问题如下：
In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:
选项：
A.the present value of future expected FCFE.
B.the present value of future expected FCFE plus net borrowing.
C.the present value of future expected FCFE minus fixed capital investment.
解释：
A is correct.
In the FCFE model, the intrinsic value of stock is calculated by discounting expected future FCFE to present value. No further adjustments are required.
不是应该cfo减fcinv再加上net borrowing吗
