【答案】
The following table shows the values of sales, net income, capital expenditures less depreciation, and investments in working capital. FCFE equals net income less the investments financed with equity:
FCFE = Net income − (1 − DR)(Capital expenditures − Depreciation) − (1 − DR)(Investment in working capital)
where DR is the debt ratio (debt financing as a percentage of debt and equity). Because 20 percent of net new investments are financed with debt, 80 percent of the investments are financed with equity, which reduces FCFE by 80 percent of (Capital expenditures – Depreciation) and 80 percent of the investment in working capital.
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【提问】
答案里面说FCFE equals net income less the investments financed with equity:
FCFE = Net income − (1 − DR)(Capital expenditures − Depreciation) − (1 − DR)(Investment in working capital) ；这个公式意思是用NI减去所有股东的出资就是FCFE，课件没讲，推导过程什么？什么情况下用这个方法计算呢？
我用FCFE=NI+Dep-Wc-Fc+NB（=DR*（Capital expenditures − Depreciation ））的方式计算跟这个答案不一样，
