zephyr823

1. 是的FCF就是FCFF，好像notes里有注释的

 

2. 我记得做过一道题，提供的CFI里包括PP&E investment和PP&E disposition，但计算FCFF时只用到PP&E investment而不考虑PP&E disposition。所以我觉得应该不要算固定资产处置收益。Notes上是在哪里提到要算入的啊？

zephyr823

晕回复了两次都说有敏感字眼。

我去别的论坛查了一下，应该是题目错了。Fixed asset disposition应该算入FCInv.的。我差点忘掉这个疑问了，幸亏你提出来。

链接贴出来FYI: http://www.analystforum.com/phorums/read.php?12,984960,984960#msg-984960

 

zephyr823

CFI是Cashflow from investment

zephyr823

Its a good question

Im confused too. The notes says in this case we should look at the Cashflow from investing on cashflow statement. Maybe the 70K disposal income is not recoreded as CFI?

 

The CFAI text says:"if a company receives cash in disposing of any of its fixed capital, the analyst must deduct this cash in arriving @ investments in fixed capital."

 

So its clear the 70K should be deducted from FCInv. Rite?

Could someone help us out here?

zephyr823

我又看了便书和notes，应该是这样：如果有fixed asset disposal的gain/loss，都作为ncc从NI里调整，然后再反映到FCInv.里。所以你的例子里净利润应该调整为0，同时FCInv也是0，所以FCFF等于0