问题如下图：
选项：
A. 
B. 
C. 
解释：
如何知道FCFE算出是零时刻，而不是其他时刻？
NO.PZ2018103102000113 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFE mol. The growth rates for the first three years are estimate10%, 8%, an6%, respectively, anthen it mgrow 5% per yeinto the infinite future. The requirerate of return on equity for Company M is 10%. What`s the intrinsic value of Company M’s equity? A.$4195million B.$4818million C.$6406 million C is correct.考点Valuation Mols解析先计算出FCFE0 = NI + N– WCInv – FCInv + Net Borrowing= 485 + 270 – (59-33) – 523 + (15+60)= $281 millionFCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 millionPV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06millionPV3=r−gFCFE3×(1+g)=10%−5%353.86×1.05=$7431.06millionPV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82millionPV=1.1309.1+1.12333.83+1.13353.86+7431.06=$6405.82million 做的时候想了半天，增长率没说是什么的增长率有可能是净利润的增长率，也有可能是FCFE的增长率。因为是出在这个章节了，所以用的FCFE。
NO.PZ2018103102000113 问题如下 Matt is preparing to evaluate the value of Company M`s equity using the two-stage FCFE mol. The growth rates for the first three years are estimate10%, 8%, an6%, respectively, anthen it mgrow 5% per yeinto the infinite future. The requirerate of return on equity for Company M is 10%. What`s the intrinsic value of Company M’s equity? A.$4195million B.$4818million C.$6406 million C is correct.考点Valuation Mols解析先计算出FCFE0 = NI + N– WCInv – FCInv + Net Borrowing= 485 + 270 – (59-33) – 523 + (15+60)= $281 millionFCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 millionPV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06millionPV3=r−gFCFE3×(1+g)=10%−5%353.86×1.05=$7431.06millionPV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82millionPV=1.1309.1+1.12333.83+1.13353.86+7431.06=$6405.82million 想问下老师，CURRENT LIABILITY 里除了accounts payable外，还包括什么科目呢，尤其考试中可能出现的。
NO.PZ2018103102000113 为什么是– (59-33) 而不是– (-59+33) ？
NO.PZ2018103102000113 $4818million $6406 million C is correct. 考点Valuation Mols 解析先计算出FCFE0 = NI + N– WCInv – FCInv + Net Borrowing = 485 + 270 – (59-33) – 523 + (15+60) = $281 million FCFE1 = 281*(1+10%) = $309.1 million, FCFE2 = $333.83 million, FCFE3 = $353.86 million PV3=FCFE3×(1+g)r−g=353.86×1.0510%−5%=$7431.06millionPV_3=\frac{FCFE_3\times\left(1+g\right)}{r-g}=\frac{353.86\times1.05}{10\%-5\%}=\$7431.06millionPV3=r−gFCFE3×(1+g)=10%−5%353.86×1.05=$7431.06million PV=309.11.1+333.831.12+353.86+7431.061.13=$6405.82millionPV=\frac{309.1}{1.1}+\frac{333.83}{1.1^2}+\frac{353.86+7431.06}{1.1^3}=\$6405.82millionPV=1.1309.1+1.12333.83+1.13353.86+7431.06=$6405.82million net borrowing公式如何在这道题目里面计算
The requirerate of return on equity for Company M is 10%.为啥答案中是除以1.1 求pv的时候 。公式是什么
