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Gabriela · 2025年02月02日

融资行为CFI

  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.

因为proceeds from sale of stock是融资行为，所以在计算CFO时不应该-8.5吗？间接法计算CFO.

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1 个答案

王园圆_品职助教 · 2025年02月02日

同学你好，“proceeds from sale of stock是融资行为”——是的，你这里的理解是正确的。所以8.5M 整体是属于CFF的现金流入，和经营活动毫无关系，自然不需要计入CFO呢

或者从CFO间接法角度考虑，为什么我们要加回或减去一些项目？

是因为1.I/S表里记录的该项目不属于经营活动，因该被剔除——融资活动募资资金的过程根本不计入I/S表，根本不会反映到NI中，自然不需要在间接法的时候予以剔除

或是因为2. 这类项目是经营活动但没有计入I/S表中——融资活动直接会计记账 + cash 同时 + equity下面的common stock 即可，既不是经营活动也不影响任何working capital 项目，自然不需要在间接法计算CFO的时候予以剔除或加回呢

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