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Frances · 2024年08月22日

proceed from sale of stock

  1. CFA I
  2. FRA

NO.PZ2024011002000053

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following annual information ($ millions) about a company that pays no dividends and has no debt:


The company's annual free cash flow to equity ($ millions) is closest to:

选项：

A.53.1. B.58.4. C.61.6.

解释：

CFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO.)

It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities.)

CFO = 45.8 + 18.2 + 1.6 + 4.2 – 5.4 + 4.5 = $68.9 million; so FCFE = $68.9 - $7.3 = $61.6 million.

看了之前的解释，proceed from sale of stock默认为卖自己公司的股票。

谁说就不能是卖其他公司的股票赚的短期收益呢？只说了是sale of stock，你怎么就说是新发股或者卖旧股呢？

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1 个答案

lynn_品职助教 · 2024年08月23日

嗨，从没放弃的小努力你好：


因为英文的说法是可以看出区别的，其他公司的股票是trading securities


trading securities和stock在现金流量表里的含义是完全不同的，


前者是指交易性金融资产，是在CFO中特别列出的一项属于CFO项目的内容，但是后者stock一定是特指公司自己发行的股票或公司对外的投资

----------------------------------------------
努力的时光都是限量版，加油！

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