股票+债券-现金=内在价值，为什么不选c

问题如下：

In the FCFE model, the intrinsic value of a stock is calculated as:

选项：

the present value of expected FCFE in the future.

the present value of future expected FCFE minus fixed capital investment.

the present value of future expected FCFE plus net borrowing.

解释：

A is correct.

In the FCFE model, stock's intrinsic value is estimated by discounting expected future FCFE to current value. There is no need for further adjustment.

考点：FCFE Model

我们用FCFE模型对股票的内在价值（intrinsic value）进行估值,就是把公司未来的归属股东的自由现金流进行折现得到现值的过程。