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TZXคิดถึง · 2022年03月04日

请问为什么不用减去note payable，是考纲变了吗？

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

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

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

我记得老师课上讲，WC要减note payable（或称Short term debt），没说要减accrual tax吧？到底怎么计算WC

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已采纳答案

王园圆_品职助教 · 2022年03月04日

嗨，努力学习的PZer你好：


同学你好，首先，notes payable是属于有息负债，在计算FCFF的时候是属于net borrowing 的科目哦，具体请看以下截图，这里红色划线部分，notes payable在现金流量表中归属于financing的活动

第二点，working capital的计算本质是包含了和经营活动相关的所有短期资产和负债的变动情况。accrued tax本质是由于经营产生的短期的应付税费，是属于经营活动的范畴的，所以需要计入ＷＣＩｎｖ的计算

上课的时候老师讲的只是我们会碰到考题中的绝大部分情况，但是对具体实务和考试中会碰到的情况的覆盖是做不到１００％的哦。通过做题我们发现还有上课时未明确讲的点是很正常的，我们只要及时更新自己的知识体系，加以完善，最后就能很好的应付考试了哦～～


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