NO.PZ2018062004000111
问题如下:
What adjustments that an analyst would make to CFO in order to derive free cash flow to equity?
选项:
A.
Add after tax interest payments and subtract capital expenditures.
B.
Subtract capital expenditures and add net borrowing.
C.
Subtract both capital expenditures and net borrowing.
解释:
B is correct. FCFE= CFO - FCInv+Net borrowing. FCFF= CFO+Int*(1-Tax rate)-FCInv.
能否结合题干意思解释一下题目?