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台风来了 · 2023年07月28日

为什么不能用FCFF除以债务呢？

  1. CFA II
  2. FRA

NO.PZ2023040501000137

问题如下：

Aeolus Controls produces a broad range of heating, cooling and refrigeration products for global use. Its three major operating segments are home comfort products, industrial and building products, and transportation refrigeration units.

Spaulding extracted selected financial information for Aeolus from its financial statements and annual report. The information is presented in Exhibits 1 and 2.


Using the data in Exhibit 1, if the company wished to pay off all of its debt while maintaining its current reinvestment policy in 2014 the number of years it would take to do so is closest to:

选项：

A.

1.5.

B.

2.3.

C.

1.7.

解释：

老师，您好！


为什么不能用FCFF除以债务（包括长期债、短期债）呢？FCFF已经扣除了WCinv和FCinv这些。解析里用的是CFO减去FCinv算的，这两个思路有什么区别？谢谢！

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1 个答案

王园圆_品职助教 · 2023年07月28日

同学你好，你的想法也没有问题，FCFF确实也是一种现金流，但是问题是，本题没有提供tax rate的数据，也不知道公司的interest expense是多少，真实的FCInv是多少，根据FCFF = CFO + interest*（1-t) -FCInv 你要怎么通过CFO求FCFF呢？

另外，本题属于财务科目，而不是Equity科目，财务二级是没有涉及过FCFF的计算相关内容的，而且CFA不会有一道题目是需要同时运用交叉学科的两个不同的重点知识解决，所以本题就不需要考虑FCFF，只需要从题目已经给出的CFO为起点即可计算了


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