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Amy-Lily · 2024年10月22日

老师好,可以讲一下这道题的知识点吗?谢谢。

NO.PZ2024022701000058

问题如下:

Present value models follow a fundamental tenet of economics that states that individuals invest:

选项:

A.to defer consumption. B.based on the law of one price. C.for the expected future benefits.

解释:

Solution
  1. Incorrect because, while people must defer consumption to invest, their motivation for doing so is that they expect a rate of return over the investment period that will create future benefits.

  2. Incorrect because, while the law of one price is the economic rationale underlying the method of comparables for judging asset valuation, it is not the economic reasoning that explains why people invest.

  3. Correct. Present value models follow a fundamental tenet of economics stating that individuals defer consumption—that is, they invest—for the future benefits expected.

Equity Valuation: Concepts and Basic Tools

• describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases

如题

1 个答案

王园圆_品职助教 · 2024年10月22日

同学你好,本题考察的就是老师一直在说的现值折现模型的定义

题目问现值折现模型的背后的经济学原理——个体投资本质是投资什么

所谓的现值折现模型就是我们学的DDM,FCF模型等未来现金流折现到0时刻求公司价值的模型

A说延迟消费,这和折现模型没有任何关系,这就是个凑数的选项

B一价原则——就是指两个本质上相同的东西就应该卖一样的价格,这是乘数估值法背后的经济学原理,不是现金流折现的,所以B错

C预期的未来的利益——现金流折现模型的过程就是把该资产未来可以给到投资者的现金流折现到0时刻,所以他就是在把个体未来能够获得的所有利益定价到现在这个时刻,所以和题干一致,选C

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