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Shutong · 2024年07月19日

NB正负号的问题

  1. CFA II
  2. Equity

NO.PZ2023032701000035

问题如下：

Using information from the company’s financial statements given here.

The difference between FCFF and FCFE is:

选项：

A.

28 million

B.

18 million

C.

32 million

解释：

Free cash flow to the firm is

FCFF = NI + NCC + Int( 1-Tax rate ) -FCInv -WCInv

FCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)

FCFF = 285 + 180 + 78-349-38 = $156 million

Free cash flow to equity is

FCFE = NI + NCC -FCInv-WFCInv + Net borrowing

FCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )

FCFE = 285 + 180 -349 - 38 + 50 = $128 million

So the difference between FCFF and FCFE=156-128=28 million.

CF表中，long-term debt以及note payable为负数，代表债务净偿还？

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1 个答案

王园圆_品职助教 · 2024年07月19日


同学你好， 现金流量表你直接看某个项目的正负号，是看不出到底代表现金流入还是流出的

首先，本题给了B/S表，请看下面题目截图，你从B/S表可以看出来这里负债是增加的，所以肯定代表的是净现金流入——由此倒推，现金流量表这里两个负数也是代表的现金流入

其次，如果题目不给B/S表，只给CF/S 表，现金流量表一定会给更多的信息（本题CF/S表表述非常潦草，正式考试不可能这么出题），譬如题目下面截图这里，一定会表述成“支付的股票分红”类似的表述，从而让考生可以结合上下文理解这里的负号和正号到底代表流入还是流出的

所以综合一下，有B/S表优先看B/S表；没有再看CF／Ｓ表，但是需要结合上下文再判断正负号到底是流入还是流出含义

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NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. netborrowing中都包含哪些项，notepayable也算在里面么，难道不是应该算在WC中么

2024-07-22 11:33 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. 为什么不能从totcurrent liability 和long term bt在这两年的增量来看net borrowing呢？谢谢！

2024-04-01 22:49 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. FCFF - FCFE = INT*(1-T) - NB，从这个角度去算，直接找到interest expense、note payable 和 long term bt的变化即可。计算如下130 * (1-0.4) - (10 + 40) = 28.

2023-07-14 11:29 1 · 回答