NO.PZ2018103102000124
问题如下：
Company M, a private education corporation, consists of a lot of intangible assets, which of the following methods is most appropriate to evaluate its value?
选项：
A.Asset-based approach.
B.Discounted free cash flow approach.
C.Excess earnings approach.
解释：
C is correct.
考点：Income Approach
解析：超额收益法（ Excess earnings approach ）是使用剩余收益对非上市公司进行估值。计算超额收益就是用来估计无形资产的价值的，当公司有较多的无形资产，就需要使用超额收益法 。
是否可以理解为：
Risk priemium 是针对要求回报率进行作用，影响 re
而各种Discount（DLOC/DLOM/Total discount）是作用在最终value上的？
