[CFA入门] 请教L2 sample1 第25题，多谢 capital, current

joysonhku

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

japhyhan

我也觉得这道有问题的，谁来说说

kcfonga1

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

WCInv should use "non-cash" current assets.

xsq00

 NWC的计算不是不考虑短期债务的么？

minminmin

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

qazaq

把CASH及等价物扣除

zengerliu

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.

weimingosi

6楼正解

ibec

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

testppmm

 WC增量除去Cash and cash equivalent以及short term debt部分的值