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娟娟考CFA · 2019年12月14日

问一道题：NO.PZ201809170300000201 第1小题

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下图：

    

选项：

A.

B.

C.

解释：


老师，你好，题目中Increase in AR是（2000），这个是decrease的意思吗？还有purchase of PP&E是（1000），是sale的意思吗？

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1 个答案

maggie_品职助教 · 2019年12月16日

不是的哈，这个括号代表现金流出，AR增加2000，说明现金流出2000，你看下面AP增加1000，是没带括号的对吗，它说明现金流入1000. 同理，


purchase of PP&E是（1000），意思是购买固定资产花了1000，现金流出1000.





chris2.0🔱 · 2020年10月26日

购买固定资产那项，加括号不就是负数的意思么？就是不购买，就应该是流入阿？

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相关问题

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

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. 请问此处WCinv中CA的计算取值方向是如何的，我的计算是CA=-2000+（-200），CL=1000，得出WCinv=CA-CL=-3200。请问错在何处？

2021-05-16 00:05 1 · 回答