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MaddieMak · 2019年10月22日

问一道题:NO.PZ2018103102000043 [ CFA II ]

请问老师,股票的总价值是否可以用计算器求NPV求出?如果用计算器的话,CF0应该输入多少呢?

问题如下图:

选项:

A.

B.

C.

解释:

1 个答案

maggie_品职助教 · 2019年10月23日

当然可以,就用计算器现金流模式,CF0=0。我们估计资产价值是对它未来产生的现金流进行折现,不包括零时刻的现金流。

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NO.PZ2018103102000043 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. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. 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,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 在计算的精度时,由于=0.22,后面的数值我下意识地使用了两位小数,分别折算得=0.25,=0.28,=0.31,=0.35,P4=12.37,然后计算得NPV=9.71,这时候和答案9.61差距已经比较大了。是不是在CFA考试时,默认计算精度为小数点后4位小数?

2024-05-08 23:46 1 · 回答

NO.PZ2018103102000043 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. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. 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,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 如题

2023-09-19 21:11 1 · 回答

NO.PZ2018103102000043 70%. 65%. 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,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 CF0为什么不是 0.22、而是0呀?谢谢

2022-05-15 22:44 1 · 回答

70%. 65%. 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,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 算0时刻都P0,可以借鉴用H mol来近似处理吗,将H=t/2,变为H=t,计算出来结果为P0=9.53,也接近答案,快速做题

2021-05-30 15:20 1 · 回答

70%. 65%. 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,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 股票的总价值,和第二阶段的现价值分别是怎么算出来的?尽量用计算器的方法。

2020-11-30 00:54 1 · 回答