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：
A.lower than the intrinsic value if actual FCFE were used.
B.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？
