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FCFE = FCFF - Interest Exp*(1-tax rate) + Net borrowing
FCFF = FCFE + Interest Exp*(1-tax rate) - Net borrowing
Therefore which is greater depends on the interest expense (net of tax shield) and net borrowing.
Int exp(1-t) > net borrowing ----> FCFF is greater
Int exp(1-t) < net borrowing -----> FCFE is greater |
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发表于 2011-7-11 19:56
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