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aileen20180623 · 2019年11月17日

问一道题:NO.PZ201809170300000101

* 问题详情,请 查看题干

问题如下:

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项:

A.

DDM

B.

FCFE

C.

FCFF

解释:

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

因为stable capture 而选择FCFF而不是FCFE?如不是stable capture ,就用FCFF?

以及新的shareholder 会改变divide policy,涉及leverage ,用FCFE而不是FCFF?

1 个答案

maggie_品职助教 · 2019年11月17日

The company has a history of paying modest dividends relative to FCFE, has a stable capital structure, and is owned by a controlling investor.

我把重要信息用两个横线标识出来:

1、stable capital structure稳定的资本结构更适用FCFE(讲义190页): 资本结构变化其实都是公司内部发生变化,因此不影响整体FCFF,但是FCFE是归属于股东自有支配的现金流,里面有一项NB,如果资本结构变化,NB也就会跟着大幅变化,进而影响FCFE.这道题说资本结构稳定所以建议用FCFE.

2、 is owned by a controlling investor.站在控股股东的角度我们应该选择自有现金流模型(讲义135页)

因此,两个信息合并一下,我们应该选择自有现金流模型中的FCFE模型。

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