开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

卷帘门门主耳东大哥 · 2022年07月20日

关于H model的问题

  1. CFA II
  2. Equity

NO.PZ2018103102000046

问题如下：

Jacques is the portfolio manager of AB pension and she considers adding PZ Inc. to her portfolio. Previously, she believed the company would have extraordinary growth for 4 years and normal growth thereafter. After carefully considering the characteristics of the company and its competitors, she is wondering what the consequences would be if the duration of the first stage was assumed to be 8 years instead of 4, with all the other assumptions/estimates remaining the same. Which of the following statement is true?

Statement 1: If the H model is used, the total value estimated would increase.

Statement 2: By using DDM, the proportion of the total value of the stock represented by the second stage would not change.

选项：

A.

Statement 1.

B.

Statement 2.

C.

Both of it.

解释：

A is correct.

考点：DDM& H-model

解析：A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。


H model与时间无关，那么在8年变4年，不应该影响价值呀

添加评论
1 个答案

王园圆_品职助教 · 2022年07月20日

嗨，爱思考的PZer你好：


同学你好，这个公式中的H就等于t/2,而t就是指的从高速增长的g降到低速增长的g所花的时间

本题这个时间从4年增加到了8年，相当于H增加，所以V也会相应的增加

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 1

    关注

  • 404

    浏览
相关问题

NO.PZ2018103102000046问题如下Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change.Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。我的理解是在永续经营的假设下，第一阶段只是增加了四年，第二阶段仍然是经对的大头，姥第二阶段的占比变化是否可以忽略不计，那么第二项也可以是正确的？

2024-10-18 12:22 1 · 回答

NO.PZ2018103102000046 问题如下 Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change. Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。 看了所有分析，突然有点混淆。这个H Mol用在第一阶段还是第二阶段，因为第一阶段的高速增长看起来是持续的，不应该用三角，那么三角面积小于矩形面积，不是应该低估价值吗。statement1 也不是在问4年和8年的区别而是H mol导致的区别。

2024-08-19 11:52 1 · 回答

NO.PZ2018103102000046 问题如下 Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change. Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。 如题

2022-07-07 18:39 1 · 回答

NO.PZ2018103102000046 statement 2的是不是应该是，总的value会上升，但是stage 2所占的比例会减少？

2021-04-08 15:59 1 · 回答