问题如下图：
选项：
A. 
B. 
C. 
解释：
我没记错的话FCFE里面没有WORKING CAPITAL吧？
FCFF=EBIT(1-T)+NCC-FC-WC
FCFE=FCFF-INT(1-T)+NB
NO.PZ2018103102000057 问题如下 Jacques is concting analysis of TMT, a publicly traEuropepetrochemicengineering company. Jacques inten to use a price-to-cash flow multiple in valuing the shares anthe cash flow measure in the multiple woulaccount for both working capitannon-cash revenues, analso after interest expense anthus not mismatchewith share price. Therefore, the most appropriate cash flow measure for TMT is? A.EBIT. B.earnings plus non-cash charges. C.FCFE. C is correct.考点Computing FCFE From fferent Accounting Items.解析C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。 为什么用EBIT不对呢？他是可以替代CF的呀
NO.PZ2018103102000057 问题如下 Jacques is concting analysis of TMT, a publicly traEuropepetrochemicengineering company. Jacques inten to use a price-to-cash flow multiple in valuing the shares anthe cash flow measure in the multiple woulaccount for both working capitannon-cash revenues, analso after interest expense anthus not mismatchewith share price. Therefore, the most appropriate cash flow measure for TMT is? A.EBIT. B.earnings plus non-cash charges. C.FCFE. C is correct.考点Computing FCFE From fferent Accounting Items.解析C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。 thus not mismatchewith share price. 请问老师这句话如何理解
NO.PZ2018103102000057 问题如下 Jacques is concting analysis of TMT, a publicly traEuropepetrochemicengineering company. Jacques inten to use a price-to-cash flow multiple in valuing the shares anthe cash flow measure in the multiple woulaccount for both working capitannon-cash revenues, analso after interest expense anthus not mismatchewith share price. Therefore, the most appropriate cash flow measure for TMT is? A.EBIT. B.earnings plus non-cash charges. C.FCFE. C is correct.考点Computing FCFE From fferent Accounting Items.解析C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。 老师上课的时候讲过，说可以用NI+p+amot作为P/CF的现金流。B说的就是这个公式，为什么不能代表CF
NO.PZ2018103102000057 问一下b为什么不对呢
NO.PZ2018103102000057 老师好 根据题干，现金流期待是“ the cash flow measure in the multiple woulaccount for both “working capital” an“non-cash revenues”, analso “after interest expense”” 然后答案选的是FCFE,那FCFE的公式是FCFE=NI+NCC-WCinv-FCinv+NB 经过匹配，working capital可以和WCinv匹配， non-cash revenues可以和NCC匹配，after interest expense和谁匹配呀？而且FCFE这里还有NI、-FCinv、NB没有对应到。 有些困惑，麻烦老师答疑，谢谢。
