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ruby5ltc · 2023年05月31日

C选项为什么错

* 问题详情,请 查看题干

NO.PZ201512300100001105

问题如下:

5. The cash flow measure that Ritter would most likely recommend to address Cannan’s concern is:

选项:

A.

free cash flow to equity.

B.

earnings plus non-cash charges.

C.

earnings before interest, tax, depreciation, and amortization.

解释:

A is correct.

Free cash flow to equity (FCFE) is defined as cash flow available to shareholders after deducting all operating expenses, interest and debt payments as well as investments in working and fixed capital. Cannan’s requirement that the cash flow include interest expense, working capital and noncash revenue is satisfied by FCFE.

C选项为什么错

1 个答案

王园圆_品职助教 · 2023年05月31日

同学你好,C选项说的是EBITDA,这不是一种现金流哦,书上也写过,EBITDA是一个poor proxy of cash flow,说明EBITDA并不是一个好的现金流替代品

而A选项的FCFE,首先肯定是现金流的一种,其次也完全符合题目的要求,所以A肯定由于C

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