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aileen20180623 · 2021年11月26日

FCFF和FCFE

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000101

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：

A.

DDM

B.

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.

不是说capital stable适合FCFE，但是后一句控股不是指代FCFF？

对比FCFE，FCFF更适合控股股东吗？这个是有问题？


FCFF更适合capital structure变化的有leverage的。

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1 个答案

王园圆_品职助教 · 2021年11月26日

嗨，从没放弃的小努力你好：


同学你好，但看是否有控股股东不能判断FCFF和FCFE哪个更合适。

关于控股股东，题目答案中有说了“Therefore, there is the possibility that the controlling shareholder could change the dividend policy.”——说明控股股东只和分配分红有关，和选择FCFF还是FCFE没有关系。

你的最后一句话“FCFF更适合capital structure变化的有leverage的”前半句对，FCFF适合capital structure有变化的，也就是leverage会变动不稳定的公司

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