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我与狸奴不出门_005 · 2024年04月24日

辛苦老师简单介绍一下spreadsheet model,谢谢

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NO.PZ202303150300000204

问题如下:

Jackson’s understanding of when he would switch from an H-model to a spreadsheet model is best described as:

选项:

A.correct. B.incorrect with respect to the difference in growth rates. C.incorrect with respect to the length of the first growth period.

解释:

Solution

A is correct. Jackson’s understanding is correct. The H-model is appropriate to use when the transition from a higher rate of growth to a lower one is linear over time but does not provide a very close approximation for a long extraordinary growth period or for a large difference in growth rates.

B is incorrect. Jackson’s understanding is correct with respect to the growth rates. The H-model is appropriate to use when the transition from a higher rate of growth to a lower one is linear over time.

C is incorrect. Jackson’s understanding is correct with respect to the length of the first growth period. The H-model is appropriate to use when the transition from a higher rate of growth to a lower one is linear over time, but it does not provide a very close approximation for a long extraordinary growth period.

如题

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已采纳答案

王园圆_品职助教 · 2024年04月24日

同学你好,

spread sheet模型在原版书上并没有介绍,所以助教也没法就这些内容给出太多信息。但是CFA今年新开了实务建模课程,是每个学生都可以去学习的,在那个课程里面,是可以看到关于spread sheet模型的完整介绍的

你可以简单把spread sheet模型理解成将公司各期的现金流都放在一个excel模型里的一种估值方式

由于可以将各期的现金流分别计算和列示,整个模型就相比GGM和Hmodel更加灵活(因为本题这样只是有几年的分红会特别的增加的情况,显然不符合GGM的永续稳定增长和H model的增长稳定下降的模型,这些现金流也无法在这两个模型中体现),因而spread sheet 模型就能解决这种有几期现金流不稳定或和整体不一致的情况了

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