2012年Mock下午，31-36题
第32题和第34题快把我弄糊涂了；两道题我都计算出EV或者FirmValue，但是无法算对EquityValue
第32题，正确答案是FirmValue-所有负债（含经营性的负债）=Equity Value；
第34题，正确答案是EV+Cash/Investment-长期付息债务=Equity Value；
我自己认为的正确算法应该是EV/FirmValue+Cash/Investment-全部付息债务=Equity Value？
现在完全混乱了？
想问一下，由FCFF算出来的FirmValue；由EVA算出来的MVA；由EBITDA算出来的EV；这三个数字分别扣掉什么内容才能正确算出EquityValue？？？？

书上有两个标准公式：FV-MVD=MVE；EV=MD+ME-净现金/短投；现在彻底混乱了

官方答案的解释分别如下：
B is correct. FCFF2012 = [(EBITDA – Dep’n & Amort) × (1 – T)] + Dep’n & Amort – Cap Ex – Increase in WC

= [(105.1 – 6.4) × (0.75)] + 6.4 – 4.0 – 1.0 = 75.425.
Capitalization rate = 11.0 – 5.0 = 6%
Value of invested capital = 75.425 ÷ 0.06 = 1,257.08
Value of debt = Accts. Payable + Notes payable + LT debt = 10 + 8 + 30 = 48
Value of equity = 1,257.08 – 48.0 = 1,209.08


C is correct. Adjusted EV/EBITDA multiple = 7.2 × (1.25) = 9.0.
Enterprise Value (EV) = EBITDA2012 × Adjusted EV/EBITDA = 105.1 × 9.0 = 945.9.
Value of equity = EV + Cash & S.T. investments – L.T. Debt = 945.9 + 50.0 – 30.0 = 965.9.