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豆好 · 2019年11月29日

问一道题:NO.PZ2018103102000042 [ CFA II ]

2017有0.22的分红,为什么CF0不是0.22?

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 · 2019年11月30日

你是说计算器中为何不录入CF0是吗? 因为我们是对未来现金流进行折现,零时刻的现金流是已知的,不包括在内。

豆好 · 2019年11月30日

0时刻的现金流不用折线,那就按原价计入啊?

maggie_品职助教 · 2019年11月30日

估值是对未来现金流进行折现(我们计算是从D1开始,不是从D0开始),零时刻的股票价值不包括零时刻的股息。

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