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8527 · 2021年08月30日

计算FCFE中的FCinv

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000103

问题如下：

Based on Exhibit 1, Company A’s FCFE for the most recent year is closest to:

选项：

A.

$5,318 million.

B.

$6,126 million.

C.

$7,126 million.

解释：

C is correct. FCFE for Company A for the most recent year is calculated as follows:

Net non-cash charges are found by adding depreciation to other non-cash expenses:

$500 million + $1,000 million = $1,500 million.

Investment in working capital is calculated by netting the increase in accounts receivable, the decrease in accounts payable, and the increase in other current liabilities:

–-$452 million -– $210 million + $540 million =- – $122 million (outflow).

Net borrowing repayment is calculated by netting the increase in notes payable and the decrease in long-term debt:

$25 million – -$1,500 million =- – $1,475 million (outflow).

老师请帮忙解释一下为什么在这道题中计算FCFE中的FC Inv的时候 文中提到的“ Transaction 1: 900mil loss from sale on equipment” 不用包含在FCinv的计算中 
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1 个答案

王园圆_品职助教 · 2021年08月30日

嗨，爱思考的PZer你好：


同学你好，自由现金流，是为了计算公司的实际现金流哦~~

本题中提到的transaction 1， 2， 3都是non-cash transaction,所以都不需要考虑哦

900million的非现金的固定资产卖出的损失，我们可以这么理解：举个例子：公司账面上该笔资产的账面剩余价值可能是1500m,可是实际买家只付了600m的现金就把该机器买走了。在会计上，我们会确认900m的损失，可是这个钱并没有真的用我们的现金支付。相反的，真正影响公司现金流的是600m的实际收到现金，而这个现金，是计入cash flow from investing activity中的，也就是在proceeds from sales of fixed capital中已经考虑了。

而这900m的损失，其实是在计算fcff，调整NI的时候就已经在other non-cash expenses 中做过调整了。这里我把NCC中包含的内容也接了一个图，供同学参考哦~~（其中的losses 和gains就对应本题的这个900m的loss)

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相关问题

NO.PZ201809170300000103问题如下 Based on Exhibit 1, Company A’s FCFE for the most recent yeis closest to: $5,318 million. $6,126 million. $7,126 million. C is correct. FCFE for Company A for the most recent yeis calculatefollows: Net non-cash charges are founaing preciation to other non-cash expenses: $500 million + $1,000 million = $1,500 million. Investment in working capitis calculatenetting the increase in accounts receivable, the crease in accounts payable, anthe increase in other current liabilities: –-$452 million -– $210 million + $540 million =- – $122 million (outflow). Net borrowing repayment is calculatenetting the increase in notes payable anthe crease in long-term bt: $25 million – -$1,500 million =- – $1,475 million (outflow). 我是减去优先股得到第二个答案

2023-03-22 21:59 1 · 回答

NO.PZ201809170300000103 问题如下 Based on Exhibit 1, Company A’s FCFE for the most recent yeis closest to: $5,318 million. $6,126 million. $7,126 million. C is correct. FCFE for Company A for the most recent yeis calculatefollows: Net non-cash charges are founaing preciation to other non-cash expenses: $500 million + $1,000 million = $1,500 million. Investment in working capitis calculatenetting the increase in accounts receivable, the crease in accounts payable, anthe increase in other current liabilities: –-$452 million -– $210 million + $540 million =- – $122 million (outflow). Net borrowing repayment is calculatenetting the increase in notes payable anthe crease in long-term bt: $25 million – -$1,500 million =- – $1,475 million (outflow). 请问计算FC时，看CF表中CAPEX一般也是直接列示出来吗，没有列示就是默认为0的意思吗？

2023-03-16 16:03 1 · 回答

NO.PZ201809170300000103 Baseon Exhibit 1, Company A’s FCFE for the most recent yeis closest to: $5,318 million. $6,126 million. $7,126 million. C is correct. FCFE for Company A for the most recent yeis calculatefollows: Net non-cash charges are founaing preciation to other non-cash expenses: $500 million + $1,000 million = $1,500 million. Investment in working capitis calculatenetting the increase in accounts receivable, the crease in accounts payable, anthe increase in other current liabilities: –-$452 million - – $210 million + $540 million =- – $122 million (outflow). Net borrowing repayment is calculatenetting the increase in notes payable anthe crease in long-term bt: $25 million – -$1,500 million =- – $1,475 million (outflow). 老师请教一下NB包含两块，NP和Long term bt，还有别的可能性是包含在NB中的吗？

2021-11-24 16:54 1 · 回答

NO.PZ201809170300000103 Baseon Exhibit 1, Company A’s FCFE for the most recent yeis closest to: $5,318 million. $6,126 million. $7,126 million. C is correct. FCFE for Company A for the most recent yeis calculatefollows: Net non-cash charges are founaing preciation to other non-cash expenses: $500 million + $1,000 million = $1,500 million. Investment in working capitis calculatenetting the increase in accounts receivable, the crease in accounts payable, anthe increase in other current liabilities: –-$452 million - – $210 million + $540 million =- – $122 million (outflow). Net borrowing repayment is calculatenetting the increase in notes payable anthe crease in long-term bt: $25 million – -$1,500 million =- – $1,475 million (outflow). 这里的FCinv是不是通过Capex-procee from sales (0-2379=-2379)得出的？

2021-10-07 09:40 1 · 回答