刷同學(xué)
2024-11-28 07:11FCF的正常計(jì)算過(guò)程,理論上用的應(yīng)該是NCC,只不過(guò)實(shí)際計(jì)算時(shí)用的較多的只是Dep。但sale-based不同,它只用Dep,其他NCC不考慮。我這么理解對(duì)嗎?(拋開考試來(lái)說(shuō))
所屬:CFA Level II > Equity Valuation 視頻位置 相關(guān)試題
來(lái)源: 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2024-11-28 13:47
該回答已被題主采納
同學(xué)您好
是的,sales-based方法假設(shè)的就是NCC中只有折舊。
Investment in fixed capital in excess of depreciation (FCInv – Dep) and investment in working capital (WCInv) both bear a constant relationship to forecast increases in the size of the company as measured by increases in sales. 原理:超過(guò)折舊的固定資本投資(FCInv – Dep)和營(yíng)運(yùn)資本投資(WCInv)都與公司規(guī)模的預(yù)期增長(zhǎng)存在恒定的關(guān)系,而公司規(guī)模的增長(zhǎng)通過(guò)銷售收入的增長(zhǎng)來(lái)衡量
This method involves a simplification because it considers depreciation as the only noncash charge. 為了簡(jiǎn)化,該方法認(rèn)為折舊是唯一的非現(xiàn)金費(fèi)用
