问题如下图：关于A为什么不对、为什么modest dividend代表的是dividend有巨大的变化呢？
选项：
A. 
B. 
C. 
解释：
NO.PZ201809170300000101 问题如下 Based on Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pay vin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reand simpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说most v吗，为什么不选a呢
NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. ownea controlling investor. 这个不是只能站在这个公司的角度来估值么，所有应该选FCFF 如果公司杠杆稳定的话，应该FCFF和FCFE都可以选择
NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说capitstable适合FCFE，但是后一句控股不是指代FCFF？ 对比FCFE，FCFF更适合控股股东吗？这个是有问题？ FCFF更适合capitstructure变化的有leverage的。
NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 题干里面的restructuring over the next few years让我选择了fcff
Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 请问，在计算的时候，我们是先算FCFF，再算FCFE，为啥FCFE是更直接简单的方式？
