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：
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.
因为stable capture 而选择FCFF而不是FCFE？如不是stable capture ，就用FCFF？
以及新的shareholder 会改变divide policy，涉及leverage ，用FCFE而不是FCFF？
