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kkyy · 2020年08月01日

问一道题：NO.PZ201809170300000203

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Which of Ho’s statements regarding free cash flow is (are) correct?

选项：

A.

Statement 1 only

B.

Statement 2 only

C.

Neither Statement 1 nor Statement 2

解释：

C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

为啥分红 股利不影响fcf呢

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1 个答案

Debrah_品职答疑助手 · 2020年08月02日

同学你好，自由现金流本质上是公司经营现金流，而分红、回购等都是分配自由现金流分配给投资人的方式。分红股利与公司经营活动无关，是分配活动，因此不影响FCF。请见基础班讲义177页。

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