问题如下图:
选项:
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解释:
老师,我想就这一题问几个关于FA买卖在CFO/CFI/FFCF计算中的问题:
[1] CFO间接法中NI减去的G&L from non-operating items中包含了处置固定资产所得的G&L对吗?
[2]那计算CFI时,对于FA的Sales和Purchase不会与CFO计算间接法里的G&L产生冲突吗。因为根据公式,Sales proceeds- disposal BV =G&L,那G&L 应该是算入CFI 对于FA的sales这一项的?
因为这时候推得出:
CFI= Sales - Purchase = G&L - (BV ending - BV beginning) - D
所以对于讲义上讲的‘G&L from disposal of PP&E are not presented in the CFI, cash generated should be calculated based on the G&L’,我不太能理解.....
[3]在FCFF计算中,有NI 转CFO这一步:
FCFF = NI + Int.(1-t) + NCC - WC investment - FA investment
=CFO + Int.(1-t) - FA investment
这一步转换中,是不是忽略了间接法中对于G&L from Disposal of FA 的增减,另外公式里还是要减去Purchase cost for FA (FA investment),那就是说只考了了对FA的purchase,没考虑对FA的disposal???