NO.PZ2016012102000202
问题如下:
Which of the following is not an appropriate method of computing free cash flow to equity?
选项:
A.FCFE = CFO – FCInv + Net borrowing
B.FCFE = CFO – FCInv – Net debt repayment
C.FCFE= FCFF- Int(1 – Tax rate)解释:
The answer is C.
FCFE= FCFF- Int(1 – Tax rate)+Net borrowing
考点: FCFE的公式
A是公式基础公式讲义的原型,所以A正确。
B公式中的+ Net borrowing 就是 - Net debt repayment,一个是+净借款,一个是 - 净还款是一样的,所以正确。
C公式是196页公式两个公式组合下,
FCFF- Int(1-tax rate)=CFO-FCInv
FCFE=CFO-FCInv + Net borrowing = FCFF-Int(1-tax rate)+ Net borrowing
所以C少一项 +Net borrowing。C选项错误。
应该是选A吧,C选项应该少了一个net borrowing吧