算对了FCFE=185 居然还判断错了，感觉题目没说清楚啊

问题如下：

Matt is preparing to evaluate Company M `s intrinsic value. If he uses net income as a proxy for Company M’s FCFE, the intrinsic value would be:

选项：

A.

higher

B.

the same

C.

lower

解释：

A is correct.

考点：Proxy for FCF

解析：从NI出发计算FCFE：FCFE = NI + NCC – WCInv – FCInv + Net Borrowing

WCInv = Increase in inventories – increase in accounts payable = 50-25 = $25 million

NB = Increase in notes payable - decrease in long-term debt = 60-50 = $10 million

FCFE = 212 + 88 – 25 – 100 +10 = $185 million

所以用NI代替FCFE估值，内在价值会更高。