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James · 2024年10月02日

A选项不是恰好跟Cannan的意思反过来么？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001105

问题如下：

5. The cash flow measure that Ritter would most likely recommend to address Cannan’s concern is:

选项：

A.

free cash flow to equity.

B.

earnings plus non-cash charges.

C.

earnings before interest, tax, depreciation, and amortization.

解释：

A is correct.

Free cash flow to equity (FCFE) is defined as cash flow available to shareholders after deducting all operating expenses, interest and debt payments as well as investments in working and fixed capital. Cannan’s requirement that the cash flow include interest expense, working capital and noncash revenue is satisfied by FCFE.

题目背景里说Cannan担心现金流去除了WC等

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2 个答案

王园圆_品职助教 · 2024年10月03日

同学你好，举个例子，譬如卖机器设备，机器设备账面剩余价值小于收到的现金的差额，就是记为gain from sale of PP&E并记录在I/S表里面的，而我们在计算CFO或者FCF的时候，都是需要特别的考虑到这类非现金的gain/loss，并把他们从NI中剔除从而计算真实的现金性经营收入的


王园圆_品职助教 · 2024年10月02日

同学你好，题目问的是题干中Cannan认为不存在，但Ritter认为存在的一种现金流是哪种，所以只要是满足Cannan对这个现金流描述的选项就是正确的。

有用的题干节选如下：

The reason is that he could not identify a cash flow measure that would both account for working capital and non-cash revenues, and also be after interest expense .Ritter advises Cannan that such a cash flow measure does exist.

这里的意思是，这个现金流需要既要考虑到WC和非现金收入，还要是扣减利息费用之后的。根据FCFE的公式我们知道A选项是满足上述条件的，所以选A没有问题哦

James · 2024年10月02日

Non cash revenue 体现在哪里呀？

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NO.PZ201512300100001105 可是它不是有restricting charge =公式资本结构不稳定？,为啥用FCFE，EBIT不行吗？ FCFE里面考虑了non cash charge ?

2021-11-26 17:56 1 · 回答

请问 FCFF 满足条件吗？？

2020-03-15 15:47 1 · 回答