NO.PZ2023032701000035
问题如下:
Using information from the company’s financial statements given here.
The difference between FCFF and FCFE is:
选项:
A.
28 million
B.
18 million
C.
32 million
解释:
Free cash flow to the firm is
FCFF = NI + NCC + Int( 1-Tax rate ) -FCInv -WCInv
FCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)
FCFF = 285 + 180 + 78-349-38 = $156 million
Free cash flow to equity is
FCFE = NI + NCC -FCInv-WFCInv + Net borrowing
FCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )
FCFE = 285 + 180 -349 - 38 + 50 = $128 million
So the difference between FCFF and FCFE=156-128=28 million.
题目直接给了WC的变化,我不太懂判断正负号,存货的变化和应付账款的变化,一个是资产端一个是负债,正负号不用变化就直接相加吗? 然后老师上课讲过另一种公式计算WCinv,是流动资产减流动负债,我用表里2008年的流动资产减流动负债,减去2007年的流动资产减流动负债,算出来就是66,与答案的WCinv不一样,这是为什么呢?