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Wutanru · 2019年12月29日

问一道题:NO.PZ2018103102000112

问题如下:

Matt is forecasting FCFE for three companies by using the following equation: FCFE = NI – (1 – DR)(FCInv – Dep + WCInv). The relevant information of three companies is given in the following table. Which company is most likely inappropriate in using the equation?

选项:

A.

Company B

B.

Company C

C.

Company A

解释:

A is correct.

考点:Special Issues: NCC Adjustments

解析:题干中给出的计算FCFE的公式中只考虑了折旧这一项NCC,但是B公司相比其他两家公司有大量的除折旧外的NCC,所以B公司是最不适合用这个公式来计算FCFE的。

想问一下,公司A的FCFE计算出来等于多少?我算的是FC=2400, WC=-285. NB=-475,这样算下来,FCFE就是负数了。。

2 个答案

Trees · 2019年12月30日

感觉目前的解释不足够有说服力,我和楼主一样都是从FCFE为负数的角度考虑得出的选项,感觉这样理解也是合理的,助教能再帮忙解答下题目的本质吗?

maggie_品职助教 · 2019年12月30日

因为这道题是定性的考察,不涉及计算,所以表格的数字只是示意性质的哈,不用纠结。

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