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蔡小工 · 2021年04月01日

关于increase in AP的理解

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000201

问题如下：

Based on Exhibits 1 and 2, Sienna’s FCFF in 2016 is:

选项：

A.

€ 680 million.

B.

€ 1,200 million.

C.

€ 3,080 million.

解释：

A is correct. Sienna’s FCFF in 2016 is calculated as

FCFF = EBIT(1 –  Tax rate) + Dep –  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 can also be computed from CFO:

FCFF = CFO + Int(1 –  Tax rate) –  FCInv.

FCFF = 1,394 + 440(1 –  0.35) –  1,000.

FCFF = € 680 million.

请教老师，本题在计算WCinv时，实际上跟R28课后题第1个case的第4小题（相当于书本课后题排序R28第21小题）是一样的，但是解析结果却不一样，课后解答也截然相反：

本题：课后书本解答，WCinv = increase in AR + increase in inventory + increase in AP

Case 1-4：课后书本解答，WCinv = increase in AR + increase in inventory - increase in AP - increase in accured liabilities

为什么一个是正号一个是负号？而且正负号只变CL项？

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Debrah_品职答疑助手 · 2021年04月01日

嗨，从没放弃的小努力你好：


这两个题目的解析的呈现方式不同，但都是正确的。首先要明白FCFE和FCFF公式里的WCinv的指的是现金“流出”多少

这个题目的WCinv是从现金流量表里得到的，解析里的WCinv的正负号是表示方向的，这里得到了-1200，是表示现金流出1200。所以在带入FCFF的公式的时候，FCFF=EBIT（1-T）+Dep-WCinv-FCinv=EBIT（1-T）+Dep-1200-FCinv，要留意这里减的是1200.

在课后题里，WCinv是通过资产负债表求的，牢记刚才说的WCinv指的是现金“流出”多少。因为increase in AP=33，代表了现金流入，所以要减掉。同理可以得其他科目。所以最后得到WCinv虽然是57，但是这里的57是表示流出57.在计算FCFE的时候，是减掉57.

这里确实容易搞混，但是一定要搞懂。建议重新听一下第155页的课后题，相信你有更多收获，加油。

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加油吧，让我们一起遇见更好的自己！

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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