动笔算一下,两个其实是同一条式子。
NI = EBIT - I - TAX
= EBT - TAX
= EBT - EBT * TAXRATE
= EBT * (1 - TAXRATE)
= (EBIT - I)*(1 - TAXRATE)
FCFF = NI + I(1 - TAXRATE) + NCC -WCInv - FCInv
将NI带入:
FCFF = EBIT(1 - TAXRATE) + NCC - WCInV - FCInv