Tammy · 2023年03月26日
NO.PZ2018111302000003
问题如下：
In order to value a property with constant growth rate in income and value using DCF method, an analyst collects below DCF assumptions: Going-in cap rate is 5.5%, terminal cap rate is 6%, discount rate is 7.25%, what’s the growth rate of the target property?
选项：
A.0.50%
B.1.25%.
C.1.75%.
解释：
C is correct.
考点：DCF assumption
解析：被投资房地产的收入和价值都是一致的增长率，等于折现率discount rate (7.25%) – 现行的资本化率going-in cap rate (5.50) = 1.75%.
为什么不是7.25%-6%
Lucky_品职助教 · 2023年03月29日
嗨，爱思考的PZer你好：
这里就是Equity和房地产估值在两阶段模型中的一个区别点，Equity一直都是一个discount rate, 而Real estate在投资期结束的时候，discount rate有可能会发生变化。本题主要是因为给出的discount rate所对应的是基于现在风险情况的折现率，所以要用going-in cap rate，而不是terminal cap rate.
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
NO.PZ2018111302000003 问题如下 In orr to value a property with constant growth rate in income anvalue using F metho analyst collects below F assumptions: Going-in crate is 5.5%, termincrate is 6%, scount rate is 7.25%, what’s the growth rate of the target property? 0.50% 1.25%. 1.75%. C is correct.考点F assumption解析被投资房地产的收入和价值都是一致的增长率，等于折现率scount rate (7.25%) – 现行的资本化率going-in crate (5.50) = 1.75%. 为什么用Going-in crate，而不是termincrate？考试时，可否看到constant growth rate 就用Going-in crate？
NO.PZ2018111302000003 问题如下 In orr to value a property with constant growth rate in income anvalue using F metho analyst collects below F assumptions: Going-in crate is 5.5%, termincrate is 6%, scount rate is 7.25%, what’s the growth rate of the target property? 0.50% 1.25%. 1.75%. C is correct.考点F assumption解析被投资房地产的收入和价值都是一致的增长率，等于折现率scount rate (7.25%) – 现行的资本化率going-in crate (5.50) = 1.75%. 关于going-crate 和 growth rate的关系
NO.PZ2018111302000003 问题如下 In orr to value a property with constant growth rate in income anvalue using F metho analyst collects below F assumptions: Going-in crate is 5.5%, termincrate is 6%, scount rate is 7.25%, what’s the growth rate of the target property? 0.50% 1.25%. 1.75%. C is correct.考点F assumption解析被投资房地产的收入和价值都是一致的增长率，等于折现率scount rate (7.25%) – 现行的资本化率going-in crate (5.50) = 1.75%. going-in rate本身不就是等于r-g吗？要是带入公式，岂不是等于直接加了一个g
NO.PZ2018111302000003 问题1题目最后只问了growth rate是多少，我怎么知道问的是一阶段的g还是二阶段的g？ 问题2r0（0时刻的回报率）和rn（n时刻求终值的回报率）是可能因为风险不同，而不同吧？那题目直接只说“the requirerate of return”，我怎么知道是给的啥时刻的回报率？ 问题3g0和gn可能会不同吗？ 问题4如果g0和gn不同（照题目来看是不同的），那为什么题目一开头还能将这个资产的growth rate描述成“constant”？
