答案和详解如下： 1.Economic profits are best measured by: A) ROE, the book cost of equity, and accounting rates of return. B) EVA, the EVA spread, and net present value (NPV). C) EVA, the book cost of equity, and payback period. D) return on equity (ROE), the economic value added (EVA) spread, and internal rate of return (IRR). The correct answer was B) Economic profits are measured by EVA, the EVA spread, NPV, and IRR. ROE, the book cost of equity, and accounting rates of return are all pure accounting measures of profitability. 2.Which of the following statements most accurately describes the economic value added (EVA) spread? A) If the EVA spread, measured as ROC – cost of debt, is positive the firm is earning more than the cost of borrowed capital and is therefore creating wealth for its shareholders. B) If the EVA spread, measured as return on capital (ROC) – return on equity (ROE), is positive the firm is earning more than the cost of equity capital and is therefore creating wealth for its shareholders. C) If the EVA spread, measured as ROC – WACC, is positive the firm is earning more than the cost of invested capital and is therefore creating wealth for its shareholders. D) If the EVA spread, measured as ROC – after-tax cost of debt, is positive the firm is earning more than the after-tax cost of borrowed capital and is therefore creating wealth for its shareholders. The correct answer was C) If the EVA spread, measured as ROC – WACC, is positive the firm is earning more than the cost of invested capital and is therefore creating wealth for its shareholders. 3.Which of the following statements most accurately explains the relationship between profitability and wealth creation? For a firm to create wealth for its shareholders it: A) necessarily needs to have positive economic value added (EVA); it may or may not have positive return on equity (ROE). B) necessarily needs to have positive ROE; it may or may not have positive EVA. C) necessarily needs to have positive EVA and positive ROE. D) does not necessarily need to have positive EVA or positive ROE. The correct answer was A) For a firm to create wealth for its shareholders it necessarily needs to have positive EVA; it may or may not have positive ROE. | 
发表于 2008-5-21 11:14
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