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小一一 · 2021年06月18日

repayment 不是还钱么？

  1. CFA II
  2. Equity

NO.PZ2018103102000116

问题如下：

According to the financial statement, what`s the FCFE for Company M?

选项：

A.

$1,140 million

B.

$1,050 million

C.

$740 million

解释：

A is correct.

考点：Computing FCFE from Different Accounting Items

解析：

FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

= 2,000 × (1-30%) + 750 – (1,000+100-500) – 600

= $950 million

FCFE = FCFF – Int (1 – Tax rate) + Net borrowing.

= 950 – 300*(1 – 0.3) + 400

= $1140 million.

repayment 不是还钱么？  加回net borrowing（净借入）不应该是减去repayment净还了多少么？ 为什么之后是加回400 不是 减去

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1 个答案

韩韩_品职助教 · 2021年06月20日

嗨，努力学习的PZer你好：


同学你好，这里数据表示的意思，是正的就是borrowing. 如果是负的就是repayment, 这里数据是正的，说明是borrowing，就是现金流入，那么我们就要加回来。这是财务报表经常用的一种数据表示方式，括号当中代表的是负的意思。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 在I/S中，那些是Wcinv ，哪些是Fcinv？

2024-01-14 15:57 1 · 回答

NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 如题，net borrowing如果是额外融资，equity holrs就多了400现金可以花，所以+400，那如果是repayment，不是应该-400吗

2022-07-10 18:37 1 · 回答

NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. WCinv = Increase in + Increase in Inv - Increase in AP这题中WCinv如何计算? AR和INV增加的话，WCinv不应该是负数吗? 只有increase in AP才说明是投资吧，所以为什么不是-1000-100+500呢?

2022-07-04 15:15 1 · 回答

$1,050 million $740 million A is correct. 考点Computing FCFE from fferent Accounting Items 解析 FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 million FCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 我对于这个NB的符号有些不太明白。。。。。，如果从给债权人的现金流来说=int（1-t）-新借入+新偿还，按照题目来讲是repayment的话，应该是300*（1-30%）+400=610才对，然后再用FCFF-610。就算写成一个公式，用NB的话，NB当repayment的时候也是-400，这里既然是repayment，为什么是这个符号？

2022-06-06 12:32 1 · 回答

NO.PZ2018103102000116问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. AR和AP到底是算在ncc还是WCinv里面呢？为什么一下在这一下在那？

2022-06-01 00:57 1 · 回答