一单元财务管理基础 沈洪涛版本_财务管理基础知识答案

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1-1MVA =(P0  Number of common shares) BV of equity

$130,000,000 = $60X  $500,000,000

$630,000,000 = $60X

X = 10,500,000 common shares.1-2First, determine the firm’s total operating capital:

Total operating capital = Net operating working capital  Net fixed aets

= $5,000,000  $37,000,000

= $42,000,000.Now, you can calculate the firm’s EVA:

EVA = EBIT(1  T)(WACC)(Total operating capital)

= $6,375,000(1  0.40)(0.085)($42,000,000)

= $3,825,000  $3,570,000

= $255,000.1-3 a.NOPAT = EBIT(1current liabilities

01

= $360,000,000$180,000,000 = $192,000,000.Net plantNet operatingc.Operating capital01 = and equipmentworking capital

= $250,000,000 + $210,000,000

= $460,000,000.Operating capital02 = $300,000,000 + $192,000,000

= $492,000,000.d.FCF = NOPAT($492,000,000-$460,000,000)= $58,000,000.