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huangme7 · 2022年04月26日

CFO+INT+TAX

  1. CFA II
  2. FRA

NO.PZ2018111303000092

问题如下：

Analyst collected the financial information about PZ company in the following table:

Analyst also collected the cash flow information about PZ company in the following table:

The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, based on the ratios for operating cash flow before interest taxes to operating income in 2018, the results should describe as:

选项：

A.

PZ’s earning are not backed by cash flow

B.

PZ’s earning are backed by cash flow

C.

no conclusion

解释：

B is correct.

考点：operating cash flow before interest and taxes

解析：

Operating cash flow before interest and taxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了，只需要加回tax即可

Operating cash flow before interest and taxes=8850+1850=10700

将其除以EBTI得到：10700/4579=2.34

计算结果是大于1的，说明公司的earning质量较高。

为什么用CFO+INT+TAX 除以EBIT 来看earning质量

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1 个答案

袁园_品职助教 · 2022年04月27日

嗨，爱思考的PZer你好：


分析师认为公司的EBIT其实是可以通过扩大应收账款来虚增的。比如我们说的操纵利润的方法中，有的是年底向经销商采用赊账的方式，进行销售，这种情况下，收入、利润被虚增了，但是应收账款也增加了。所以我们在分析一家公司财报的时候是更加的看中他的经营性现金流的。

这就反映了一个公司经营的本质，现金为王。当这家公司经营性现金流是大于EBIT的，我们认为这家公司的EBIT可以是看做基本上都是有现金回款的，而不是虚增了很多应收账款。

这块的内容，可以看一下，基础班讲义341页。

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