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田薇 · 2024年05月25日

解析中tax怎么算出来的

  1. CFA II
  2. FRA

NO.PZ2018111303000092

问题如下：

Analyst collected the financial information about PZ company in the following table:

Analyst also collected the cash flow information about PZ company in the following table:

The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, based on the ratios for operating cash flow before interest taxes to operating income in 2018, the results should describe as:

选项：

A.

PZ’s earning are not backed by cash flow

B.

PZ’s earning are backed by cash flow

C.

no conclusion

解释：

B is correct.

考点：operating cash flow before interest and taxes

解析：

Operating cash flow before interest and taxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可

Operating cash flow before interest and taxes=8850+1850=10700

将其除以EBTI得到：10700/4579=2.34

计算结果是大于1的，说明公司的earning质量较高。

EBT-NI=tax=4012-3560=452


解析中Operating cash flow before interest and taxes=8850+1850=10700里的1850是怎么算的

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2 个答案

王园圆_品职助教 · 2024年05月26日

同学你好，题目表1是利润表，EBT到NI之间减去的tax是利润表下的税费

但是利润表的税费不代表现金就有交这么多税费现金啊

譬如税法上要求1月5号才要交某些税费，但是I/S表上记录了全部当期要交的税费——此时现金交出去的税费和I/S表的tax expense就会不同；如果企业决定提前多交一点税，也会导致现金记录的费用支出大于I/S表的expense呢

题目这里要求的是“operating cash flow before interest taxes”也就是计算必须带入的是现金的税费，自然不能用I/S表的tax expense

王园圆_品职助教 · 2024年05月25日

同学你好，这不是算出来的，是题干直接给的条件呢

请看“The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018,”这句话不就写了CFO里是考虑了tax的，也就是原来的CFO是已经减去了税费现金支出的，税费现金就是1850

而interest题目说了是包含在CFF里的（即利息费用支出的现金扣减了CFF的金额），也就是本题的CFO 本身就没有扣过利息产生的现金流出，那自然调整为利息前CFO的时候，也不需要再加一次1260呢

田薇 · 2024年05月26日

那为什么报表里的EBT和NI的差额不是税费呀

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