问题如下:
Based on Exhibits 1 and 2, Sienna’s FCFE in 2016 is:
选项:
1,466 million.
C.2,894 million.
解释:
A is correct. Sienna’s FCFE in 2016 is calculated as
FCFE = CFO FCInv + Net borrowing.
= 1,394 1,000 + 500
= 894 million.
Alternatively, FCFE may be calculated as
FCFE = FCFF Int(1 Tax rate) + Net borrowing.
= 680 440(1 0.35) + 500
= 894 million.
repayment 为什么是+5000?
BVt-1+borrowing-repayment=BVt,这里repayment不是前面有个负号吗》为什么不是-5000?
还是应该把net borrowing堪称负责那一侧,repayment意味着减少,根据decreased liability+回来?