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aileen20180623 · 2021年11月26日

科目

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001004

问题如下：

4. Holt’s FCFE (in millions) for 2008 is closest to:

选项：

A.

$175.

B.

$250.

C.

$364.

解释：

B is correct.

FCFE = NI + NCC -  FCInv- WCInv + Net borrowing. In this case:

NI = $485 million

NCC = Depreciation expense = $270 million

FCInv = Net purchase of fixed assets = Increase in gross fixedassets= 4,275 -3,752 = $523 million

WCInv = Increase in accounts receivable + Increase inInventory-Increase in accounts payable Increasein accrued liabilities

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

= $57 million

Net borrowing = Increase in notes payable + Increase in long-term debt

= ( 465-450 ) + ( 1,575-1,515 ) = $75 million

FCFE = 485 + 270 - 523 - 57 + 75 = $250 million

An alternative calculation is

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

FCFE = 307.6 -  195(1-0.32) + (15 +60) = $250 million

请问short term debt 和debt repayment ，long term debt ,long term debt repaymant在这门课里涉及的经常考的科目是什么？

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2 个答案

王园圆_品职助教 · 2021年11月29日

嗨，爱思考的PZer你好：


同学你好，这里附上一级中EV的定义

这个EV的定义中，market value of debt——意思就是资产负债表中short term debt 和long-term debt两个科目的市场价值。

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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11月26日

嗨，努力学习的PZer你好：


同学你好，一般涉及以上你提及的四个借款的，就是Net borrowing的计算哦~~其他还有EV的计算中可能把公司负债拆成短期负债和长期负债时，需要把short term debt 和long term debt 这二者考虑进去。

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努力的时光都是限量版，加油！

aileen20180623 · 2021年11月29日

您说的这个能手写举个例子吗？我突然懵了，你说的拆分。

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相关问题

NO.PZ201512300100001004 问题如下 4. Holt’s FCFE (in millions) for 2008 is closest to: A.$175. B.$250. C.$364. B is correct.FCFE = NI + N- FCInv- WCInv + Net borrowing. In this case:NI = $485 millionN= preciation expense = $270 millionFCInv = Net purchase of fixeassets = Increase in gross fixessets= 4,275 -3,752 = $523 millionWCInv = Increase in accounts receivable + Increase inInventory-Increase in accounts payable Increasein accrueliabilities= ( 770-711 ) + ( 846-780 ) - ( 476-443 ) - ( 149-114 )= $57 millionNet borrowing = Increase in notes payable + Increase in long-term bt= ( 465-450 ) + ( 1,575-1,515 ) = $75 millionFCFE = 485 + 270 - 523 - 57 + 75 = $250 millionalternative calculation isFCFE = FCFF -Int(1-Trate) + Net borrowingFCFE = 307.6 - 195(1-0.32) + (15 +60) = $250 million alternative calculation isFCFE = FCFF -Int(1-Trate) + Net borrowingFCFE = 307.6 - 195(1-0.32) + (15 +60) = $250 million307.6 没有看到题中有给 FCFF 值啊？

2024-04-23 13:38 1 · 回答

NO.PZ201512300100001004问题如下4. Holt’s FCFE (in millions) for 2008 is closest to:A.$175.B.$250.C.$364.B is correct.FCFE = NI + N- FCInv- WCInv + Net borrowing. In this case:NI = $485 millionN= preciation expense = $270 millionFCInv = Net purchase of fixeassets = Increase in gross fixessets= 4,275 -3,752 = $523 millionWCInv = Increase in accounts receivable + Increase inInventory-Increase in accounts payable Increasein accrueliabilities= ( 770-711 ) + ( 846-780 ) - ( 476-443 ) - ( 149-114 )= $57 millionNet borrowing = Increase in notes payable + Increase in long-term bt= ( 465-450 ) + ( 1,575-1,515 ) = $75 millionFCFE = 485 + 270 - 523 - 57 + 75 = $250 millionalternative calculation isFCFE = FCFF -Int(1-Trate) + Net borrowingFCFE = 307.6 - 195(1-0.32) + (15 +60) = $250 million是因为应付账款和应付税费已经考虑在Woriking CapitInvestment 中，所以不在N.B.中反映吗？

2022-05-19 15:11 1 · 回答

NO.PZ201512300100001004 所以以后计算short term bt可以直接当成是notes payable吗

2021-04-29 16:39 1 · 回答

     老师，关于short term bt的定义，我搜了Some common examples of short-term inclu:Short-term bank loans. These loans often arise when a company sees immeate neefor operating cash. ...Accounts payable. This refers to money oweto suppliers or provirs of services. ...Wages. These are payments e to employees.Lease payments. ...Income taxes payable.为什么网上说account papayable也是呀

2018-05-09 12:23 1 · 回答