[CFA入门] [求助]请教mock test afternoon 86 adjusted, afternoon, only, interest, principal

nayi_crystal

 free cash flow to equity is most accurately described as operating free cash flow adjusted for

a only interest payments to debt holders
b payments to both debt holders(interest and principal) and preferred stockholders
c both interest and principal payments to debt holders, but not payments to preferred stockholders

答案选b
说 FCFE is derived after adjusting the operating free cash flow for payments to debt holders(interest and principal) as well as preferred stockholders

我有点搞糊涂了。FCFE不是对common shareholder的吗？其中不包括优先股和债权人
而且公式里FCFE=CFO+Net Borrowing-FCInv

那为什么要对债权人和优先股持有人进行调整？

[此贴子已经被作者于2009-12-3 22:33:46编辑过]

nayi_crystal

QUOTE:

以下是引用monica_dora在2009-12-3 23:03:00的发言：
我记得那题是FCFF不是FCFE。。。。

是FCFE。。。
请高手指教

nayi_crystal

QUOTE:

以下是引用shirleymjq在2009-12-3 23:37:00的发言：

adjusted for
b payments to both debt holders(interest and principal) and preferred stockholders

FCFE是对于common stockholder的，所以要在公司可用的CFO里面出去对于Debt holder和优先股股东的支付现金，剩下的才是对于common stockholder free的现金。

 但是在公式里面哪里体现了这一点呢？
cfo里面是不是已经包括了对debt holder 和优先股股东的支付现金呢？如果是，为什么公式里面不减去这部分的现金？