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

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?

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?

1 个答案
已采纳答案

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