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EvanWu · 2020年08月30日

问一道题：NO.PZ201512300100001003

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

3. Holt’s FCFF (in millions) for 2008 is closest to:

选项：

A.

$308.

B.

$370.

C.

$422.

解释：

A is correct.

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv. In this case:

NI = $485 million

NCC = Depreciation expense = $270 million

Interest expense (1- Tax rate) = 195 (1- 0.32) = $132.6 million

FCInv = Net purchase of fixed assets = Increase in gross fixed assets

= 4,275 -  3,752 = $523 million

WCInv = Increase in accounts receivable + Increase in inventory  Increase in accounts payable  Increase in accrued liabilities

= (770 -  711) + (846- 780)  - (476- 443) - (149 - 114)

= $57 million

FCFF = 485 + 270 + 132.6 - 523 -  57 = 307.6, or $308 million

这道题的operating income应该就是EBIT吧？从EBIT开始算和答案的NI开始算计算结果有差异，考试的时候从哪个科目开始算更好呢？

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1 个答案

韩韩_品职助教 · 2020年08月30日

嗨，努力学习的PZer你好：


同学你好，两种都可以的。operating income就是EBIT。

两种计算如下：

FCFF=EBIT*(1-T)+Dep-WCinv-FCinv = 908-(1-32%)+270-57-523 = 307.44

FCFF=NI+Dep+Int(1-T)-WCinv-FCinv=485+270+195*(1-0.32)-57-523=307.6

两者的差别非常小，并且答案来看都是一致的。


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NO.PZ201512300100001003问题如下3. Holt’s FCFF (in millions) for 2008 is closest to:A.$308.B.$370.C.$422.A is correct.FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv. In this case:NI = $485 millionN= preciation expense = $270 millionInterest expense (1- Trate) = 195 (1- 0.32) = $132.6 millionFCInv = Net purchase of fixeassets = Increase in gross fixeassets= 4,275 - 3,752 = $523 millionWCInv = Increase in accounts receivable + Increase in inventory Increase in accounts payable Increase in accrueliabilities= (770 - 711) + (846- 780) - (476- 443) - (149 - 114)= $57 millionFCFF = 485 + 270 + 132.6 - 523 - 57 = 307.6, or $308 million老师，请问 operating income与EBIT有啥区别？为啥不能用EBIT那条公式求FCFF？

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