equity charge = Total assets × Equity weighting × Cost of equity
= €4,000 million × 0.40 × 0.15
= €240 million
Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)
= €4,000 million × 0.60 × 0.052(1 – 0.35)
= €81.1 million
Total capital charge = €240 million + €81.1 million
= €321.1 million
Therefore, residual income = €455 million – €321.1 million = €133.9 million
王园圆_品职助教 · 5 个月前
嗨，爱思考的PZer你好：
同学你好，首先公式（ROE-Re）*B（t-1)这个公式是没有问题的，李老师在上课过程中也有推导过该公式。如果题目有给出ROE和re，是可以用该公式计算的。
但是本题的解析是从RI的一般计算式RI = NI - B（t-1）*Re来进行第一种计算的。
第二种计算是在RI这一章刚开始介绍的关于economic value adde的计算方法。这里也附上讲义截图。
这道题目两种方法计算出来的结果一致，是想告诉考生，其实在绝大多数情况下，RI的计算和EVA的计算是一致的。
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努力的时光都是限量版，加油！
