这样考虑对么？

问题如下：

Question Under U.S. GAAP, free cash flow to equity is most likely:

选项：

A.less than free cash flow to the firm. B.equal to free cash flow to the firm. C.greater than free cash flow to the firm.

解释：

Solution

1. Incorrect because FCFE is equal to FCFF.

2. Correct because under U.S. GAAP, free cash flow to the firm is calculated as CFO + int (1− tax rate) – capital expenditures. Since the firm has interest bearing debt outstanding, $18,000 ($30,000 × (1 − .4)) is added back to CFO in calculating FCFF. In addition, the capital expenditures of $82,000 are subtracted so the equation becomes CFO + $18,000 − $82,000 for a net decrease to CFO of $64,000 ($18,000 − $82,000 = − $64,000). The calculation for free cash flow to equity is CFO – capital expenditures + net borrowing with no adjustment for interest paid under U.S. GAAP. The calculation becomes CFO − $82,000 + $18,000 for a net decrease to CFO of $64,000 (− $82,000 + $18,000). Therefore, FCFE will be equal to FCFF; as the after-tax interest add-back to FCFF is equal to the net borrowing add-back to FCFE and CFO and capital expenditures are the same for both.

3. Incorrect because FCFE is equal to FCFF.

Analyzing Statements of Cash Flows II

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