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.
不太理解为什么要加上net borrowing,借的钱不是属于debtor的吗,那归属于equity holders的不应该是减去这些负债剩余的吗?