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台风来了 · 2024年04月01日

为什么不能从total current liability 和long term debt在这两年的增量来看net borrow

  1. CFA II
  2. Equity

NO.PZ2023032701000035

问题如下：

Using information from the company’s financial statements given here.

The difference between FCFF and FCFE is:

选项：

A.

28 million

B.

18 million

C.

32 million

解释：

Free cash flow to the firm is

FCFF = NI + NCC + Int( 1-Tax rate ) -FCInv -WCInv

FCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)

FCFF = 285 + 180 + 78-349-38 = $156 million

Free cash flow to equity is

FCFE = NI + NCC -FCInv-WFCInv + Net borrowing

FCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )

FCFE = 285 + 180 -349 - 38 + 50 = $128 million

So the difference between FCFF and FCFE=156-128=28 million.

为什么不能从total current liability 和long term debt在这两年的增量来看net borrowing呢？谢谢！

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1 个答案

王园圆_品职助教 · 2024年04月01日

同学你好，net borrowing 特指的是承担利息费用的借款的增加

而current liabilities中的大部分借款都是经营性负债，是不承担利息费用的，不可以算作net borrowing的一部分

只有notes payable才是需要支付利息的，需要算作NB的一部分哦

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NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. netborrowing中都包含哪些项，notepayable也算在里面么，难道不是应该算在WC中么

2024-07-22 11:33 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. CF表中，long-term bt以及note payable为负数，代表债务净偿还？

2024-07-19 10:24 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. FCFF - FCFE = INT*(1-T) - NB，从这个角度去算，直接找到interest expense、note payable 和 long term bt的变化即可。计算如下130 * (1-0.4) - (10 + 40) = 28.

2023-07-14 11:29 1 · 回答