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Oli小神仙😊 · 2025年05月06日

为什么在计算wc的时候要用total current asset直接减去cash？

  1. CFA II
  2. Equity

NO.PZ2023032701000036

问题如下：

The following are the financial statements in Exhibits 1 and 2. McLaughlin’s fiscal year ends 31 December.

Exhibit 1 McLaughlin Corporation Selected Financial Data ($ millions, except per share amounts)

Exhibit 2 McLaughlin Corporation Consolidated Balance Sheets ($ millions)

McLaughlin’s FCFF ($ millions) for 2012 is closest to:

选项：

A.

$485

B.

$418

C.

$460

解释：

FCFF = NI + NCC + Int(1 – Tax rate) – FCInv – WCInv

Net income (given) = $626; Non-cash charges (depreciation, given) = $243; Interest expense (given) = $186; Tax rate = 294/920 = 32%; Fixed capital investment (given) = $535

FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million

$418 is incorrect. It uses t not (1 – t).

FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million

$460 is incorrect. It ignores working capital investment.

FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million

其他题目不都是AR+Inv吗？没有包含过other current assst呀。迷惑了

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1 个答案

王园圆_品职助教 · 2025年05月06日

同学你好，working capital是指公司要维持运营所产生的资产和负债，所以从这个角度看，既然是现金而没有被变成inventory之类的资产项目，说明这个现金很可能是闲置的非必须的，也就是维持运营也许不是必须要有的，所以在计算WC的时候定义里就要求了必须把cash剔除

之前的题目没有除了存货和应收张狂别的短期资产，不代表现实生活中就没有别的短期资产啊，根据定义，WC中就应该是把cash剔除后的全部短期资产都计算在内才对，所以既然有其他的短期资产，就不应该继续用AR＋inventory的方式计算WC，而应该用定义计算WC的资产才对

以下是关于WC计算的讲义截图，同学可以再复习一下噢

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NO.PZ2023032701000036 问题如下 The following are the financistatements in Exhibits 1 an2. McLaughlin’s fiscyeen 31 cember.Exhibit 1 McLaughlin Corporation SelecteFinancita ($ millions, except per share amounts) Exhibit 2 McLaughlin Corporation ConsoliteBalanSheets ($ millions)McLaughlin’s FCFF ($ millions) for 2012 is closest to: A.$485 B.$418 C.$460 FCFF = NI + N+ Int(1 – Trate) – FCInv – WCInvNet income (given) = $626; Non-cash charges (preciation, given) = $243; Interest expense (given) = $186; Trate = 294/920 = 32%; Fixecapitinvestment (given) = $535FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million$418 is incorrect. It uses t not (1 – t).FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million$460 is incorrect. It ignores working capitinvestment.FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million 计算FCFE时，在计算WC 为什么current asset - current liability要把现金剔除

2024-05-09 18:49 1 · 回答

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