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占庆画 · 2025年05月01日

买卖股票在投资、融资和经营活动中的区分

  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.

proceeds from sale of stock 与讲义中的sale proceeds from trading（经营活动）和 sale proceeds from debt & equity investment、proceeds from issue stocks，他们各自怎么区别？

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1 个答案

王园圆_品职助教 · 2025年05月02日

同学你好，proceeds from sale of stock 就是proceeds from issue stocks，这两个是一样的，都是指发行股票获得的现金，所以都属于CFF现金流入。因为stock默认一定是公司自己的股票，所以只要是公司自己的股票被卖出获得的钱，一定是融资性现金流

剩下的请看以下讲义截图黄色部分的表述，题目一定会非常清楚的表述成 proceeds from trading securities这样的字眼（而不会用proceeds from stock来表述）来明确告诉考生这就是公司卖出交易性金融资产带来的现金流的，从而让考生可以辨别这是CFO的流入，这上面一定不会设置模糊字眼的，同学可以放心

同样，长期的投资例如equity investment或者debt投资，也会明确说是proceeds from non-trading securities这样的字眼的，不会用stock这种带有歧义的字眼来混淆考生的


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