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未命名 · 2021年12月06日

FCFF VS FCFE

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000101

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

owned by a controlling investor. 这个不是只能站在这个公司的角度来估值么，所有应该选FCFF

如果公司杠杆稳定的话，应该FCFF和FCFE都可以选择

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王园圆_品职助教 · 2021年12月06日

嗨，从没放弃的小努力你好：


同学你好，首先，owned by a controlling investor这个点在我们上课中从来没有强调过是只能站在公司角度上的哦~~

它的意思是公司是有一个具有控制权的股东的，只能推出公司的控制权比较集中，股东是能够自由支配公司产生的自由现金流的——到这里为止，并没有办法看出FCFF和FCFE哪个更合适哦~~

此外，本题强调了公司资本结构稳定，只是又一次告诉我们，FCFE和FCFF都是可以使用的。

最后，既然所有的条件都没有推翻使用FCFE的可能，那在同等条件下，我们应该优先使用更简单的FCFE方法

因为FCFF方法不仅需要估计WACC来折现，还需要在计算出企业价值后减去并不容易获得的债权市场价值来估计股东价值，估计的值非常多；

而FCFE直接折现Re就可以得到股东价值，计算简单，需要估计的值更少

在估值中，相同条件下，计算方式越简单，越不容易得出错误的估值，所以在本题中，FCFE比FCFF更合适

同学也可以通过本题，再加深了解一下估值的原理哦~~

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2022-08-16 22:20 1 · 回答

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2021-11-26 10:06 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 题干里面的restructuring over the next few years让我选择了fcff

2021-03-08 17:14 1 · 回答

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