折现率为什么要加上size premium?上一题不是说不能加吗？

问题如下：

5. The indicated value of Thunder’s equity using the build-up method and the capitalized cash flow method (CCM) based on free cash flow to equityis closest to:

选项：

$29.41 million.

$38.46 million.

$125.00 million.

解释：

A is correct.

The return on equity is the sum of the risk free rate, equity risk premium, and the size premium for a total of 4.5 + 5.0 + 2.0 = 11.5 percent. The value of the firm using the CCM is V =FCFE₁ /(r -g) = 2.5/(0.115 -0.03) = $29.41 million.