问题如下图：
选项：
A. 
B. 
C. 
解释：
120-90是应急负债的意思？表格中不是累计税收和费用的意思吗？营运资本没有这一项啊
NO.PZ2018103102000049问题如下Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:$800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million为啥feff要加回interst income post t而且不加net borrowing呢？ 照理来说 借来的钱不也是属于firm的。同理fcfe 为啥不加interst income 和net norrowing
NO.PZ2018103102000049 问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to: $800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million Net borrowing怎么算？
NO.PZ2018103102000049问题如下Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:$800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million计算中NOTE PAYABLE用的上吗？
NO.PZ2018103102000049 问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to: $800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million 资产的增加变动是加上，负债的增加是减去。貌似调整自由现金流的又是资产增加项要减去，负债的增加要加上。有点搞混了
NO.PZ2018103102000049 问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to: $800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million 关于折旧的计算，应该是期初固定资产 + 固定资产的投资 - 折旧 = 期末固定资产，则固定资产投资 = 期末固定资产 - 期初固定资产 + 折旧，即fcinv = 5000-4250+400 = 1150。是应该这样吗？
