NO.PZ2018103102000048
问题如下：
Jacques is preparing the valuation for PZ Inc.. She has prepared preliminary valuations using a FCFE model. There are two reasons support her to use the FCFE model instead of DDM. The first reason is that PZ Inc.’s dividends have differed significantly from its capacity to pay dividends. The second reason is that PZ Inc. is a takeover target and once the company is taken over, the new shareholders will have discretion over the uses of free cash flow. Are both of the reasons mentioned above correct?
选项：
A. Yes.
B. No,
because PZ’s dividend situation argues in favor of using the DDM.
C. No,
because FCFE is not appropriate for investors taking a control perspective.
解释：
A is correct.
考点：FCFF
解析：A是正确的。两个原因都是正确的，选择FCFE模型而不是DDM的理由包括:1、该公司虽然支付股息，但其股息与该公司支付股息的能力存在显著差异。2、并购后，投资者对公司实现控制。
如果takeover导致资本结构发生较大变化，为什么不用fcff更合适