[CFA Level 2] CFA 2级risidual income valuation问题 return, valuation, income, equity, required

cefs07gil

请问为什么Risidual income valuation要用NI来比较而不是用FCFE来减去equity*required return on equity呢？ 求大神解答

cpaking23

Don't confuse income statement item with Cash flow item, they are correlated but absolutely different point of view. Also, why challenging an existing formula by the authority?

Yeleo士杨

FCFE里面包含了net borrowing，这个是不是当年的Operating income, 所以应该用NI

zzccvvv

因为RI model的基础是book value of equity, 而book value的变化是基于NI来记录的，而不是FCFE。