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台风来了 · 2023年07月14日

可简化计算

  1. CFA II
  2. Equity

NO.PZ2023032701000035

问题如下：

Using information from the company’s financial statements given here.

The difference between FCFF and FCFE is:

选项：

A.

28 million

B.

18 million

C.

32 million

解释：

Free cash flow to the firm is

FCFF = NI + NCC + Int( 1-Tax rate ) -FCInv -WCInv

FCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)

FCFF = 285 + 180 + 78-349-38 = $156 million

Free cash flow to equity is

FCFE = NI + NCC -FCInv-WFCInv + Net borrowing

FCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )

FCFE = 285 + 180 -349 - 38 + 50 = $128 million

So the difference between FCFF and FCFE=156-128=28 million.

FCFF - FCFE = INT*(1-T) - NB，从这个角度去算，直接找到interest expense、note payable 和 long term debt的变化即可。

计算如下：130 * (1-0.4) - (10 + 40) = 28.

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1 个答案

王园圆_品职助教 · 2023年07月14日

是的同学，你的算法更简便，解析的方法只是为了帮助同学们顺便复习一下公式，同学不用依照解析做的哦

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NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. netborrowing中都包含哪些项，notepayable也算在里面么，难道不是应该算在WC中么

2024-07-22 11:33 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. CF表中，long-term bt以及note payable为负数，代表债务净偿还？

2024-07-19 10:24 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. 为什么不能从totcurrent liability 和long term bt在这两年的增量来看net borrowing呢？谢谢！

2024-04-01 22:49 1 · 回答