FCFF=NI+NCC+[INT*(1-t）]-FCInv-WCInv
而FCInv=capital expenditure-proceeds from sales of long-term assets
我理解这个proceeds from sales of long-term assets是出售固定资产的全部所得，包括BOOK Value 和 GAIN&LOSSGAIN&LOSS不是已经包括在NI里面了吗？为什么现在算FCFF的时候又要算一遍？不重复么作者: cpaking23 时间: 2013-4-22 19:52
You should understand NCC in your equation to include both non-cash charge like depreciation expense and Non-CFOA I/S items like gain/loss from fixed assets disposal
