返回列表发帖

Rank: 1

UID: 72127
帖子: 112
主题: 20
注册时间: 2007-9-20
最后登录: 2017-3-17

1^# 跳转到 » 倒序看帖

打印

字体大小: tT

发表于 2009-5-30 20:55 | 只看该作者

[CFA入门] 请教L2 sample1 第25题，多谢

capital, current

算FEFF,答案WCinv=80-105, 这个哪里来的呢？题中Working capital不是应该是current asset-current liabilities么？而CA-CL显然不是80，和105啊

多谢

japhyhan

CFA New Member

Rank: 1

UID: 27108
帖子: 39
主题: 1
注册时间: 2006-5-22
最后登录: 2014-6-8

2^#

发表于 2009-5-30 22:11 | 只看该作者

我也觉得这道有问题的，谁来说说

TOP

kcfonga1

CFA New Member

Rank: 1

UID: 78765
帖子: 62
主题: 0
注册时间: 2007-11-29
最后登录: 2012-8-9

3^#

发表于 2009-5-31 00:01 | 只看该作者

WCInv
= difference in (Accounts receivable + Inventories + Other Current Assets) - difference in (Current Liabilities)
= 80 - 105

WCInv should use "non-cash" current assets.

TOP

xsq00

CFA New Member

Rank: 1

UID: 89533
帖子: 29
主题: 1
注册时间: 2008-3-5
最后登录: 2010-12-15

4^#

发表于 2009-6-3 22:59 | 只看该作者

NWC的计算不是不考虑短期债务的么？

TOP

minminmin

CFA Candidates

Rank: 2

UID: 40753
帖子: 397
主题: 56
注册时间: 2006-11-8
最后登录: 2011-8-17

5^#

发表于 2009-6-4 17:09 | 只看该作者

用后一年的current A-current L-cash and cash equivalents 减去前一年的这部分就是结果了

NWCInv是WCINv（也即WC增量）除去Cash and cash equivalent以及short term debt部分的值

TOP

qazaq

CFA New Member

Rank: 1

UID: 60666
帖子: 98
主题: 24
注册时间: 2007-5-23
最后登录: 2010-5-2

6^#

发表于 2009-6-4 18:43 | 只看该作者

把CASH及等价物扣除

TOP

zengerliu

CFA New Member

Rank: 1

UID: 107715
帖子: 42
主题: 0
注册时间: 2008-9-6
最后登录: 2010-5-20

7^#

发表于 2009-6-4 22:45 | 只看该作者

Vol 4 P359:

although working capital is often defined as current assets minus current liabilities, working capital for cash flow and valuation purposes is defined to exclude cash and short-term debt..... we define working capital to exclude cash and cash equivalents, as well as notes payuable and the current portion of long-term debt.

TOP

weimingosi