被同学2020-11-21 18:51:55
被同学2020 Mock Exam B - Morning Session 50题 老师好，请将以下题目考察的知识点，再帮我梳理一下： 50 Which of Schulman’s reasons regarding her preferred approach to valuing REITs is most likely correct? A Reason 3 B Reason 1 C Reason 2 A is correct. Reason 3 is correct. NAVPS is preferable to BVPS in valuing REITs because of the use of the market value of assets. Although accounting values based on the fair value method also serve as a useful valuation metric, those based on historical cost are generally not relevant. B is incorrect. NAVPS is calculated by capitalizing the rental income streams. Property that is not generating income (e.g., because it is undeveloped) has no contribution to NAV. C is incorrect. Neither BVPS nor NAVPS include intangibles in their calculation.
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Chris Lan2020-11-23 15:09:57
Chris Lan同学你好
这块的话讲义没有特别讲定性方面内容。
讲义上主要以定量的计算为主。这个题所说的内容，可以作为知识点的补充。
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我就是想补充记一下知识点啊，您得告诉我这个知识点是什么呀。
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同学你好
对不起，是我草率了。
Two possible measures of value that analysts might use are book value per share (BVPS) and net asset value per share (NAVPS) based on reported accounting values and market values for assets, respectively.
我们在为REIT估值时有两种计算方法，一种是BVPS一种是NAVPS。前者使用账面价值进行计算，后者使用MV进行计算。
账面价值和经济实质可能差异较大，所以使用NAVPS是更好的。另外这种方法在计算时，将未来的NOI1进行资本化，获得房产的估值，然后，房地产的价值+cash +A/R（应收租金）+入未开发的新土地的价值– total debt – Other liabilities = NAV（Net asset value），最后再除以份额数就可以计算出来NAVPS。
B说的是错的，因为要计算NAVPS要先用NOI1除以cap rate获得房产的估值，如果没有income 收入就没法折现。
C说的也是错的，因为NAVPS的计算过程中，是没有考虑无形资产的。
总结来看A选项就是原版书上这句话，B和C选项是从NAVPS计算的过程来判断的。
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