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Cherry · 2021年10月07日

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

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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.

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,

2 个答案

王园圆_品职助教 · 2021年10月07日

嗨,爱思考的PZer你好:


至于FCInv,确实就是1000.题目中CFI的表述中用的符号是负数,说明是现金的净流出,即当期为了购买机器设备新花了1000.所以在计算FCFF时,考虑FCInv时,直接减去1000即可。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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,用平时的WC期末减去WC期初去做该题,可能思路很容易混乱,所以不建议同学从这个角度做这类题目。

这个表格中体现的其实是CFO的计算过程。两项短期资产的,表述中都用increase inventory /increase A/R来表达,但实际的数值确是给的负数,是告诉我们,当期公司由于购买存货,增加A/R,又导致了现金流的流出共计-2200;而短期负债A/P,表述中说increase accounts payable,数值确是给的正值,是告诉我们公司当期又欠了供应商一笔钱,相当于获得了一笔现金融资,是现金的流入1000;所以这三个科目相加以后可以知道,共计公司由于working capital 引起的现金是净流出-1200。所以在计算FCFF时,在考虑working capital investment时,直接-1200即可。

在题目给了这样的CFO的表格的情况下,一般直接根据表中的符号直接加总就可以得到WCInv的值了。最后只需要根据题意判断一下是现金流出还是流入即可直接计算FCFF哦~~

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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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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. 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