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许诺 · 2024年10月13日

如果在IFRS下，且Int. Expense 归入CFF，本题结果如何？

  1. CFA I
  2. FRA

NO.PZ2024030503000204

问题如下：

Question
An analyst gathers the following information about a company:

Under U.S. GAAP, free cash flow to equity is most likely:

选项：

A.less than free cash flow to the firm. B.equal to free cash flow to the firm. C.greater than free cash flow to the firm.

解释：

Solution

  1. Incorrect because FCFE is equal to FCFF.

  2. Correct because under U.S. GAAP, free cash flow to the firm is calculated as CFO + int (1− tax rate) – capital expenditures. Since the firm has interest bearing debt outstanding, $18,000 ($30,000 × (1 − .4)) is added back to CFO in calculating FCFF. In addition, the capital expenditures of $82,000 are subtracted so the equation becomes CFO + $18,000 − $82,000 for a net decrease to CFO of $64,000 ($18,000 − $82,000 = − $64,000). The calculation for free cash flow to equity is CFO – capital expenditures + net borrowing with no adjustment for interest paid under U.S. GAAP. The calculation becomes CFO − $82,000 + $18,000 for a net decrease to CFO of $64,000 (− $82,000 + $18,000). Therefore, FCFE will be equal to FCFF; as the after-tax interest add-back to FCFF is equal to the net borrowing add-back to FCFE and CFO and capital expenditures are the same for both.

  3. Incorrect because FCFE is equal to FCFF.

Analyzing Statements of Cash Flows II

•

请问，何老师在课堂上讲授的关于CFO直接法和间接法的计算都是主要针对US.GAAP吗？如题，如果准则变了，FCFF和FCFE计算结果会不一样？

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王园圆_品职助教 · 2024年10月13日

同学你好，如果是IFRS下，并且利息支付的现金计入CFF 的话，就会使此时的CFO就会变得比US GAAP下更高一些

但是由于FCFF的计算背景和逻辑不变，所以此时FCFF的计算公式中，也就不需要把interest*（1-tax rate）加回了（因为原来US GAAP下加上也是为了去除利息费用的影响）——也就是公式变成 FCFF =CFO - CAPEX =CFO-82000

同样的，计算FCFE的时候，由于是站在股东角度出发，那interest*（1-tax rate）反而需要减去，公式就变成 FCFE= CFO - interest*（1-tax rate）- capital expenditures + net borrowing = CFO -18000 - 82000 +18000 =CFO -82000

最后结果还是一样，本题依然选B

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NO.PZ2024030503000204 问题如下 Questionanalyst gathers the following information about a company: Unr U.S. GAAP, free cash flow to equity is most likely: A.less thfree cash flow to the firm. B.equto free cash flow to the firm. C.greater thfree cash flow to the firm. Solution Incorrebecause FCFE is equto FCFF. Correbecause unr U.S. GAAP, free cash flow to the firm is calculateCFO + int (1− trate) – capitexpentures. Sinthe firm hinterest bearing outstanng, $18,000 ($30,000 × (1 − .4)) is aebato CFO in calculating FCFF. In aition, the capitexpentures of $82,000 are subtracteso the equation becomes CFO + $18,000 − $82,000 for a net crease to CFO of $64,000 ($18,000 − $82,000 = − $64,000). The calculation for free cash flow to equity is CFO – capitexpentures + net borrowing with no austment for interest paiunr U.S. GAAP. The calculation becomes CFO − $82,000 + $18,000 for a net crease to CFO of $64,000 (− $82,000 + $18,000). Therefore, FCFE will equto FCFF; the after-tinterest a-bato FCFF is equto the net borrowing a-bato FCFE anCFO ancapitexpentures are the same for both. Incorrebecause FCFE is equto FCFF. Analyzing Statements of Cash Flows II• 是不是因为刚好题目给出的条件，int（1-t）恰好等于net borrowing，所以FCFF和FCFE相等

2024-04-12 10:42 1 · 回答