问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，用NI代替FCFE估值是啥意思？是用RI model么？谢谢
NO.PZ2018103102000111 the same lower A is correct. 考点Proxy for F解析从NI出发计算FCFEFCFE = NI + N– WCInv – FCInv + Net Borrowing WCInv = Increase in inventories – increase in accounts payable = 50-25 = $25 million NB = Increase in notes payable - crease in long-term = 60-50 = $10 million FCFE = 212 + 88 – 25 – 100 +10 = $185 million 所以用NI代替FCFE估值，内在价值会更高。 为啥NB是这样计算的
老师我对题目表达的意思不理解。内涵价值是指什么？是谁和谁的比较？ FCFE=实际结果是185,小于NI，为啥不是lower呢？
purchase of fixeassets应该算到fixecapitinvestment里吧？
老师好，为什么这题不是WCInv = -Increase in inventories + increase in accounts payable ， increast in inventory 说明我在投资，投资是现金流 流出于是减去increase in inventories 然后increase in P 说明我在融资， 融资是现金流流入于是+increase in P 。 WCInv = -50+25 = 25 . 然后带入FCFE = NI +p -WCinv -FCinv +N212+88-(-25)-100+10 = 235 , FCFE = 235 > 212 所以是如果用NI 会lower thusing FCFE? 我现金流这里的理解哪里有错? 谢谢。
