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

Avalon · 2024年10月04日

麻烦助教老师帮忙看下这题

  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.

蒙对了。proceed from sale of stock,这个概念不明晰，如果是算FCFF是不是可以把这个加上

添加评论
1 个答案
已采纳答案

王园圆_品职助教 · 2024年10月04日

同学你好，proceed from sale of stock是指公司发行新股收到的股东给的现金，是一种对股东的融资行为，无论算FCFF还是FCFE，都是不能加上的

首先，FCFF衡量的其实是公司通过正常的经营获得的总的现金流，那这个经营就和融资行为无关，所以FCFF里面肯定不能算上这个钱

而FCFE是股东自由现金流，看似好像这个proceed from sale of stock确实增加了总的股东自由现金流的数额，但是这个钱其实是股东原来口袋里的钱。本来公司经营和融资获得了一个FCFE，现在股东把自己口袋里的现金拿一部分放到公司里，股东只是把一部分现金从左口袋拿到右口袋了，股东总体的财富并没有因为这个proceed from sale of stock而变得更多，所以也是不可以把proceed from sale of stock算作FCFE的新增的

  • 1

    回答

  • 0

    关注

  • 131

    浏览
相关问题

NO.PZ2024011002000053 问题如下 Assume U.S. GAapplies unless otherwise note analyst gatherethe following annuinformation ($ millions) about a company thpays no vin anhno bt:The company'sannufree cash flow to equity ($ millions) is closest to: A.53.1. B.58.4. C.61.6. CFO = net income + preciation + loss on sale of equipment + crease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is aebawhen calculating CFO.) It woulhave been ctein the calculation of net income but the loss is not the cash impaof the transaction (the procee receive if any, woulthe cash effect) ancash flows relateto 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. 如题

2024-10-01 17:11 1 · 回答

NO.PZ2024011002000053 问题如下 Assume U.S. GAapplies unless otherwise note analyst gatherethe following annuinformation ($ millions) about a company thpays no vin anhno bt:The company'sannufree cash flow to equity ($ millions) is closest to: A.53.1. B.58.4. C.61.6. CFO = net income + preciation + loss on sale of equipment + crease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is aebawhen calculating CFO.) It woulhave been ctein the calculation of net income but the loss is not the cash impaof the transaction (the procee receive if any, woulthe cash effect) ancash flows relateto 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，proceefrom 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？

2024-08-22 15:15 1 · 回答

NO.PZ2024011002000053 问题如下 Assume U.S. GAapplies unless otherwise note analyst gatherethe following annuinformation ($ millions) about a company thpays no vin anhno bt:The company'sannufree cash flow to equity ($ millions) is closest to: A.53.1. B.58.4. C.61.6. CFO = net income + preciation + loss on sale of equipment + crease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is aebawhen calculating CFO.) It woulhave been ctein the calculation of net income but the loss is not the cash impaof the transaction (the procee receive if any, woulthe cash effect) ancash flows relateto 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. The loss on sale of equipment is aebawhen calculating CFO. proceefrom sale of stock属于CFI这个我理解，但是The loss on sale of equipment 为什么不是CFI呢？equipiment的买卖不是investment吗？

2024-07-26 09:30 1 · 回答

NO.PZ2024011002000053 问题如下 Assume U.S. GAapplies unless otherwise note analyst gatherethe following annuinformation ($ millions) about a company thpays no vin anhno bt:The company'sannufree cash flow to equity ($ millions) is closest to: A.53.1. B.58.4. C.61.6. CFO = net income + preciation + loss on sale of equipment + crease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is aebawhen calculating CFO.) It woulhave been ctein the calculation of net income but the loss is not the cash impaof the transaction (the procee receive if any, woulthe cash effect) ancash flows relateto 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. 如果把proceefrom sale of stock换成 gain from sale of stock--- 这样会不会就有影响了---》属于non-operating gain?

2024-07-20 21:00 1 · 回答