淡江大學財金碩士在職專班

以某金控為例

     存款       1.37%*89%=1.22%

  金融債       1.7%  *  4%=0.07%

+普通股(K)  6.3%  *  7%=0.45%      (K=0.9%+1.2[5.4%-0.9%]=6.3%) K=股東要求報酬率,Rf=0.9%,Bc=1.2

----------------------------------------------------WACC = 1.74%  

無生利資產      4%

個金             43%*2.15%=0.93%

企金             45%*2.74%=1.23%

消金               8%*5.82%=0.46%

-----------------------------------------------------ROIC = 2.62%

風險係數調整  

個金             43%*0.1%=0.043%

企金             45%*0.8%=0.36%

消金               8%*1.2%=0.096%             風險係數調整-0.50%

-----------------------------------------------------RAROIC = 2.12%

EVA=RAROIC-WACC=2.12%-1.74%=0.38%