收入这块为什么不能用EBIT-Income Tax呢？

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

$800 million

$720 million

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

如题，答案中用的是NI+Int*(1-T)。两者的差别在哪里？

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1 个答案

王园圆_品职助教 · 2025年01月04日

同学你好，你可以用EBIT*(1-t）而不是EBIT - income tax

EBIT*（1-t) = EBT*(1-t）+interest *（1-t),其中EBT*(1-t）=NI，所以EBIT*（1-t) =NI +interest *（1-t)

如果是EBIT - income tax ，由于income tax其实是针对EBT进行计算的（你可以自己计算一下，表格中的tax 375就是纯粹的用EBT 1250*30%计算得到的，和interest无关），那EBIT - income tax = EBT - tax +interest = NI +interest了——这里的interest就没有考虑税盾，和NI + interest*（1-t)就不一致了

另外，你可以参考一下老师讲义总结的公式，在NCC就是折旧depreciation的情况下，FCFF计算中NI +interest *（1-t)就是用EBIT*(1-t）来替换的

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