现值模型中的已知分红率等数字不是账面得来的吗

问题如下：

Book value is least likely to be considered when using:

选项：

A.

a multiplier model.

B.

an asset-based valuation model.

C.

a present value model.

解释：

C is correct.

Multiplier valuation models (in the form of P/B) and asset-based valuation models (in the form of adjustments to book value) use book value, whereas present value models typically discount future expected cash flows.

考点：Asset-based Valuation

BV是记录在资产负债表上的价值。乘数法中的市净率P/B，会涉及使用权益的账面价值。Asset-based 模型=资产的市场价值（如果一些资产没有很容易就可得的市场价值我们就用账面价值来代替）-负债的市场价值

而现值模型是用分析师预测的未来现金流进行折现得到的，不涉及账面价值。所以本题选C。