这题目解答其实是有问题的。

* 问题详情，请查看题干

NO.PZ201809170300000201

问题如下：

Based on Exhibits 1 and 2, Sienna’s FCFF in 2016 is:

选项：

$€$ 680 million.

$€$ 1,200 million.

$€$ 3,080 million.

解释：

A is correct. Sienna’s FCFF in 2016 is calculated as

FCFF = EBIT(1 $-$ Tax rate) + Dep $-$ FCInv $-$ WCInv.

FCInv = Purchases of PP&E = 1,000 (outflow).

WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow).

WCInv = $-$ 2,000 (outflow) + $-$ 200 (outflow) + 1,000 (inflow) = $-$ 1,200 (outflow).

FCFF = 3,200(1 $-$ 0.35) + 800 $-$ 1,000 $-$ 1,200.

FCFF = $€$ 680 million.

FCFF can also be computed from CFO:

FCFF = CFO + Int(1 $-$ Tax rate) $-$ FCInv.

FCFF = 1,394 + 440(1 $-$ 0.35) $-$ 1,000.

FCFF = $€$ 680 million.

包括 purchase of the FC 是负号，应该就代表了卖出而不是买入

还有WC 的地方，感觉AR部分也是错的。

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1 个答案

王园圆_品职助教 · 2025年01月22日

同学你好，注意这道题和之前你问的讲义上的那道题表达的原理是一样的

因为是展示的现金流量表，所以（XXX）就直接代表现金流出，XXX就代表现金流入

purchase of the FC确实是公司花钱出去买机器，所以确实是流出了1000的现金

increase AR显示的是（2000），代表的也是公司revenue中有2000是非现金的收入，所以也是一种现金流出

题目是没有问题的

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NO.PZ201809170300000201问题如下 Based on Exhibits 1 an2, Sienna’s FCFF in 2016 is: € 680 million. € 1,200 million. € 3,080 million. A is correct. Sienna’s FCFF in 2016 is calculateas FCFF = EBIT(1 – Trate) + p – FCInv – WCInv. FCInv = Purchases of PP&E = 1,000 (outflow). WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow). WCInv = – 2,000 (outflow) + – 200 (outflow) + 1,000 (inflow) = – 1,200 (outflow). FCFF = 3,200(1 – 0.35) + 800 – 1,000 – 1,200. FCFF = € 680 million. FCFF calso computefrom CFO: FCFF = CFO + Int(1 – Trate) – FCInv. FCFF = 1,394 + 440(1 – 0.35) – 1,000. FCFF = € 680 million. 剪掉资产的增加加回负债的增加计算现金流AR增加负2000Inventory增加负200AR增加1000所以2000加上200加上1000等于3200WC等于3200啊没明白答案啥意思

2023-04-15 12:18 2 · 回答

NO.PZ201809170300000201 Baseon Exhibits 1 an2, Sienna’s FCFF in 2016 is: € 680 million. € 1,200 million. € 3,080 million. A is correct. Sienna’s FCFF in 2016 is calculateFCFF = EBIT(1 – Trate) + p – FCInv – WCInv. FCInv = Purchases of PP&E = 1,000 (outflow). WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow). WCInv = – 2,000 (outflow) + – 200 (outflow) + 1,000 (inflow) = – 1,200 (outflow). FCFF = 3,200(1 – 0.35) + 800 – 1,000 – 1,200. FCFF = € 680 million. FCFF calso computefrom CFO: FCFF = CFO + Int(1 – Trate) – FCInv. FCFF = 1,394 + 440(1 – 0.35) – 1,000. FCFF = € 680 million. 在算题目中有increase 或crease的WC或FC，是不是算出的值为负号，就代表公式里的-wc和-fc

2021-11-26 11:46 1 · 回答

NO.PZ201809170300000201 Baseon Exhibits 1 an2, Sienna’s FCFF in 2016 is: € 680 million. € 1,200 million. € 3,080 million. A is correct. Sienna’s FCFF in 2016 is calculateFCFF = EBIT(1 – Trate) + p – FCInv – WCInv. FCInv = Purchases of PP&E = 1,000 (outflow). WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow). WCInv = – 2,000 (outflow) + – 200 (outflow) + 1,000 (inflow) = – 1,200 (outflow). FCFF = 3,200(1 – 0.35) + 800 – 1,000 – 1,200. FCFF = € 680 million. FCFF calso computefrom CFO: FCFF = CFO + Int(1 – Trate) – FCInv. FCFF = 1,394 + 440(1 – 0.35) – 1,000. FCFF = € 680 million. 不明白WCInv和FCInv为什么是这样算的，我的理解是WCInv=-2000-200-1000=-3200; FCInv=-1000,

2021-10-07 11:41 2 · 回答

NO.PZ201809170300000201 Baseon Exhibits 1 an2, Sienna’s FCFF in 2016 is: € 680 million. € 1,200 million. € 3,080 million. A is correct. Sienna’s FCFF in 2016 is calculateFCFF = EBIT(1 – Trate) + p – FCInv – WCInv. FCInv = Purchases of PP&E = 1,000 (outflow). WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow). WCInv = – 2,000 (outflow) + – 200 (outflow) + 1,000 (inflow) = – 1,200 (outflow). FCFF = 3,200(1 – 0.35) + 800 – 1,000 – 1,200. FCFF = € 680 million. FCFF calso computefrom CFO: FCFF = CFO + Int(1 – Trate) – FCInv. FCFF = 1,394 + 440(1 – 0.35) – 1,000. FCFF = € 680 million. AR的增加是负的，意味着AR减少，但是为什么算作outflow？

2021-08-26 22:25 1 · 回答