开发者:上海品职教育科技有限公司 隐私政策详情

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老妖出去玩 · 2023年12月09日

RT

NO.PZ2023081403000058

问题如下:

Q. Which of the following is an appropriate method of computing free cash flow to the firm?

选项:

A.Add operating cash flows to capital expenditures and deduct after-tax interest payments.

B.Add operating cash flows to after-tax interest payments and deduct capital expenditures.

C.Deduct both after-tax interest payments and capital expenditures from operating cash flows.

解释:

B is correct. Free cash flow to the firm can be computed as operating cash flows plus after-tax interest expense less capital expenditures.

​interest payments为啥是加上不是减去?

1 个答案

lynn_品职助教 · 2023年12月11日

嗨,从没放弃的小努力你好:


FCFF=EBITDA(1-t)+DT -FC -WC


EBITDA =EBIT+Deprecation


EBIT就是before interest和tax


这里要注意“before”即之前,并没有说正负号,可以理解为不用考虑利息和税,也就是说减去的要加回


FCFF是公司自由现金流,与FCFE股东自由现金流不同的是,给到债权人的现金流是包括在FCFF之中的,因此利息不需要付给债权人,所以利息是需要加回来的。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!