小团子 · 2023年07月17日
NO.PZ2018062004000111
问题如下：
What adjustments that an analyst would make to CFO in order to derive free cash flow to equity?
选项：
A.
Add after tax interest payments and subtract capital expenditures.
B.
Subtract capital expenditures and add net borrowing.
C.
Subtract both capital expenditures and net borrowing.
解释：
B is correct. FCFE= CFO - FCInv+Net borrowing. FCFF= CFO+Int*(1-Tax rate)-FCInv.
能否结合题干意思解释一下题目？
NO.PZ2018062004000111问题如下 Whaustments thanalyst woulmake to CFO in orr to rive free cash flow to equity?A.A after tinterest payments ansubtracapitexpentures.B.Subtracapitexpentures ana net borrowing.C.Subtraboth capitexpentures annet borrowing.B is correct. FCFE= CFO - FCInv+Net borrowing. FCFF= CFO+Int*(1-Trate)-FCInv.为何FCFF不用+Net borrowing
NO.PZ2018062004000111 Subtracapitexpentures ana net borrowing. Subtraboth capitexpentures annet borrowing. B is correct. FCFE= CFO - FCInv+Net borrowing. FCFF= CFO+Int*(1-Trate)-FCInv.为什么FCFF不需要加一个net borrow？
不太理解为什么要加上net borrowing，借的钱不是属于btor的吗，那归属于equity holrs的不应该是减去这些负债剩余的吗？
答案这个公式不是a的意思么？
