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yaya273 · 2022年07月11日

capex 和 FCinv 有什么关系？

  1. CFA II
  2. Equity

NO.PZ2018103102000121

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million


​CapEx=ΔPP&E+Current Depreciation


where:


CapEx=Capital expenditures


ΔPP&E=Change in property, plant, and equipment

​


用CapEx的定义来理解FC inv。 又怎么把Dep从定义中区分出来？

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王园圆_品职助教 · 2022年07月11日

嗨，努力学习的PZer你好：


同学你好，首先请看以下讲义截图，标绿色的公式显示了FCInv和CPAEX的关系，所以CPAEX减去当期买固定资产收到的现金，就等于FCInv

其次看以下李老师上课的讲解总结。

从总结我们可以知道，gross PPE是包含折旧的，而Net PPE是不包含折旧的。

如果要区分，主要看题目条件中提供的是gross PPE还是net PPE 。每种情况下对应的计算公式同学可以有意识记一下

但是最主要还是要结合题目给的条件做最终的判断

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