求教 return on equity和required rate of return是否同一个概念？原版书后44题

case 2 第一题 公式记不得了 求助 谢谢

case 1 最后一题 句子三 这地方 兼并收购的初期 时可能出现自己股价下跌 但是不代表失败 不是么 句子二的话 怎样理解 spin off 是说这样不会有改善么 因为股东没变

百题 case 1 第三题 debt 如何求得 谢谢

老师好，想问下reading43讲cost approach的例题答案（如图所示），有两个地方不明白，一是，4940000的折旧费用和500000的扣除的供暖和空调的费用，为什么这两者叫做incurable? 二是，这个total depre 6765000是上面那些项目的加总（0.3+4.94+0.025+0.5+1=6.765M），这里包含了修roof的0.3M，而老师上课讲的这0.3M属于资本化的项目，已经在计算折旧前扣除了，为何这里算总费用又计算了一次?这样这个修roof的0.3M就相当于计算了两次了，怎么理解?

百题衍生品第一个case第3小题

When we consider our equity investments over the long term, our primary focus should be on the rate of GDP growth. For longer time horizons, changes in earnings and the price/earnings multiple are relatively less important in determining appreciation in the stock market.” 这是模拟考pm的题目，这个说法为什么是正确的？，我感觉题目是不是出错了，应该是changes in earings/gdp

请老师解惑？

请问EI公式中，CF-PV*r，r不应该是cost of equity么？为什么书后题33题用的是wacc？

Domingues informs Casado of a final piece of information relevant to his evaluation. To increase liquidity, Bardem is considering borrowing €70M against accounts receivable. As an alternative to borrowing, they could securitize the receivables by creating a special purpose entity (SPE) over which they would exercise control. To do so, they would invest €5M in the SPE. The SPE would then borrow €70M, and would buy €75M in receivables from Bardem. Domingues comments that securitization using an SPE would impact Bardem’s reported financial condition in three ways. It would: 1 reduce the cost of borrowing. 2 increase the level of current assets. 3 improve balance sheet ratios. 此题中，说明2，为什么错？，现金增加了，流动资产确实增加了啊？