问一道题：NO.PZ2018103102000111

问题如下：

Matt is preparing to evaluate Company M `s intrinsic value. If he uses net income as a proxy for Company M’s FCFE, the intrinsic value would be:

选项：

higher

the same

lower

解释：

A is correct.

考点：Proxy for FCF

解析：从NI出发计算FCFE：FCFE = NI + NCC – WCInv – FCInv + Net Borrowing

WCInv = Increase in inventories – increase in accounts payable = 50-25 = $25 million

NB = Increase in notes payable - decrease in long-term debt = 60-50 = $10 million

FCFE = 212 + 88 – 25 – 100 +10 = $185 million

所以用NI代替FCFE估值，内在价值会更高。

purchase of fixed assets应该算到fixed capital investment里吧？

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maggie_品职助教 · 2020年02月08日

你的理解没问题，这道题也是这么做的，请看下面我截图红框中的100就是FCINV：

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NO.PZ2018103102000111 the same lower A is correct. 考点Proxy for F解析从NI出发计算FCFEFCFE = NI + N– WCInv – FCInv + Net Borrowing WCInv = Increase in inventories – increase in accounts payable = 50-25 = $25 million NB = Increase in notes payable - crease in long-term = 60-50 = $10 million FCFE = 212 + 88 – 25 – 100 +10 = $185 million 所以用NI代替FCFE估值，内在价值会更高。为啥NB是这样计算的

2021-03-08 15:20 1 · 回答

老师我对题目表达的意思不理解。内涵价值是指什么？是谁和谁的比较？ FCFE=实际结果是185,小于NI，为啥不是lower呢？

2020-08-02 16:05 1 · 回答

老师，用NI代替FCFE估值是啥意思？是用RI mol么？谢谢

2020-02-26 22:30 1 · 回答

老师好，为什么这题不是WCInv = -Increase in inventories + increase in accounts payable ， increast in inventory 说明我在投资，投资是现金流流出于是减去increase in inventories 然后increase in P 说明我在融资，融资是现金流流入于是+increase in P 。 WCInv = -50+25 = 25 . 然后带入FCFE = NI +p -WCinv -FCinv +N212+88-(-25)-100+10 = 235 , FCFE = 235 > 212 所以是如果用NI 会lower thusing FCFE? 我现金流这里的理解哪里有错? 谢谢。

2019-11-24 08:23 1 · 回答

问一道题：NO.PZ2018103102000111

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