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wangtao461383 · 2018年12月26日

问一道题:NO.PZ2018103102000046 [ CFA II ]

为什么statement1 是对的呢,2为什么不对?

问题如下图:

选项:

A.

B.

C.

解释:

1 个答案
已采纳答案

maggie_品职助教 · 2018年12月26日

statement1 :其实这个从图形上看更加直观。图形上的面积可以近似看作是计算的股票价值,面积越大价值越大。相比第二阶段增长率马上下降到一定水平,H模型的增长率的下降是缓慢的,因此相比DDM,它的面积相当于多了一块儿三角形。


statement2:两阶段股票价值=高速增长部分的现值+低速增长部分的现值(也就是终值,一般用GGM来计算)。GGM=D1/r-g 高速增长时间越长,D1就越大,那么GGM计算出来的终值也就越大。


加油。


wangtao461383 · 2018年12月27日

谢谢老师

粉红豹 · 2019年01月05日

老师请教下,如果是第一阶段是倾斜向下的(H模型适用),不就是比第一阶段是增速维持很高的水平的情形的TV更低吗?那statement 1就不对了啊

maggie_品职助教 · 2019年01月05日

这里的H模型是针对第二阶段,不是第一阶段。(两个statement 都是针对第二个阶段,第一阶段题干已经规定了是高速增长8年)。加油。

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