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标题: level 2, notes 4, page211 [打印本页]

作者: minminmin 时间: 2009-5-6 12:14 标题: level 2, notes 4, page211

如题，NTOES 第四本211页最下面两行， for example, a decrease in leverage through a repayment of debt will decrease FCFE in the current year and increase forecasted FCFE in the future years as interest expense is reduced. 前半句理解，后半句不懂

请指教！

此外，277页第13题，为什么underlying earnings要加上0.22和0.04这两项？

作者: shenxincfa 时间: 2009-5-8 18:03

FCFF不受任何融资行为的影响,FCFE=FCFF-INT*(1-t)...INT减少 FCFF不变FCFE增加

current year:FCFE=FCFF+NET BORROWING;NET BORROWING=ISSUE-REPAY,REPAY增加FCFF不变FCFE减少

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