A, 0.19 B, 0.08 C, -0.08 D, 1.52

NOPLAT 代表 _______ 可用的总 ______ 营业收入。

A、税前；所有投资者 B，税前；股权投资者

C、税后；所有投资者 D，税后；股权投资者

I, + 折旧和摊销

A、I、II B、II、III C、I、III D、I、II、III

4、假设 X 公司的贝塔系数为 0.8。地方政府债券利率为 2%，地方股票市场平均收益率为 10%。计算 B 公司的权益成本。

A, 6.4% B, 10% C, 8.4% D，以上都不是

5，假设我们有在印度运营的 SAB 公司。未上市，公司规模较小。我们已经知道，在美国，对于行业公司 SAB 而言，行业 Beta 值为 1.8。假设美国国债利率为 2%，美国市场溢价为 6%。印度政府债券收益率现在为 6%。我们假设这里的规模溢价为 6%。鉴于 SAB 公司的资本结构是理想的，不需要为此进行调整（我的意思是 unlever 和 relever）。您对 SAB 的 WACC 的估计是多少？

A, 24.8% B, 22.8% C, 21.2% D，以上都不是

1. Suppose that you have a investment chance. It requires \$10m investment in 2020, earns you \$3m in 2021; earns you \$3m in 2022 but require extra \$20m to expand business; then earns you \$4m in each year afterwards. Suppose the interest rate being 15%. What is the NPV of this project?

A, 0.19  B, 0.08  C, -0.08  D, 1.52

1. NOPLAT represents total ______ operation income available to _______.

A, before-tax; all investors    B, before-tax; equity investors

C, after-tax; all investors    D, after-tax; equity investors

1. To calculate FCF, we need to do adjustments on NOPLAT, The steps include:

I, + Depreciation and Amortization

II, CAPEX

III, -+ Change in Working Capital

A, I, II     B, II, III       C, I, III      D, I, II, III

4, Suppose Company X’s beta is 0.8. The local government bond rate 2%, and local equity market average return being 10%. Calculating Company B’s cost of equity.

A, 6.4%     B, 10%       C, 8.4%   D, none of the above

5, Suppose we have Company SAB that is operating in India. It is not listed, and the company size is rather small. We already knows that in US, for the industry Company SAB in, the industry beta is 1.8. Suppose the US T-bonds rate is 2%, and US market premium 6%. The India government bonds yield is 6% now. We suppose the size premium being 6% here. Given that the capital structure of Company SAB is ideal and don’t need adjustment for this (unlever and relever I mean). What would be your estimation of SAB’s WACC?

A, 24.8%   B, 22.8%   C, 21.2%  D, none of the above