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Ivy · 2022年08月16日

请问老师

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000101

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

不是说modest div吗，为什么不选a呢

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1 个答案

王园圆_品职助教 · 2022年08月17日

嗨，努力学习的PZer你好：


首先，CFA协会的原则是三个选项中选最优的

确实A选项和B选项，甚至C选项看起来都可以用来求公司A的价值

但是，题目说了公司有一个具有控制权的投资者，所以这个投资者可以对分红的多少产生重大影响，此时相对FCFE，分红被操控的可能性就更大，所以AB选项之间，B更合适

而BC之间比较，在可以使用FCFE的时候，使用更简单的FCFE而不是需要更多计算步骤的FCFF来计算公司价值，更容易得到准确的公司价值，所以B比C更合适

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NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. ownea controlling investor. 这个不是只能站在这个公司的角度来估值么，所有应该选FCFF 如果公司杠杆稳定的话，应该FCFF和FCFE都可以选择

2021-12-06 20:24 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说capitstable适合FCFE，但是后一句控股不是指代FCFF？ 对比FCFE，FCFF更适合控股股东吗？这个是有问题？ FCFF更适合capitstructure变化的有leverage的。

2021-11-26 10:06 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 题干里面的restructuring over the next few years让我选择了fcff

2021-03-08 17:14 1 · 回答

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2020-12-09 01:47 1 · 回答