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海伦岛主 · 2020年11月26日

问一道题：NO.PZ201809170300000105

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Based on Exhibit 1, using the proposed sales-based methodology to forecast FCFE would produce an inaccurate FCFE projection for which company?

选项：

A.

Company A.

B.

Company B.

C.

Company C.

解释：

A is correct. In addition to significant non-cash charges other than depreciation in the most recent year, the annual report indicates that Company A expects to recognize additional non-cash charges related to restructuring over the next few years. The given equation for forecasting assumes that the only non-cash charge is depreciation. When the company being analyzed has significant non-cash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all the individual components of FCFE.

看到过去解析中老师解释了：NCC是唯一的非现支出，没明白这句话是什么意思。。

我看到讲义上说的是：假设Dep是唯一的非现支出。。可否请老师再具体讲一下解析是什么意思？

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2 个答案

maggie_品职助教 · 2020年11月27日

你的理解是正确的，这里是我笔误了，非常抱歉，应该是Dep是唯一的非现支出而非”NCC“，英文表述是we have assumed that the only noncash charge is depreciation。谢谢你的指正。加油。

 

maggie_品职助教 · 2020年11月27日

嗨，从没放弃的小努力你好：


如果要使用target debt ratio 这个公式来计算FCFE，有一个前提假设：NCC是唯一的非现支出。由于公司A 还有 other non-cash expense，所A不能用这个公式。注意这里没有为什么，原版书就是这么规定的（就像很多模型有假设一样），如果要用这个方法就要假设NCC是唯一的非现支出，只要记住这个结论就好。


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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！


海伦岛主 · 2020年11月27日

助教你好，可能我们对这句话理解有偏差，NCC本身就是非现支出，什么叫又是唯一的非现支出？我看到书上写的前提是Dep是唯一的NCC，我觉得和你写在这里的意思还是不太一样的，可否再具体解释下你写的NCC是唯一非现支出是指什么？谢谢

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NO.PZ201809170300000105问题如下 Based on Exhibit 1, using the proposesales-basemethology to forecast FCFE would proinaccurate FCFE projection for whicompany? Company A. Company B. Company C. A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineby forecasting all the invicomponents of FCFE. 题目公式中的是什么意思？

2023-02-26 14:45 1 · 回答

NO.PZ201809170300000105 Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. NCC是唯一的非现支出。由于公司A 还有 other non-cash expense，所以不能用 是不是以ni 出发的ncc里，在计算sale base候不能有other non-cash exp的意思？ 是否抛弃non cash exp 的NCC就剩下p？ sale base是target ratio 的别名？target ratio是指代（WC+FC-p)*A是这里的A？

2021-11-26 10:55 3 · 回答

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2021-08-25 00:04 1 · 回答

Baseon Exhibit 1, using the proposesales-basemethology to forecast FCFE woulproinaccurate FCFE projection for whicompany? Company Company Company A is correct. In aition to significant non-cash charges other thpreciation in the most recent year, the annureport incates thCompany A expects to recognize aitionnon-cash charges relateto restructuring over the next few years. The given equation for forecasting assumes ththe only non-cash charge is preciation. When the company being analyzehsignificant non-cash charges other thpreciation expense, this sales-basemethology will result in a less accurate estimate of FCFE thone obtaineforecasting all the invicomponents of FCFE. 请问关于sale basemethology具体内容，讲义里有吗？

2020-12-09 02:08 1 · 回答