这道题问的terminal value指的不是PV吗？怎么答案是V4、不懂。
问题如下图：
选项：
A. 
B. 
C. 
解释：
maggie_品职助教 · 2018年12月04日
terminal value是终值的意思哈。PV是现值（当前股票的价值）的意思。这道题是让计算在第四年的终值。加油哦。
粉红豹 · 2018年12月29日
老师请教下为啥第四年的终值是用后面的红利折现呢，而不是“所有”的部分，也就是把前四年的dividend也计算时间价值到第四年，然后加上12.23？
maggie_品职助教 · 2018年12月30日
估值最基本思想：是将未来现金流进行折现，这样计算得到的是当前时刻投资产品的内在价值。站在第四时刻往后看，可以把第四时刻假象是零时刻，所以站在第四时刻看到的股票价值是之后股息的折现到4时刻的价值。而前四年的股息是零时刻股票价值的一部分。加油。
NO.PZ2018103102000042问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。看见这个两阶段的M求终值，我直接就开始代入那个t/2××(gs-go)的那个公式了，结果求出来的结果和答案没有一个相符的，想请问是不是我题目没读懂或者公式的基本含义没搞懂
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 terminvalue 不用再 除以（1+9%）^4 折现到现在吗？
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 老师，这个问题的终值指P4。那如果是三阶段M呢，比如说0-4年g1, 4-6年g2, 6年后g3，那terminvalue是P4吗？
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 请问，终值为什么不计入？而只考虑V4呢？
NO.PZ2018103102000042 老师 teiminvalue为什么是求GGM的值 题目是读懂了 但是问题没明白。