问一道题：NO.PZ201809170300000202 第2小题 [ CFA II ]

B.

$€$1,466 million.

C.

$€$2,894 million.

解释：

A is correct. Sienna’s FCFE in 2016 is calculated as

FCFE = CFO $–$ FCInv + Net borrowing.

= 1,394 $–$ 1,000 + 500

= $€$894 million.

Alternatively, FCFE may be calculated as

FCFE = FCFF $–$ Int(1 $–$ Tax rate) + Net borrowing.

= 680 $–$ 440(1 $–$ 0.35) + 500

= $€$894 million.

我想问一下，为什么上一题interest求fcff时interest是税盾作用，是+。 这道题求fcfe是负号，我有些搞不清楚利息的流进流出。