牛魔王 · 2019年11月01日
问题如下：
According to the financial statement, what`s the FCFE for Company M?
选项：
A.$1,140 million
B.$1,050 million
C.$740 million
解释：
A is correct.
考点：Computing FCFE from Different Accounting Items
解析：FCFE = FCFF – Int (1 – Tax rate) + Net borrowing.
= 950 – 300*(1 – 0.3) + 400
= $1140 million.
这里面关于account payable增加项，是债权类，增加表示资金流入可以这样理解吗？如果题目是payable减少，是不是要减去这个500呢？
NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 在I/S中，那些是Wcinv ，哪些是Fcinv？
NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 如题，net borrowing如果是额外融资，equity holrs就多了400现金可以花，所以+400，那如果是repayment，不是应该-400吗
NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. WCinv = Increase in + Increase in Inv - Increase in AP这题中WCinv如何计算? AR和INV增加的话，WCinv不应该是负数吗? 只有increase in AP才说明是投资吧，所以为什么不是-1000-100+500呢?
$1,050 million $740 million A is correct. 考点Computing FCFE from fferent Accounting Items 解析 FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 million FCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 我对于这个NB的符号有些不太明白。。。。。，如果从给债权人的现金流来说=int（1-t）-新借入+新偿还，按照题目来讲是repayment的话，应该是300*（1-30%）+400=610才对，然后再用FCFF-610。就算写成一个公式，用NB的话，NB当repayment的时候也是-400，这里既然是repayment，为什么是这个符号？
NO.PZ2018103102000116问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. AR和AP到底是算在ncc还是WCinv里面呢？为什么一下在这一下在那？
