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徐威廉 · 2020年08月22日

问一道题:NO.PZ201602060100002006 第6小题 [ CFA II ]

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问题如下:

6. The ratio of operating cash flow before interest and taxes to operating income for Bickchip for 2009 is closest to:

选项:

A.

1.6.

B.

1.9.

C.

2.1.

解释:

B is correct.

Net cash flow provided by (used in) operating activity has to be adjusted for interest and taxes, as necessary, in order to be comparable to operating income (EBIT). Bickchip, reporting under IFRS, chose to classify interest expense as a financing cash flow so the only necessary adjustment is for taxes. The operating cash flow before interest and taxes = 9,822 + 1,930 = 11,752. Dividing this by EBIT of 6,270 yields 1.9.

解析:ratio of operating cash flow before interest and taxes to operating income=(CFO+interest+tax)/EBIT。这个ratio是比较经营性现金流和会计上的EBIT,由于EBIT是扣除利息和税收费用之前的数字,为了让分子分母具有可比性,所以要把从CFO中扣除的利息和税加回,但是从Exhibit3最后两行可以知道,Bickchip公司把interest expense归为CFF,把tax归为CFO,因此计算2009年的这个ratio的时候只需要在分子上加回tax,也就是等于(9822+1930)/6270=1.9

本题表格最下方的关于int和tax的描述是includes,我理解为了已经包含在了CFO和CFF内,无需加回!感觉这个描述很不清晰
1 个答案
已采纳答案

Olive_品职助教 · 2020年08月23日

嗨,爱思考的PZer你好:


include的意思是tax现金流“属于”CFO。tax是现金流的流出,所以CFO里包含了tax的意思是减去了tax outflow,所以调整要加回。

 


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NO.PZ201602060100002006问题如下6. The ratio of operating cash flow before interest antaxes to operating income for Bickchip for 2009 is closest to:A.1.6.B.1.9.C.2.1.B is correct.Net cash flow provi(usein) operating activity hto austefor interest antaxes, necessary, in orr to comparable to operating income (EBIT). Bickchip, reporting unr IFRS, chose to classify interest expense a financing cash flow so the only necessary austment is for taxes. The operating cash flow before interest antaxes = 9,822 + 1,930 = 11,752. ving this EBIT of 6,270 yiel 1.9.解析ratio of operating cash flow before interest antaxes to operating income=(CFO+interest+tax)/EBIT。这个ratio是比较经营性现金流和会计上的EBIT,由于EBIT是扣除利息和税收费用之前的数字,为了让分子分母具有可比性,所以要把从CFO中扣除的利息和税加回,但是从Exhibit3最后两行可以知道,Bickchip公司把interest expense归为CFF,把tax归为CFO,因此计算2009年的这个ratio的时候只需要在分子上加回tax,也就是等于(9822+1930)/6270=1.9Operating cash flow/Operating Income, 这里的operating income 为什么不能用NI + Int pai+ Tpai来计算?Operating cash flow 通常就是CFO?

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