问一道题：NO.PZ2016012101000111 [ CFA I ]

NO.PZ2016012101000111问题如下Whiof the following is appropriate methoof computing free cash flow to the firm? A.A operating cash flows to capitexpentures anafter-tinterest payments. B.A operating cash flows to after-tinterest payments ancapitexpentures. C.both after-tinterest payments ancapitexpentures from operating cash flows. is correct.Free cash flow to the firm ccomputeoperating cash flows plus after-tinterest expense less capitexpentures.解析考点是FCFF的计算。FCFF = CFO + Int * (1 - t) – FCInv。中的capitexpenture就是FCInv。A说用CFO加上CapEx减去int（1-t），加和减说反了。B说CFO加上int（1-t）减去CapEx，正确。C说两项都是从CFO中减去，也是错的。用CFO计算，用NI计算，用EBIT计算，怎么才能记得住？

借楼问个fcff公式的推导问题，就是推导过程中，用了cfo=ni+ncc-WcInv那是不是不够严谨呢？漏了non operating item的gain loss啊

    讲义中的公式不是FCFF=CFO+int(1-t)-FCinv吗，所以FixeCapitinvestment和CapEx的关系是什么？