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：
A. higher
B. the same
C. 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。
为啥NB是这样计算的
