NO.PZ2018103102000116
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.
如题,net borrowing如果是额外融资,equity holders就多了400现金可以花,所以+400,那如果是repayment,不是应该-400吗