level2 关于FEFF 和EV计算value of equity 好心人, equity, 计算, level2

pkuapple

有好心人可以帮忙解释一下FEFF扣减debt和EV+cash and investment-debt中debt的区别吗？到底哪个包括 note payable，short term debt? long term debt? 谢谢啦

haydeehu

前者减accounts payable, notes payable和LT debt, 后者只减LT debt. 你是指mock afternoon的32和34题？

pkuapple

恩，我觉得好奇怪啊，note payable. Account payable 都没有 cost of capital 呀

cloudfengchao

the "debt" in FCFF calculation is actually total liability. In financial literature, debt and liability they are sometimes used interchangeably, and that is why confusion arises.
  In a precise sense: Liability = operational liability( ex. A/P, deferred tax liability) + debt( notes payable, current portion of LT debt, LT debt)
  regarding EV calculation. The enterprise value takes a market perspective, i.e. it only takes into account the claims that can be traded in the market. Notes payable is an debt contract that cannot be traded in the "market", unlike publicly traded fixed income instruments. So there is no market value for notes payable.

haydeehu

多谢楼上专业的回答，也解了我的疑惑

roofding

回复 4# cloudfengchao


   FCFE时，为什么要减去accounts payable呢？感觉有点怪....