NO.PZ2018103102000109
问题如下:
Matt has observed three non-cash charges of Company M. Which of the following should be added back to net income in order to calculate its FCFF?
Adjustment 1: Increases in deferred tax assets that are not expected to reverse.
Adjustment 2: Income of $250 million from restructuring charge reversals.
Adjustment 3: A $300 million amortization of a bond discount.
选项:
A.Adjustment 1
B.Adjustment 2
C.Adjustment 3
解释:
C is correct.
考点:Special Issues: NCC Adjustments
解析:C选项,对于折价发行的债权,实际支付的现金要小于利息费用,少的那一部分应当从利润表中加回。实际偿还额的减少可以看作为融资,融资活动增加了现金流的流入,因此要将差额部分从利润表中加回,从而转化为现金流量。A选项,递延所得税资产增加,可以看作是购买一项资产,属于投资活动,增加了现金流的流出,应从净利润中扣除。B选项,由于公司重组,在合并财务报表时导致的非现金流增加需要从净利润中扣除。
C选项:折价发行债权的摊销——以折价方式发行债权,意味着票面利率coupon rate<市场interest rate。所以才会债券按照低于面值的价格进行发售,从而用来补偿投资者未来收到的较低的利息。所以每一期支付票面利息相对于市场利息少掉的那一部分,就是一种公司跟债券投资者的再融资行为,相当于公司有了现金流入,所以计算FCFF时,针对现金流入需要加上,是加回项。