frr0717
2018-04-17 17:12Increasing common dividends = $110 million, which is a use of FCFE—no effect on FCFE. Share repurchase = $60 million, which is a use of FCFE—no effect on FCFE. Debt repayment = $100 million, which will reduce FCFE by the full amount. Therefore, FCFE will decrease by $100 million. Reducing debt by $100 million reduces FCFE (the amount of cash available to equity holders) by that amount. The cash dividend and the share repurchase are uses of FCFE and do not change the amount of cash available to equity holders. 老師您好。這道題請你解釋一下，為什么前兩種方式是不影響fcfe？謝謝！
所屬：CFA Level II > Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
金程教育Alfred助教
2018-04-17 17:33
該回答已被題主采納
同學(xué)你好，首先從公式來看FCFE=NI+NCC-FCinv-WCinv+Net borrowing，相當(dāng)于這幾項(xiàng)才是屬于FCFE的來源。而increase div以及share repurchase并不屬于其中，他們屬于FCFE的用途。就好比說我每個(gè)月的收入由工資、獎(jiǎng)金和投資收益組成，這幾項(xiàng)是我收入來源。那我的收入會用于吃飯，買衣服，這幾項(xiàng)則是屬于我收入的用途，但不會說我這個(gè)月用的多了，我收入也就多了。
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