这道题不管g=0还是6企业价值都是450，那潜在的意思是不是说前三年两者的CF是不一样的？否则企业价值不能不变

问题如下：

Matt, an analyst with company M, has estimated the free cash flows of 11 million at the end of the third year. The constant growth rate of the free cash flow is 6% after Year 3 and the required rate of return is 10%. Currently, he wants to evaluate the effect of change in assumption. What`s the percentage change in the fair enterprise value of $450 million if you use a terminal growth rate of 0% rather than 6%?

选项：

-46.8%

-30.3%

-40.3%

解释：

B is correct.

考点：Discounted Cash Flow Analysis

解析：当增长率为6%时，terminal value = 11*(1.06)/(10%-6%) = 291.5 million

      当增长率为0%时，terminal value = 11/10% = 110 million

      现值的改变量=(110-291.5)/1.1³ = -136.36

      Percentage change = -136.36/450 = -30.3%