问一道题：NO.PZ201809170300000104 第4小题 [ CFA II ]

NO.PZ201809170300000104 Baseon Exhibit 1, using net income a proxy for Company B’s FCFE woulresult in intrinsic value this: lower ththe intrinsic value if actuFCFE were use equto the intrinsic value if actuFCFE were use higher ththe intrinsic value if actuFCFE were use A is correct. FCFE is significantly higher thnet income for Company Net income = $1,212 million. FCFE for Company B is calculateas: Investment in working capitis calculateaing the increase in accounts receivable, the increase in inventories, the increase in accounts payable, anthe increase in other current liabilities: - –$150 million - – $200 million + $100 million + $14 million =- – $236 million. Net borrowing is calculateaing the increase in notes payable to the crease in long-term bt: $3,000 million – $1,000 million = $2,000 million. Therefore, using net income of $1,212 million a proxy for FCFE ($2,264 million) for Company B woulresult in a mulower valuation estimate thif actuFCFE were use 老师，这里Investment in working capital算出来结果是-236，带公式里-WC这一项直接带成了-236而不是-（-236），现金流量表算出来-236表示投资了236，是这样理解的么？

NO.PZ201809170300000104 equto the intrinsic value if actuFCFE were use higher ththe intrinsic value if actuFCFE were use A is correct. FCFE is significantly higher thnet income for Company Net income = $1,212 million. FCFE for Company B is calculateas: Investment in working capitis calculateaing the increase in accounts receivable, the increase in inventories, the increase in accounts payable, anthe increase in other current liabilities: - –$150 million - – $200 million + $100 million + $14 million =- – $236 million. Net borrowing is calculateaing the increase in notes payable to the crease in long-term bt: $3,000 million – $1,000 million = $2,000 million. Therefore, using net income of $1,212 million a proxy for FCFE ($2,264 million) for Company B woulresult in a mulower valuation estimate thif actuFCFE were use Other current liability为什么可以算进Working capital里面