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YAO Monica · 2024年05月09日

公式的出处在哪里？

  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：

考点出处在哪里？谢谢

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王园圆_品职助教 · 2024年05月09日

同学你好，本题是今年刚刚收录的实验题，应该是来自于财务建模这里的应用拓展类题目，可能是协会今年新出的财务建模课里会有涉及

但是讲义上是没有相关的公式的。不过同学还是可以通过理解题目的含义把答案这个公式记一下的

题目问如果公司想要在维持现有在投资规模的情况下要多少年才能够归还所有公司的负债，所以分子肯定是负债的总规模——也就是短期负债加上长期负债的总额。

而公司的再投资一般就是capital expenditure——但这道题比较特别的地方，是把capital expenditure里面又拆成了固定资产的capital expenditure和expenditures on intangible。所以我们在计算reinvestment的时候，把这两项都考虑进来才是公司真正的未来每年实际要花费在再投资上的金额。

公司既然想要还清债务，那未来就不会再有新的融资性现金流流入。所以公司的现金流就只有经营性现金流和投资性现金流两笔。把CFO减去CFI就是公司每年实际能够留下来的用于偿债的现金流的金额——这个现金流净额就可以作为分母

分子除以分母，就可以计算出需要多少年公司的实际能够留下来的用于偿债的现金流的金额可以还完这些负债

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