NO.PZ2018103102000081
问题如下：
Matt is evaluating the company by using the two-stage dividend discount model with dividends growing at a rate of 10% from 2017 to 2022. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The estimated value of the stock at the end of the first stage is the:
选项：
A.present value of the dividends after 2022
B.present value of the dividends after 2017
C.present value of the dividends through 2017 to 2022
解释：
A is correct.
考点：Two Stage Model
解析：二阶段模型中，第二阶段长期永续增长阶段的终值折现到第一阶段末。
如题，题目问的是在第一阶段结束后value要怎么算，那就是把2017-2022的分红折线的2017时刻嘛，为什么要考虑2022以后的GGM折现呢？
