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PZmomo · 2024年01月14日

什么是 Wcinv 和Fcinv

NO.PZ2018103102000116

问题如下:

According to the financial statement, what`s the FCFE for Company M?

选项:

A.

$1,140 million

B.

$1,050 million

C.

$740 million

解释:

A is correct.

考点:Computing FCFE from Different Accounting Items

解析:

FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

= 2,000 × (1-30%) + 750 – (1,000+100-500) – 600

= $950 million

FCFE = FCFF – Int (1 – Tax rate) + Net borrowing.

= 950 – 300*(1 – 0.3) + 400

= $1140 million.

在I/S中,那些是Wcinv ,哪些是Fcinv?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年01月14日

同学你好,WCInv和FCInv分别是B/S(或者现金流量表CFO中一个部分)以及现金流量表CFI表中的一个部分,并不是直接在I/S表上可以找到的

如果同学不理解WCInv和FCInv,建议同学还是去听一下基础班相关课程,这是二级非常基础的概念,并且老师花了足足两个视频的时间分别做了讲解,这两个点是FCFF/FCFE章节中很重要的一块知识点,这不是助教用文字写几句能够概括的

基础班中,Module 3第3部分 Special Items里面,Special Issues:Working Capital Calculation 和 Special Issues: Fixed Capital Calculation分别对这两块内容做了讲解

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NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 如题,net borrowing如果是额外融资,equity holrs就多了400现金可以花,所以+400,那如果是repayment,不是应该-400吗

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