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yfmao · 2022年07月10日

Net borrowing 是repayment,所以应该是负号,那为什么是+400,而不是-400

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

1 个答案

王园圆_品职助教 · 2022年07月10日

嗨,从没放弃的小努力你好:


同学你好,这里的Net borrowing (repayment)的意思是:如果后面表格的数字是正常显示的400,就是一笔net borrowing,

而如果后面表格的数字显示的是400,就是一笔repayment

本题表格里写的是400,所以这笔现金流就是net borrowing 而不是repayment

很多现金流量表都会用括号而不是负号来表示现金流的相反符号的意思的

同学熟悉一下这种表达即可

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 在I/S中,那些是Wcinv ,哪些是Fcinv?

2024-01-14 15:57 1 · 回答

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2022-07-04 15:15 1 · 回答

$1,050 million $740 million A is correct. 考点Computing FCFE from fferent Accounting Items 解析 FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 million FCFE = FCFF – Int (1 – Trate) + 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?

2022-06-06 12:32 1 · 回答

NO.PZ2018103102000116问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. AR和AP到底是算在ncc还是WCinv里面呢?为什么一下在这一下在那?

2022-06-01 00:57 1 · 回答