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杨舒芃 · 2021年12月23日

为啥accrued tax还要记入WC呢

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

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

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

为啥accrued tax还要记入WC呢

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1 个答案

王园圆_品职助教 · 2021年12月23日

嗨，努力学习的PZer你好：


同学你好，根据Working Capital的定义，是指为了维持公司的正常经营必须要产生的短期开销

应交税费一般是指增值税印花税等当期产生的税负，公司如果不交税金，就会被国家关停，所以这是必要的开销，需要计入WC

从WCInv的角度看，应交税费的增加就相当于当期公司从国家拿到了一笔无息融资，可以类同于应付账款的增加，对于公司来说是现金的净流入，所以计算WCInv的时候，是加上；反之像题目中的情况就是减去啦~~

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努力的时光都是限量版，加油！

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