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Stella · 2021年07月13日

fcff不用考虑nb么

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001003

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

题目中有长短期负债的变更 应该加上这一项？
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韩韩_品职助教 · 2021年07月14日

嗨，爱思考的PZer你好：


同学你好：FCFF是计算归属于公司的自由现金流，此时是将债权人和股东看成一个整体，不做区分，因此计算时不用考虑net borrowing。题目中的如果是短期无息负债的变化，这个会影响Working Capital的投资（FCInv）。

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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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