NCC adjustment中 gains and losses on sale of long-term assets are removed。(gain是-,loss是+)
而在FCinvj计算中,要减去资产处置proceeds from sales of long-term assets。
那么计算FCFF时,比如处置资产有gain,NCC这块减去gain,而后减去FCinv,FCinv前面是减号与“proceeds from sales of long-term assets”前面的减号抵消,等于又加回了这个gain。
那岂不是等于在做无用功?这部分现金流到底算不算fcff呢?