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

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

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.

教材上的标准答案：

working capital=current asset excluding cash and equivalent - current liability exluding short term debt

记住这个就百毒不侵了。

有些东西notes上讲的和教材上对不上号