出海财报中的FCF、FCFF、FCFE分别指的是什么？

FCF、FCFF、FCFE是财报中的三大自由现金流量科目。

FCF全称free cash flow，指自由现金流量。

自由现金流量，就是企业产生的、在满足了再投资需要之后剩余的现金流量，这部分现金流量是在不影响公司持续发展的前提下可供分配给企业资本供应者的最大现金额。简单地说，自由现金流量（FCF）是指企业经营活动产生的现金流量扣除资本性支出（Capital Expenditures，CE）的差额。即：FCF=OCF-CE。其英文释义如下：Free cash flow (FCF) is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets. In other words, free cash flow is the cash left over after a company pays for its operating expenses (OpEx) and capital expenditures (CapEx).

自由现金流是一种财务方法，用来衡量企业实际持有的能够回报股东的现金。指在不危及公司生存与发展的前提下可供分配给股东（和债权人）的最大现金额。

FCFF全称free cash flow for the firm，指公司自由现金流量。

FCFF模型认为公司价值等于公司预期现金流量按公司资本成本进行折现。

模型输入参数：用自由现金流量折现模型进行公司估价时，需要确定的输入参数主要有自由现金流量的预测、折现率（资本成本）估算和自由现金流量的增长率和增长模式预测。

其英文释义如下：

Free cash flow to the firm (FCFF) represents the amount of cash flow from operations available for distribution after accounting for depreciation expenses, taxes, working capital, and investments. FCFF is a measurement of a company's profitability after all expenses and reinvestments.

FCFE全称free cash flow to equity，指股权自由现金流。

FCFE股权自由现金流模型的来源是现金流贴现定价模型，而现金流贴现定价模型是基于这么一个概念：资产的内在价值是持有资产人在未来时期接受的现金流所决定的。由这个定义出发，可以推导出现金流贴现模型。应该说这个模型是很好理解的。特别是假设无限期持有后，内在价值等于未来各期现金流的贴现值累计之和。

其英文释义如下：

Free cash flow to equity (FCFE) is the amount of cash a business generates that is available to be potentially distributed to shareholders. It is calculated as Cash from Operations less Capital Expenditures plus net debt issued.

以下为相关双语示例，供参考：

A healthy positive free cash flow generation/FFO is expected from the Viterra asset base going forward, which is expected to offer support to debt coverage ratios and deleveraging initiatives into the future.

展望未来，预期Viterra的资产基础将会产生稳健的正自由现金流量／营运资金流量，有望为债务保障比例及未来的去杠杆化举措提供支持。

Free cash flow to equity holders, for example, is calculated differently than cash flow to stakeholders, which is different from a simple summation of the various cash flows on the cash flow statement.

例如，股权持有者自由现金流量的计算方式与股东现金流的计算方式不同，后者并不仅仅是将现金流量表中的各现金流简单相加。

转载自：红蓝律作者：旗渡多语信息中心（出海信息服务）