开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Jennifer Luo · 2022年10月12日

您好,我想问一下如果分红不影响FCF, 那为什么我们在计算时,又要考虑dividend to prefered stock 呢?谢谢

* 问题详情,请 查看题干

NO.PZ201809170300000203

问题如下:

Which of Ho’s statements regarding free cash flow is (are) correct?

选项:

A.

Statement 1 only

B.

Statement 2 only

C.

Neither Statement 1 nor Statement 2

解释:

C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

您好,我想问一下如果分红不影响FCF, 那为什么我们在计算时,又要考虑dividend to prefered stock 呢?谢谢

1 个答案

王园圆_品职助教 · 2022年10月12日

嗨,努力学习的PZer你好:


同学你好,因为我们说的FCFE是针对的普通股股东的自有现金流

而对于优先股,优先股的分红更类似于一种债务,并且这笔分红一旦给出,对于普通股股东来说就是不可得的现金流了,所以我们必须把优先股的分红剔除才能计算真正的普通股股东的FCFE

而对于FCFF,则不用考虑优先股分红,就像不用考虑债务一样的原理


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

  • 1

    回答
  • 2

    关注
  • 323

    浏览
相关问题

NO.PZ201809170300000203问题如下 Which of Ho’s statements regarng free cash flow is (are) correct? Statement 1 only Statement 2 only Neither Statement 1 nor Statement 2 C is correct. Transactions between the company anits shareholrs (through cash vin, share repurchases, anshare issuances) not affefree cash flow. However, leverage changes, suthe use of more financing, have some impaon free cash flow because they increase the interest tshield (recorporate taxes because of the tctibility of interest) and rethe cash flow available to equity. 老师能帮忙找一下,问题二的基础课讲义原文在哪里吗?我就是想画一下重点,找不到了。

2022-08-28 15:49 2 · 回答

Whiof Ho’s statements regarng free cash flow is (are) correct? Statement 1 only Statement 2 only Neither Statement 1 nor Statement 2 C is correct. Transactions between the company anits shareholrs (through cash vin, share repurchases, anshare issuances) not affefree cash flow. However, leverage changes, suthe use of more financing, have some impaon free cash flow because they increase the interest tshiel(recorporate taxes because of the tctibility of interest) anrethe cash flow available to equity. 为啥分红 股利不影响fcf呢

2020-08-01 22:47 1 · 回答

Statement 2 only Neither Statement 1 nor Statement 2 C is correct. Transactions between the company anits shareholrs (through cash vin, share repurchases, anshare issuances) not affefree cash flow. However, leverage changes, suthe use of more financing, have some impaon free cash flow because they increase the interest tshiel(recorporate taxes because of the tctibility of interest) anrethe cash flow available to equity. 这道题free cash flow怎么区分指的是fcff还是fcfe

2020-02-29 01:34 1 · 回答

1的为什么错,难道有影响?

2019-11-12 21:27 1 · 回答