NO.PZ2018103102000048
问题如下：
Jacques is preparing the valuation for PZ Inc.. She has prepared preliminary valuations using a FCFE model. There are two reasons support her to use the FCFE model instead of DDM. The first reason is that PZ Inc.’s dividends have differed significantly from its capacity to pay dividends. The second reason is that PZ Inc. is a takeover target and once the company is taken over, the new shareholders will have discretion over the uses of free cash flow. Are both of the reasons mentioned above correct?
选项：
A.Yes.
B.No, because PZ’s dividend situation argues in favor of using the DDM.
C.No, because FCFE is not appropriate for investors taking a control perspective.
解释：
A is correct.
考点：FCFF
解析：A是正确的。两个原因都是正确的，选择FCFE模型而不是DDM的理由包括:1、该公司虽然支付股息，但其股息与该公司支付股息的能力存在显著差异。2、并购后，投资者对公司实现控制。
1、第一这道题没有提及FCFF。
2、这道题没有涉及杠杆的变化，所以FCFE和FCFF都是一样的。
3、FCFE受杠杆波动影响较大，主要是指公司发债的规模发生变化，会使得归属股东的现金流经常发生变化。
以上是老师给出的理由，但是我还是觉得不太认同，有以下几点：
1.此节有另外一道题题目没有提及FCFF依旧选项中选择了FCFF
2.由于PZ被收购，合并报表后杠杆比例会发生变化
3.FCFE受杠杆波动影响大，所以在被收购合并后，合并报表的发债规模发生变化，使得归属股东的现金流发生变化
综上所述，为什么还是不选C，就是为什么不是“错，不应该选FCFE而是选FCFF”
