R31 练习: 现金流量表分析 II
考纲范围
- analyze and interpret both reported and common-size cash flow statements
- calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios
Q1.
To analyze a company’s cash flow statement better, an analyst should start from:
A. analyzing the comparability of cash flows.
B. identifying the primary sources and uses of cash.
C. assessing the determinants of operating cash sources and uses.
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答案：B
解析：分析现金流量表的第一步应该是识别现金的主要来源和用途（primary sources and uses of cash），了解公司现金从哪里来、花到哪里去。之后再进一步分析可比性和经营性现金流的驱动因素。
选项 判断 解析 A ✗ 分析可比性是后续步骤，不是第一步 B ✓ 识别现金的主要来源和用途是分析的起点 C ✗ 评估经营现金流的决定因素是更深入的分析步骤
Q2.
Which of the following statements is most likely to be true?
Statement 1: The common-size cash flow statement was prepared by dividing each line item by the total net income for the same year.
Statement 2: The total cash flow can be used as a denominator for the common-size cash flow statement.
A. Statement 1
B. Statement 2
C. Neither
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答案：C
解析：
- Statement 1 错误：统一度量式现金流量表通常将各项目除以**收入（Revenue）**而非净利润（Net Income）
- Statement 2 错误：总现金流量可能为负数或接近零，不适合作为分母。通常使用收入（Revenue）或现金流入总额作为分母
选项 判断 解析 A ✗ 应除以收入而非净利润 B ✗ 总现金流可能为负数，不适合作为分母 C ✓ 两个说法都不正确
Q3.
The following information is available for a company:
| 项目 | 金额 |
|---|---|
| Cash flow from operations | $30 million |
| Interest expense | $1 million |
| Debt issued | $8 million |
| Debt repaid | $3 million |
| Machine purchased | $5 million |
| Equipment disposed | $2 million |
If the tax rate is 40%, this company’s free cash flow to the firm (FCFF) and free cash flow to equity (FCFE) is closest to:
A. $27.6 million and $32 million, respectively.
B. $30.6 million and $32 million, respectively.
C. $27.6 million and $27 million, respectively.
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答案：A
解析：
计算过程：
FCFF = CFO + Int(1-t) - FCInv
- Int(1-t) = $1M \times (1-0.4) = $0.6M
- FCInv (net) = Machine purchased - Equipment disposed = $5M - $2M = $3M
FCFE = CFO - FCInv + Net borrowing
- Net borrowing = Debt issued - Debt repaid = $8M - $3M = $5M
选项 判断 解析 A ✓ FCFF=$27.6M, FCFE=$32M 计算正确 B ✗ FCFF=$30.6M 未考虑利息的税盾调整 C ✗ FCFE=$27M 计算有误
Q4.
When computing free cash flow to the firm, which of the following is an addition to the free cash flow to firm?
A. Proceeds from the sale of long-term assets.
B. Increase in working capital expenditures.
C. $10 million of new debt.
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答案：A
解析：FCFF = CFO + Int(1-t) - FCInv，其中 FCInv = 购买固定资产 - 处置固定资产收入。处置长期资产的收入减少了 FCInv，相当于增加了 FCFF。
选项 判断 解析 A ✓ 处置长期资产收入减少净资本支出，增加 FCFF B ✗ 营运资本增加会减少 FCFF（如果从 NI 推导） C ✗ 新增债务影响 FCFE，不影响 FCFF
Q5.
Which of the following cash flow ratios is most likely to measure the financial risk of a company?
A. CFO/Net revenue
B. CFO/Total debt
C. CFO/Average total assets
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答案：B
解析：
- CFO/Net revenue 是盈利质量（performance）比率，衡量收入转化为现金的能力
- CFO/Total debt 是覆盖（coverage）比率，衡量公司用经营现金流偿还债务的能力，直接反映财务风险
- CFO/Average total assets 是盈利质量比率，衡量资产产生现金的效率
选项 判断 解析 A ✗ 属于盈利质量比率，衡量现金流与收入的关系 B ✓ 属于覆盖比率，衡量偿债能力，反映财务风险 C ✗ 属于盈利质量比率，衡量资产效率