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暖暖 · 2024年04月14日

为什么不是A

  1. CFA I
  2. FRA

NO.PZ2024011002000053

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following annual information ($ millions) about a company that pays no dividends and has no debt:


The company's annual free cash flow to equity ($ millions) is closest to:

选项：

A.53.1. B.58.4. C.61.6.

解释：

CFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO.)

It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities.)

CFO = 45.8 + 18.2 + 1.6 + 4.2 – 5.4 + 4.5 = $68.9 million; so FCFE = $68.9 - $7.3 = $61.6 million.

最后一项在美国准则下， 不是算CFO inflow 吗， 我在计算CFO的时候， 把这项作为gain 作为NI的减项， 最后得到A

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1 个答案

lynn_品职助教 · 2024年04月15日

嗨，爱思考的PZer你好：


proceed from sale of stock是指公司通过卖出股票获得的现金。如果公司是新发自己的股票来获得现金，那这个行为属于CFF融资性现金流；如果公司是将过往持有的股票卖出获得现金，那这个行为属于CFI也就是投资性现金流。


不属于NB，不是借款哦，虽然同样是现金流，但是途径不一样就不属于NB了

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