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[CFA入门] 请教L2 sample1 第25题,多谢

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

 

多谢

我也觉得这道有问题的,谁来说说

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

WCInv should use "non-cash" current assets.

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 NWC的计算不是不考虑短期债务的么?

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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

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把CASH及等价物扣除

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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.

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6楼正解

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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

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 WC增量除去Cash and cash equivalent以及short term debt部分的值
cfa考试交流qq群:88935591

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