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huangme7 · 2021年12月13日

为什么是– (59-33) 而不是– (-59+33) ？

  1. CFA II
  2. Equity

NO.PZ2018103102000113

问题如下：

Matt is preparing to evaluate the value of Company M`s equity by using the two-stage FCFE model. The growth rates for the first three years are estimated at 10%, 8%, and 6%, respectively, and then it may grow at 5% per year into the indefinite future. The required rate of return on equity for Company M is 10%. What`s the intrinsic value of Company M’s equity?

选项：

A.

$4195million

B.

$4818million

C.

$6406 million

解释：

C is correct.

考点：Valuation Models

解析：先计算出FCFE0 = NI + NCC – WCInv – FCInv + Net Borrowing

= 485 + 270 – (59-33) – 523 + (15+60)

= $281 million

FCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 million

PV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06million

PV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82million

为什么是– (59-33) 而不是– (-59+33) ？

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1 个答案

王园圆_品职助教 · 2021年12月13日

嗨，爱思考的PZer你好：


同学你好，我们主要还是需要通过判断这是WCInv现金流的流入还是流出来看这个问题~~

FCFE和FCFF公式中，之所以有-WCInv，是默认当期WC的投资是增加的，投资增加会导致现金流流出，所以带入公式时直接是减号带入公式。但是实际操作中，则要根据题目做具体分析。

increase accounts receivable——对应应收账款增加，说明当期产生了更多的赊销业务（客户没有付钱，先拿货），相当于公司免费给客户做了短期现金融资，是一种现金流的流出，应该减去；

increase accounts payable——对应应付账款的增加，说明当期产生了更多赊购业务（没付钱，先拿了供货商的货），相当于从供货商处获得一笔短期现金贷款，是变现的现金的流入，应该加上；

最后,在计算实际WCInv的时候，我们直接把现金流的正负号带入公式即可，所以最后是-59+33。

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