Felicity · 2022年02月19日
* 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-
NI = $485 million
NCC = Depreciation expense = $270 million
Interest expense (1-
FCInv = Net purchase of fixed assets = Increase in gross fixed assets
= 4,275 -
WCInv = Increase in accounts receivable + Increase in inventory
= (770 -
= $57 million
FCFF = 485 + 270 + 132.6
课上讲了好多 关于net PPE 一般什么情况用到Net PPE ？ 是去推gross PPE 吗
王园圆_品职助教 · 2022年02月19日
嗨，努力学习的PZer你好：
同学你好，请看一下以下李老师上课的截图，由于题目中没有提到有处置资产的行为，所以用截图总结左上角公式——从gross PPE出发是最方便的
当然也可以从Net PPE出发，但是需要考虑去除当期折旧对计算的影响
具体的何时用netPPE何时用gross PPE，建议同学复习一下相关基础班视频课程，free cash flow里，special issue：fixed capital calculation中，以1.5倍速下第7分钟开始，李老师有针对这4种情况的详细解析哦~~
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
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？
NO.PZ201512300100001003 WcInv为什么不能直接用WC(t)-WC(t-1)得出？
NO.PZ201512300100001003 Note payable没有加在working capit里，是什么原因？ 谢谢
NO.PZ201512300100001003 $370. $422. A is correct. FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv. In this case: NI = $485 million N= preciation expense = $270 million Interest expense (1- Trate) = 195 (1- 0.32) = $132.6 million FCInv = Net purchase of fixeassets = Increase in gross fixeassets = 4,275 - 3,752 = $523 million WCInv = Increase in accounts receivable + Increase in inventory Increase in accounts payable Increase in accrueliabilities = (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？
