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aileen20180623 · 2021年11月26日

ncc

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000105

问题如下：

Based on Exhibit 1, using the proposed sales-based methodology to forecast FCFE would produce an inaccurate FCFE projection for which company?

选项：

A.

Company A.

B.

Company B.

C.

Company C.

解释：

A is correct. In addition to significant non-cash charges other than depreciation in the most recent year, the annual report indicates that Company A expects to recognize additional non-cash charges related to restructuring over the next few years. The given equation for forecasting assumes that the only non-cash charge is depreciation. When the company being analyzed has significant non-cash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all the individual components of FCFE.

NCC是唯一的非现支出。由于公司A 还有 other non-cash expense，所以不能用

是不是以ni 出发的ncc里，在计算sale based时候不能有other non-cash exp的意思？

是否抛弃non cash exp 的NCC就剩下dep？

sale based又是target debt ratio 的别名？target debt ratio是指代（WC+FC-dep)*D/A是这里的D/A？

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3 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，首先，仔细翻阅一下二级的讲义，你会发现，老师从来没有教过这种sale-based的计算FCFF的方法，说明这不是我们要掌握的考点。

其次，这里附上题干截图

这里题干特意标出了这种自创的sale-based方法的计算公式~如果是我们原本就应该掌握的公式，或是书上出现过的内容，起码题干中不可能会把计算方法再给考生展示~~一般只需要通过这一点就能够知道，这是题目特定的自创的公式，不适用于其他题目，也不属于考生要掌握的知识点~~





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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，首先，仔细翻阅一下二级的讲义，你会发现，老师从来没有教过这种sale-based的计算FCFF的方法，说明这不是我们要掌握的考点。

其次，这里附上题干截图

这里题干特意标出了这种自创的sale-based方法的计算公式~如果是我们原本就应该掌握的公式，或是书上出现过的内容，起码题干中不可能会把计算方法再给考生展示~~一般只需要通过这一点就能够知道，这是题目特定的自创的公式，不适用于其他题目，也不属于考生要掌握的知识点~~





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努力的时光都是限量版，加油！

王园圆_品职助教 · 2021年11月26日

嗨，爱思考的PZer你好：


同学你好，首先如果题目给出了其他的NCC和Depreciation的值，就是给全了计算NCC所需条件的，所以从公式NI + NCC +interest*(1-t) -WCInv -FCInv =FCFF出发，题目所有条件都已知的前提下，是可以计算的。

但是本题题目自创的sales-based的计算公式中是只包含Depreciation而没有包含NCC的，而A公司含有大量NCC，所以在本题中，A公司不再适用这个题目自创的sales-based方法计算FCFE。

因为这个sales-based的方法是本题自创的，并不是书上的结论，所以你的问题“是不是以ni 出发的ncc里，在计算sale based时候不能有other non-cash exp的意思？”的回答是“不是”。

你的问题“是否抛弃non cash exp 的NCC就剩下dep？”，回答：是的，除去other non-cash expense的 NCC就是只剩Dep了

你的问题“sale based又是target debt ratio 的别名？”——不是，这两者完全无关

你的问题“target debt ratio是指代（WC+FC-dep)*D/A是这里的D/A”——是的



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努力的时光都是限量版，加油！

aileen20180623 · 2021年11月29日

自创的sales-based，恩哪里表明它是自创的，而且不饿不够用ncc。

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NO.PZ201809170300000105问题如下 Based on Exhibit 1, using the proposesales-basemethology to forecast FCFE would proinaccurate FCFE projection for whicompany? Company A. Company B. Company C. A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineby forecasting all the invicomponents of FCFE. 题目公式中的是什么意思？

2023-02-26 14:45 1 · 回答

NO.PZ201809170300000105 Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 如题，没有get到考察的是哪个知识点，以及怎么推演出答案的。

2021-08-25 00:04 1 · 回答

Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 请问关于sale basemethology具体内容，讲义里有吗？

2020-12-09 02:08 1 · 回答

Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 看到过去解析中老师了NCC是唯一的非现支出，没明白这句话是什么意思。。 我看到讲义上说的是假设p是唯一的非现支出。。可否请老师再具体讲一下解析是什么意思？

2020-11-26 22:10 2 · 回答