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Cherry · 2021年10月07日

WcInv为什么不能直接用WC(t)-WC(t-1)得出？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001003

问题如下：

3. Holt’s FCFF (in millions) for 2008 is closest to:

选项：

A.

$308.

B.

$370.

C.

$422.

解释：

A is correct.

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv. In this case:

NI = $485 million

NCC = Depreciation expense = $270 million

Interest expense (1- Tax rate) = 195 (1- 0.32) = $132.6 million

FCInv = Net purchase of fixed assets = Increase in gross fixed assets

= 4,275 -  3,752 = $523 million

WCInv = Increase in accounts receivable + Increase in inventory  Increase in accounts payable  Increase in accrued liabilities

= (770 -  711) + (846- 780)  - (476- 443) - (149 - 114)

= $57 million

FCFF = 485 + 270 + 132.6 - 523 -  57 = 307.6, or $308 million

WcInv为什么不能直接用WC(t)-WC(t-1)得出？

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2 个答案

王园圆_品职助教 · 2024年05月25日

同学，期初的WC = （711+ 780） - (443 +114) = 934，你计算器按错了吧，明明是934，怎么会是994

以下是Excel计算截图，同学验证下



王园圆_品职助教 · 2021年10月07日

嗨，努力学习的PZer你好：


同学你好，用期末的减去期初的也是可以得到答案的哟~~ 这里期末的WC = （770+846） - （476 +149）= 991

期初的WC = （711+ 780） - (443 +114) = 934 ,所以 WCInv = 991 - 934 = 57，和答案是一样的哟~~

具体working capital investment的公式在讲义第154页，同学可以参考下是不是带入数字的时候多算或者少算了某个科目呢~

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努力的时光都是限量版，加油！

Darlene · 2024年05月25日

“期初的WC = （711+ 780） - (443 +114) = 934 ,所以 WCInv = 991 - 934 = 57，和答案是一样的哟~~” 这个期初计算出来的应该是WC = （711+ 780） - (443 +114) = 994 期末的WC = （770+846） - （476 +149）= 991 两个做差出来的结果是-3，和答案完全不一样。

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NO.PZ201512300100001003问题如下3. Holt’s FCFF (in millions) for 2008 is closest to:A.$308.B.$370.C.$422.A is correct.FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv. In this case:NI = $485 millionN= preciation expense = $270 millionInterest expense (1- Trate) = 195 (1- 0.32) = $132.6 millionFCInv = Net purchase of fixeassets = Increase in gross fixeassets= 4,275 - 3,752 = $523 millionWCInv = Increase in accounts receivable + Increase in inventory Increase in accounts payable Increase in accrueliabilities= (770 - 711) + (846- 780) - (476- 443) - (149 - 114)= $57 millionFCFF = 485 + 270 + 132.6 - 523 - 57 = 307.6, or $308 million老师，请问 operating income与EBIT有啥区别？为啥不能用EBIT那条公式求FCFF？

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NO.PZ201512300100001003 $370. $422. A is correct. FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv. In this case: NI = $485 million N= preciation expense = $270 million Interest expense (1- Trate) = 195 (1- 0.32) = $132.6 million FCInv = Net purchase of fixeassets = Increase in gross fixeassets = 4,275 -  3,752 = $523 million WCInv = Increase in accounts receivable + Increase in inventory  Increase in accounts payable  Increase in accrueliabilities = (770 -  711) + (846- 780)  - (476- 443) - (149 - 114) = $57 million FCFF = 485 + 270 + 132.6 - 523 -  57 = 307.6, or $308 million题目中有长短期负债的变更 应该加上这一项？

2021-07-13 23:33 1 · 回答