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银色羽毛 · 2025年06月20日

关于WCinv的计算

  1. CFA II
  2. Equity

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？

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1 个答案

王园圆_品职助教 · 2025年06月20日

同学你好，解析用的是现金流量表中的WC变化来直接计算的，因为这部分项目是现金流量表的项目，相当于已经处理过了，现金流入直接就是正数，现金流出就是负数——所以简单直接把这个表格的项目加总就可以得到WC的变化值并且是带现金流方向的——即现金流入38

如果用你说的流动资产减流动负债的方式，助教也可以计算一遍你看看，你自己核对一下差异

07年计入WC的 current asset = 474+520 = 994

计入WC的current liability = 295+76 = 371

所以07年的WC = 994-371 = 623

08年计入WC的 current asset =513 + 564 =1077

计入WC的current liability = 317 + 99 = 416

所以08年的WC =1077 - 416 = 661

所以ΔWC = 661-623 = 38

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相关问题

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. netborrowing中都包含哪些项，notepayable也算在里面么，难道不是应该算在WC中么

2024-07-22 11:33 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. CF表中，long-term bt以及note payable为负数，代表债务净偿还？

2024-07-19 10:24 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. 为什么不能从totcurrent liability 和long term bt在这两年的增量来看net borrowing呢？谢谢！

2024-04-01 22:49 1 · 回答

NO.PZ2023032701000035 问题如下 Using information from the company’s financistatements given here. The fferenbetween FCFF anFCFE is: A.28 million B.18 million C.32 million Free cash flow to the firm isFCFF = NI + N+ Int( 1-Trate ) -FCInv -WCInvFCFF = 285 + 180 + 130(1-0.40 ) -349-(39+44-22 -23)FCFF = 285 + 180 + 78-349-38 = $156 million Free cash flow to equity isFCFE = NI + N-FCInv-WFCInv + Net borrowingFCFE = 285 + 180 -349 - (39+44 - 22 -23) + ( 10+40 )FCFE = 285 + 180 -349 - 38 + 50 = $128 millionSo the fferenbetween FCFF anFCFE=156-128=28 million. FCFF - FCFE = INT*(1-T) - NB，从这个角度去算，直接找到interest expense、note payable 和 long term bt的变化即可。计算如下130 * (1-0.4) - (10 + 40) = 28.

2023-07-14 11:29 1 · 回答