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

返回

KKII · 2024年05月09日

计算FCFE时，在计算WC 为什么current asset - current liability要把现金剔除

  1. CFA II
  2. Equity

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

计算FCFE时，在计算WC 为什么current asset - current liability要把现金剔除

添加评论
1 个答案

王园圆_品职助教 · 2024年05月09日

同学你好，FCFF/FCFE以及CFO计算中的WC本身就是为了计算B/S表中的Cash这一个大项的具体构成项目和各个来源才拆分出来的，

所以WC作为解释Cash的一部分，就不应该再在考虑current asset的时候考虑cash这一项了，必须剔除cash后考虑


  • 1

    回答

  • 0

    关注

  • 124

    浏览
相关问题

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.$485B.$418C.$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 照这么说那WC正确的公式就应该是（CA-CL）en（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lta的数据，那NCC和FC同样也是资产负债表的数据，那也应该用lta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？

2023-09-27 09:44 2 · 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