题目的解释

问题如下：

The company has a dividend payment history that is not clearly and appropriately relative to its earnings, with a changing capital structure, and is owned by a controlling investor. Which of the model can be used?

选项：

A.

FCFE

B.

FCFF

C.

DDM

解释：

B is correct.

考点：Valuation Models

解析：自由现金流模型的分析角度是站在控股股东的立场上，且适用于红利的发放政策不确定，和公司利润不挂钩的公司。对于资本结构变化波动比较大的公司，如果使用FCFE进行折现，得出的结果波动也十分剧烈。此时用FCFE折现是不合适的，而应该选择FCFF。