CFI-CFF

CFI：Cash used in purchase of fixed assets

CFI考试的主要公式

• Book Value = Carry Value = Purchase cost - AD - Impairment
• 公式1: NBV end = NBV begin + Purchase - Disposal NBV - Depreciation
• 公式2：Gain or loss = Proceeds received - Disposal NBV
• 公式3：CFI = - Purchase + Proceeds

Notice:

• NBV: Net Book Value，即Gross COGS减去摊销D/A后的值
• 公式1中的Disposal NBV与公式2中的Disposal NBV一致

CFF

CFF分为3个部分

1. 债
   • +delta debt
2. 股
   • +delta capital (账面+溢价APIC)
   • R/E，非现金
   • OCI，非现金
3. 支付股利（支付的股利 dividend paid，与宣告的股利 dividend declared 区分）
   • Dividend paid = - Dividend + delta Dividend payables
   • R/E begin + NI - Div. declared = R/E end

CFS百分比法

1. cash flow Statement account / revenues
2. cash outflow / total cash outflows cash inflow / total cash inflows

Free cash flow

FCFF: Free Cash Flow to Firm
FCFE: Free Cash Flow to Equity

考试主要考3个公式

1. FCFF = NI + NCC + [Int*(1-t)]-FCInv-WCInv
2. FCFF = CFO + [Int*(1-t)] - FCInv
3. FCFE = CFO - FCInv + Net borrowing

Notice

• NI: Net Income
• NCC: Non-Cash Charges，类似折旧摊销
• FCInv: Fixed Capital，主要是机器、厂房和设备
• WCINV: Working Capital，主要是 -delta Inv - delta A/R + delta A/P