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manman · 2022年05月19日

Net Borrowing计算中，短期债务为啥只考虑Notes Payable ?

  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

是因为应付账款和应付税费已经考虑在Woriking Capital Investment 中，所以不在N.B.中反映吗？

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1 个答案

王园圆_品职助教 · 2022年05月19日

嗨，爱思考的PZer你好：


同学你好，你说的确实是其中一个原因，还有一个原因是，NB计算的是付息债务的净额，短期债中notes payable是付息债，所以需要计入NB的计算。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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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？

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NO.PZ201512300100001004 请问short term 和repayment ，long term ,long term repaymant在这门课里涉及的经常考的科目是什么？

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

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     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

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