求助 为什么计算 working capital investment 时不算入短期债务 比如notes payable？

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书上说 we also ignore short-term debt, such as notes payable, because it is part of the capital provided to the company and is not considerd an operating item.

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关键词：Investment investmen working Payable Capital investment capital

而且 百度百科明确说了 营运资金 也就是working capital 等于 流动资产减去流动负债   流动负债里面明确有短期借款    这里算working capital investment 也就是营运资本投入 怎么就不包括 短期负债了    顺便说句 我这里书上说的计算WCI=AC + Inventory+ AP +accruals  这四个都是变化量

AC是什么？

ＷＣＩ　= CASH  + AR +INV- AP-ACCRUALS

SHORT TERM  NOTE PAYABLE  -  EXCLUDED

WCI is to measure the lowest level of  invested capital needed to sustain the business opeation.

NOTE PAYABLE is not a necessary part of the revenue generating opeartion.  


1st, you need to calculate how much is needed,  2nd  accordingly, you will know how much free cash will be left for distribution or so

you may get working capital investment as: WC_t-WC_t-1 excluding cash, cash equivalents, notes payable and current portion of long-term debt. Basically it is: delta(AR) + delta(Inv.) -delta(AP) - delta(accrued taxes&expenses), delta = @T- @(T-1)