问题如下图：
选项：
A. 
B. 
C. 
解释：
我的计算公式跟答案一样，re=7.075%，然后把这个数字代入最后V=101204.8193million。这样的化答案该怎么找？
maggie_品职助教 · 2019年01月19日
2、折现率（分母）对于估值影响很大，折现率尽量保留两位小数，你再试试计算。
粉红豹 · 2019年04月05日
越准确反而结果越不对了吗？我跟这位同学的结果一模一样，留的小数多，反而没有正确答案，好彷徨
maggie_品职助教 · 2019年04月06日
其实是这样的，这道题计算并不复杂，答案有出入完全是因为，我们在计算时不会像答案里面把计算分成两步，计算得到WACC=0.07075会直接带入求价值，而答案为了更好的展现计算步骤，所以在得到WACC时四舍五入了，而价值的计算对于分母是非常敏感的，所以会有这么大的误差。但你们的计算结果没有问题，考试不会出现这样的误差的，这是这道题出的不太好的原因。
NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0×(1+g)=7.075%−5%2,000×1.05=$101,204.82million 你好，计算求得V0(EV)=101,204.82后，为什么不是Value=EV-mkt value of bt=101,204.82-15,000
NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0×(1+g)=7.075%−5%2,000×1.05=$101,204.82million WA= w× r× (1–T) + (wp × rp) + (we × re)，这个公式没见过，不敢用。那是不是，equity value=firm value--优先股 value?
NO.PZ2018103102000119 如图
NO.PZ2018103102000119
NO.PZ2018103102000119 $ 100,836.20million $100,961.54 million C is correct. 考点Valuation Mols 解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0×(1+g)=7.08%−5%2,000×1.05=$100,961.54million算WACC时,优先股不需要1—t吗