问题如下：
Two analysts are discussing about the characteristics of residual income models. Matt has forecasted that residual income per share will be constant into perpetuity. Mark questions Matt’s assumption regarding the implied persistence factor used in the multistage RI valuation. He believes that a persistence factor of 0.35 is appropriate. Compared to Mark`s assumption, Matt`s persistence factor will lead to:
选项：
A.higher multistage value estimate
B.lower multistage value estimate
C.the same multistage value estimate
解释：
A is correct.
考点：Multistage Residual Income Model
解析：Matt的模型中，持续因子为1，代表未来RI并不会衰减。Mark的模型中，持续因子为0.35。RI多阶段模型中，persistence factor持续因子越大，最后一阶段RI的净现值就会越大，所估计的权益内在价值也会越大。
我不是很明白，w=0.35 最直接影响是PVRI会让PURI小对吧， 在多阶段的Remodel中，它影响的最后折现的部分。如果这个PVRI小的话，那么加入分子折算value也是小的，怎么是变大？
有什么数学上的直接演示吗？
