问题如下：
Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?
选项：
FCFE
C.FCFF
解释：
B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure 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？
