问题如下图:
选项:
A.
B.
C.
解释:
请问take over时候,用FCFE估值可以当做结论吗?题干中说的是关注free cash flow,如果用FCFE,意思是说关注的是shareholder's free cash flow。
NO.PZ201512300100001002 问题如下 2. the reasons proviLeigh support his use of the FCFE mol to value Holt’s common stoinsteof using a M? A.Yes. B.No, because Holt’s vinsituation argues in favor of using the M. C.No, because FCFE is not appropriate for investors taking a control perspective. A is correct.Justifications for choosing the FCFE mol over the M inclu: The company pays vin but its vin ffer significantly from the company’s capacity to pvin (the first reason given byLeigh). The investor takes a control perspective (the seconreason given Leigh). FCFF才更适合control 的情况。
B为什么不对? 算了一下vinpayout ratio 0.4, 不是一个很合理的反映派息能力的数字吗
The company pays vin but its vin ffer significantly from the company’s capacity to pvin 这一点在已知条件中如何具体体现?谢谢
Take over之后 资本结构就会有重大改变 此时FCFE就不能准确估值 因此第二个理由不成立. 我是这么理解而选择的C。请解答一下