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lcrcp3 · 2023年09月27日

如题

NO.PZ2023032701000036

问题如下:

The following are the financial statements in Exhibits 1 and 2. McLaughlin’s fiscal year ends 31 December.

Exhibit 1 McLaughlin Corporation Selected Financial Data ($ millions, except per share amounts)

Exhibit 2 McLaughlin Corporation Consolidated Balance Sheets ($ millions)

McLaughlin’s FCFF ($ millions) for 2012 is closest to:

选项:

A.

$485

B.

$418

C.

$460

解释:

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

Net income (given) = $626; Non-cash charges (depreciation, given) = $243; Interest expense (given) = $186; Tax rate = 294/920 = 32%; Fixed capital investment (given) = $535

FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million

$418 is incorrect. It uses t not (1 – t).

FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million

$460 is incorrect. It ignores working capital investment.

FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million

照这么说那WC正确的公式就应该是(CA-CL)end-(CA-CL)begin,为什么上课只讲WC=CA-CL?这种细节会百分之百影响做题答案的,为什么不着重详细说明。就拿这题来说,这题用到的99%的知识点都掌握了,就不知道WC要用期末和期初轧差,那就还是做不对,前面99%的其他知识点也都是白掌握了。

第二个问题,如果是为了流量和存量的匹配,WC用delta的数据,那NCC和FC同样也是资产负债表的数据,那也应该用delta的数据呗?这道题资产负债表给的不全,要是折旧和固定资产的数据两年都给了,也要用期末减期初?

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王园圆_品职助教 · 2023年09月27日

对,WC和WCInv不是同样的东西

WC是时点值,是指用资产负债表上的CA-CL计算的差额,而WCInv就是ΔWC也就是流量值

王园圆_品职助教 · 2023年09月27日

同学你好,WC的公式从来就是CA-CL,ΔWC(即WCInv)的公式才是期末WC-期初WC。结合粉色和绿色两个部分的公式,就可以得出公式ΔWC=期末(CA-CL)-期初(CA-CL)——这里老师上课肯定是讲过的哦,下面讲义截图上两个公式都列出来了,老师不讲的话这页讲义在基础班也不可能直接跳过,同学因为可以去查看一下墨迹版基础班讲义中这个知识点后面,老师特意花了好几页空白PPT讲解WCInv的概念。

第二个问题,FC在FCFF和FCFE中一直是FCInv来表示的,和WCInv同理也是代表的期间发生值而非期末值,以下讲义截图黄色的基本公式上, Capital expenditure和proceeds received from sales of long-term assets都是现金流量表的值而不是B/S表的值,而现金流量表记录的都是一年发生的数据而非最后的时点数,所以公式上也早就说明了FCInv是期间发生值的概念了

本题表格中是特意直接列出了fixed capital investment的值FCInv的,也就是不需要通过资产负债表计算,而如果一道题目给了完整的资产负债表两年数据和一些其他条件的话,也是可以计算FCInv的值的,具体方法老师上课也总结过,可以参考以下墨迹版讲义截图

最后,NCC本来就是I/S表中会列示的一些项目,所以其本身直接通过I/S表相关科目相加减就可得到最终数值也就是期间变化数据

同学如果相关知识点不太记得了,可以回去听一下基础班相关课程,因为基础班老师是讲解的最细最清楚的,听基础班1.5倍速时间也不会太久,但是对知识点的复习却会全面深刻很多,还是比较高效的办法哦

lcrcp3 · 2023年09月27日

真是毁三观了,WC和WCinv不是一个东西?那权益这门课所有会用到WC计算的都用的是delta算吗?我也不想搞清楚WC到底是什么了

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NO.PZ2023032701000036 问题如下 The following are the financistatements in Exhibits 1 an2. McLaughlin’s fiscyeen 31 cember.Exhibit 1 McLaughlin Corporation SelecteFinancita ($ millions, except per share amounts) Exhibit 2 McLaughlin Corporation ConsoliteBalanSheets ($ millions)McLaughlin’s FCFF ($ millions) for 2012 is closest to: A.$485 B.$418 C.$460 FCFF = NI + N+ Int(1 – Trate) – FCInv – WCInvNet income (given) = $626; Non-cash charges (preciation, given) = $243; Interest expense (given) = $186; Trate = 294/920 = 32%; Fixecapitinvestment (given) = $535FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million$418 is incorrect. It uses t not (1 – t).FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million$460 is incorrect. It ignores working capitinvestment.FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million 计算FCFE时,在计算WC 为什么current asset - current liability要把现金剔除

2024-05-09 18:49 1 · 回答

NO.PZ2023032701000036 问题如下 The following are the financistatements in Exhibits 1 an2. McLaughlin’s fiscyeen 31 cember.Exhibit 1 McLaughlin Corporation SelecteFinancita ($ millions, except per share amounts) Exhibit 2 McLaughlin Corporation ConsoliteBalanSheets ($ millions)McLaughlin’s FCFF ($ millions) for 2012 is closest to: A.$485 B.$418 C.$460 FCFF = NI + N+ Int(1 – Trate) – FCInv – WCInvNet income (given) = $626; Non-cash charges (preciation, given) = $243; Interest expense (given) = $186; Trate = 294/920 = 32%; Fixecapitinvestment (given) = $535FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million$418 is incorrect. It uses t not (1 – t).FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million$460 is incorrect. It ignores working capitinvestment.FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million 我看讲义里写WC不包括现金及现金等价物、notes payable和long term bt,为什么这道题没有把long term bt减掉?

2023-09-18 22:41 3 · 回答