关于FCFF investing

hehanz

请问

 

FCFF里面的FCInv和investing cash flow是一个东西么?

 

 

谢谢

hunterzhou

Investing (operating) cash flow is actually the cash flow from investments (operations) which you can get directly from cash flow statements. You can refer to LII Book4 P143 for more information. In this way, CFInv shuld be the same as captial expenditures/investing cash flow.

[此贴子已经被作者于2010-5-9 16:41:29编辑过]

hehanz

Thank you. I feel the same way.

pesilight

Cash flow from investing activities include long-term & short-term investment , Fixed Assets purchasing and any gains or losses from disposal.

 

If we use Cash Flow Statment to calculate FCFF, we should less out "FCInv" and this part is just refering  to" Cash Flow form Investing Activities".

 

Therefore, in CFA exam, I think they are the same.

[此贴子已经被作者于2010-5-5 17:28:02编辑过]

hehanz

Thank you so much for your reply. However, I have the following concerns:

 

First of all, the "investing cash flow" in my previous statement comes from Level 1 "Understanding the cash flow statement". If you take a look at the page 120, you will see the components of Investing cash flow: ending PP&E - beginning PP&E + gains (-loss) on sales. And FCInv = capital expenditures - proceeds from sales of long-terms assets. They look like the same thing.

 

What do you think?

forwhat

Fixed Capital Investment basically means the accrual difference between item Property, Plant and Equipment through year. FCInv tells you how much money has been invested into fixed capital or long term asset compared to WCInv in short term.

Investing cash flow sounds like a vague concept which can be applied to several different scenarios.

Therefore, those two concepts should be different.