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逢考必过过过过过过 · 2022年06月06日

问一道题:NO.PZ2018103102000116 [ CFA II ]

问题如下:

According to the financial statement, what`s the FCFE for Company M?

选项:

A.

$1,140 million

B.

$1,050 million

C.

$740 million

解释:

A is correct.

考点:Computing FCFE from Different Accounting Items

解析:

FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

= 2,000 × (1-30%) + 750 – (1,000+100-500) – 600

= $950 million

FCFE = FCFF – Int (1 – Tax rate) + Net borrowing.

= 950 – 300*(1 – 0.3) + 400

= $1140 million.

我对于这个NB的符号有些不太明白。。。。。,如果从给债权人的现金流来说=int(1-t)-新借入+新偿还,按照题目来讲是repayment的话,应该是300*(1-30%)+400=610才对,然后再用FCFF-610。就算写成一个公式,用NB的话,NB当repayment的时候也是-400,这里既然是repayment,为什么是这个符号?
1 个答案

王园圆_品职助教 · 2022年06月06日

嗨,爱思考的PZer你好:


同学你好,NB是不包含interest*(1-t)的哦~~从FCFF来计算FCFE时,需要先把FCFF中计算的属于债权人的现金流剔除掉。由于FCFF含有interest*(1-t),所以首先需要减去该项

至于NB,是在计算FCFE时单独新增的项目,与对FCFF调整无关。NB是由于产生新的债务所以股东相当于得到了更多的可用现金。所以讲义的原始公式中是用的”+“

本题repayment的意思并不是说该笔NB是一笔repayment,而是用“()”告诉考生,如果后面格子里写的是(400),那就是一笔repayment,那此时就是还款了,NB就是-400。

而本题对应格子里没有“()”,所以这个400是纯粹的新增借款,NB新增了,而不是repayment

这种用“()”表示负数或者符号相反的表达方式在现金流量表中很常见,同学可以多关注一下,就会理解了

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