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huangme7 · 2024年04月23日

请问

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001004

问题如下：

4. Holt’s FCFE (in millions) for 2008 is closest to:

选项：

A.

$175.

B.

$250.

C.

$364.

解释：

B is correct.

FCFE = NI + NCC -  FCInv- WCInv + Net borrowing. In this case:

NI = $485 million

NCC = Depreciation expense = $270 million

FCInv = Net purchase of fixed assets = Increase in gross fixedassets= 4,275 -3,752 = $523 million

WCInv = Increase in accounts receivable + Increase inInventory-Increase in accounts payable Increasein accrued liabilities

= ( 770-711 ) + ( 846-780 ) - ( 476-443 ) - ( 149-114 )

= $57 million

Net borrowing = Increase in notes payable + Increase in long-term debt

= ( 465-450 ) + ( 1,575-1,515 ) = $75 million

FCFE = 485 + 270 - 523 - 57 + 75 = $250 million

An alternative calculation is

FCFE = FCFF -Int(1-Tax rate) + Net borrowing

FCFE = 307.6 -  195(1-0.32) + (15 +60) = $250 million

An alternative calculation is

FCFE = FCFF -Int(1-Tax rate) + Net borrowing

FCFE = 307.6 -  195(1-0.32) + (15 +60) = $250 million


307.6 没有看到题中有给 FCFF 值啊？

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1 个答案

王园圆_品职助教 · 2024年04月23日

同学你好，是的哦，这道题没有給FCFF的值哦

助教猜想，这里解析的意思是先算FCFF，然后再用FCFF计算FCFE吧

本题同学还是直接计算FCFE最直接简单哦

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NO.PZ201512300100001004问题如下4. Holt’s FCFE (in millions) for 2008 is closest to:A.$175.B.$250.C.$364.B is correct.FCFE = NI + N- FCInv- WCInv + Net borrowing. In this case:NI = $485 millionN= preciation expense = $270 millionFCInv = Net purchase of fixeassets = Increase in gross fixessets= 4,275 -3,752 = $523 millionWCInv = Increase in accounts receivable + Increase inInventory-Increase in accounts payable Increasein accrueliabilities= ( 770-711 ) + ( 846-780 ) - ( 476-443 ) - ( 149-114 )= $57 millionNet borrowing = Increase in notes payable + Increase in long-term bt= ( 465-450 ) + ( 1,575-1,515 ) = $75 millionFCFE = 485 + 270 - 523 - 57 + 75 = $250 millionalternative calculation isFCFE = FCFF -Int(1-Trate) + Net borrowingFCFE = 307.6 - 195(1-0.32) + (15 +60) = $250 million是因为应付账款和应付税费已经考虑在Woriking CapitInvestment 中，所以不在N.B.中反映吗？

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