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MaddieMak · 2019年10月22日

问一道题:NO.PZ2018103102000089 [ CFA II ]

老师,我用计算器求NPV.输入了CF0=0,CO1=1.05 CO2=1.1025 CO3=27.6544 I=7.5 得出答案是24.1915,和答案有些许出入,请问是取值精确原因还是我做错了哪一步呢?问题如下图:

选项:

A.

B.

C.

解释:

Hugogooo · 2020年05月16日

请问cf0什么输入0?

maggie_品职助教 · 2020年05月17日

我们对股票进行估值是把它未来产生的现金流进行折现(从D1开始),零时刻的现金流(D0)是已知的。

1 个答案

maggie_品职助教 · 2019年10月23日

1、我看了你的计算器步骤没有问题

2、小数点后第二位的差别都不是问题

3、考试时题目会更规范,基本你算出来不会有太大出入


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NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15 是否有其他条件导致折现率的选择有差异?

2024-05-25 20:45 1 · 回答

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2024-03-23 17:22 1 · 回答

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2023-09-19 21:41 1 · 回答

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2023-03-22 08:50 1 · 回答