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发表于 2010-4-20 10:54 | 只看该作者

Reading 43: Residual Income Valuation-LOS a, (Part 2) 习题精

class, div, measures, economic, interpret
Session 12: Equity Investments: Valuation Models
Reading 43: Residual Income Valuation

LOS a, (Part 2): Calculate and interpret related measures of residual income (e.g., economic value added and market value added).

 

 

 

A common adjustment in calculating economic value added (EVA?) is to:

A)
 add back deferred taxes.
B)
 treat capital leases as operating leases.
C)
 capitalize and amortize research and development expenses.


 

It is common to capitalize and amortize research and development (R&D) expenses and add R&D expenses back to earnings. Deferred taxes are eliminated to pick up only cash taxes. Operating leases are treated as capital leases.

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土豆妮

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2#
发表于 2010-4-20 10:55 | 只看该作者

Market value added is calculated as:

A)
 net operating profit after taxes minus a charge for total capital.
B)
 market value of the company minus total capital.
C)
 market value of the company minus a charge for equity capital.


Market value added is the market value of the company minus total capital. It is used to measure the effect on value of management’s decisions since the firm’s inception.

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土豆妮

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3#
发表于 2010-4-20 10:55 | 只看该作者

Economic value added (EVA?) is calculated as net operating profit after taxes minus:

A)
 a charge for total capital.
B)
 a charge for equity capital.
C)
 capital expenditures.


EVA = NOPAT – (C% × TC), where NOPAT is a firm’s net operating profit after taxes, C% is the cost of capital, and TC is total capital.

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