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小乔eoe · 2020年02月29日

问一道题：NO.PZ201809170300000203 第3小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Which of Ho’s statements regarding free cash flow is (are) correct?

选项：

A.

Statement 1 only

B.

Statement 2 only

C.

Neither Statement 1 nor Statement 2

解释：

C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

这道题free cash flow怎么区分指的是fcff还是fcfe

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1 个答案

maggie_品职助教 · 2020年02月29日

嗨，爱思考的PZer你好：


不需要作区分，杠杆变化只影响FCFE，不影响FCFF，说statment 1说都不影响，错。 同理，回购、发红利等既不影响FCFF也不影响FCFE，所以statment 2说都影响也错了。这个知识点建议看下讲义177页的例题。


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