NO.PZ2018103102000106
问题如下：
Two analysts are discussing about the characteristics of residual income models. Matt has forecasted that residual income per share will be constant into perpetuity. Mark questions Matt’s assumption regarding the implied persistence factor used in the multistage RI valuation. He believes that a persistence factor of 0.35 is appropriate. Compared to Mark`s assumption, Matt`s persistence factor will lead to:
选项：
A.higher multistage value estimate
B.lower multistage value estimate
C.the same multistage value estimate
解释：
A is correct.
考点：Multistage Residual Income Model
解析：Matt的模型中，持续因子为1，代表未来RI并不会衰减。Mark的模型中，持续因子为0.35。RI多阶段模型中，persistence factor持续因子越大，最后一阶段RI的净现值就会越大，所估计的权益内在价值也会越大。
persistence factor指的是w
w=1+g，w越大代表RI越大
本题中Matt认为w是1，g=0，RI永远恒定。Mark认为w是0.35，意味着g是负值，RI会衰减。因此Matt的假设与Mark相比会高估，选A。
