NO.PZ201809170300000104
问题如下：
Based on Exhibit 1, using net income as a proxy for Company B’s FCFE would result in an intrinsic value that is:
选项：
equal to the intrinsic value if actual FCFE were used.
C.higher than the intrinsic value if actual FCFE were used.
解释：
A is correct. FCFE is significantly higher than net income for Company B:
Net income = $1,212 million.
FCFE for Company B is calculated as:
Investment in working capital is calculated by adding the increase in accounts receivable, the increase in inventories, the increase in accounts payable, and the increase in other current liabilities: -$150 million - $200 million + $100 million + $14 million =- $236 million. Net borrowing is calculated by adding the increase in notes payable to the decrease in long-term debt: $3,000 million $1,000 million = $2,000 million.
Therefore, using net income of $1,212 million as a proxy for FCFE ($2,264 million) for Company B would result in a much lower valuation estimate than if actual FCFE were used.
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？
