开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

luojy · 2023年10月11日

account for

NO.PZ2023032701000090

问题如下:

An analyst wants to use P/CF ratio, and the cash flow would account for working capital and non-cash revenues, and also be after interest expense and thus not be mismatched with share price.

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:

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.

请问老师,这题的“account for"到底是指要包含还是要剔除,如果是要包含的意思,那FCFE实际是减掉了WCInv的,也就是说没有把wcinv考虑进去,为什么不选B呢?

1 个答案

王园圆_品职助教 · 2023年10月11日

同学你好,account for是指“考虑到xxx影响”的意思,也就是说”需要考虑WC和Non-cash revenue 对现金流影响“的意思

减去WCInv并不是不考虑,相反的,如果要计算CFO,本来从NI出发的话就需要减去WCInv才可以计算出来的,因为CFO=NI+NCC-WCInü


  • 1

    回答
  • 0

    关注
  • 263

    浏览
相关问题