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szxxx · 2019年12月22日

问一道题:NO.PZ2018103102000096

问题如下:

Which of the following situations is appropriate to use the three stage model with the second and third stages being treated as an H-model?

Situation 1: Company A`s current annual dividend growth rate is 12%. After five years, the dividend growth will likely decline linearly over four years before stabilizing at a mature growth rate.

Situation 2: Company B will experience a highly growth of 10% at the first two years, followed by a relative higher growth period of 5% in the another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future.

Situation 3: Dividends of Company C are expected to grow at a rate associated with the nominal GDP growth after the following five years.

选项:

A.

Situation 1

B.

Situation 2

C.

Situation 3

解释:

A is correct.

考点:H-model

解析:Company A前五年增长率稳定在12%,然后以线性速度下降直到长期平均增长水平。符合H-model的适用范围。

题目的意思是第二第三阶段都要适用h model么 ?可是a选项到达mature之后 ,就是第三阶段 ,不就是平稳了吗,不是liner了 ,这样是适用h model么?

1 个答案

maggie_品职助教 · 2019年12月23日

H模型是一个两阶段模型哦,先线性下降然后进入平稳模型。A说5年后公司开始线性下降4年然后进入平稳增长,那么它的第二阶段和第三阶段加起来就组成了H模型。