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aileen20180623 · 2021年11月26日

FCFF和FCFE

* 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。

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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