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dejiazheng · 2024年01月13日

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加，对各项明细的加减有点不太理解

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

资产的增加变动是加上，负债的增加是减去。貌似调整自由现金流的又是资产增加项要减去，负债的增加要加上。有点搞混了

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王园圆_品职助教 · 2024年01月13日

同学你好，其实你不用这么记，统一看现金流的方向，现金流入为正，现金流出为负，就可以了

对于资产（如存货，应收账款）等，如果资产增加，说明公司本期为了购买资产花了更多的钱，即资产的增加带来的现金的流出，记为负号；反之，资产的减少就是现金流入，记为正号

对于负债（如应付账款，应计负债）等，如果负债增加，说明本期公司又从供应商处获得了更多的融资资金即现金流入，即负债的增加带来的是现金流入，记为正号；反之，负债的减少就是公司还款了，是现金流出，记为负号

以本题为例，运用上面粉色部分的分析来看，就是-(800 - 750) - (850- 720)+(400- 300) + (120 - 90) = -50

最后带入FCFF的时候，直接以现金流的形式带入，即直接计入-50，即可得到答案

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NO.PZ2018103102000049问题如下Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:$800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million为啥feff要加回interst income post t而且不加net borrowing呢？ 照理来说 借来的钱不也是属于firm的。同理fcfe 为啥不加interst income 和net norrowing

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