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Jennifer Luo · 2022年10月12日

您好，我想问一下如果分红不影响FCF， 那为什么我们在计算时，又要考虑dividend to prefered stock 呢？谢谢

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000203

问题如下：

Which of Ho’s statements regarding free cash flow is (are) correct?

选项：

A.

Statement 1 only

B.

Statement 2 only

C.

Neither Statement 1 nor Statement 2

解释：

C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

您好，我想问一下如果分红不影响FCF， 那为什么我们在计算时，又要考虑dividend to prefered stock 呢？谢谢

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1 个答案

王园圆_品职助教 · 2022年10月12日

嗨，努力学习的PZer你好：


同学你好，因为我们说的FCFE是针对的普通股股东的自有现金流

而对于优先股，优先股的分红更类似于一种债务，并且这笔分红一旦给出，对于普通股股东来说就是不可得的现金流了，所以我们必须把优先股的分红剔除才能计算真正的普通股股东的FCFE

而对于FCFF，则不用考虑优先股分红，就像不用考虑债务一样的原理


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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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