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- 2011-5-24
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NI + Dep - CapEx is the same as NI - (CapEx-Dep).
I think the reason that use this equation instead of NI+Dep-FCInv(1-DR)-WCInv(1-DR), is that they assume that a portion of the fixed capital investment is what is commonly referred to as "maintenance CapEx". The assumption is that this expenditure is in the normal course of business and only the "new CapEx" is financed with new debt/equity.
Hope this helps. Pretty confusing. |
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发表于 2011-7-13 15:29
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