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kkyy · 2019年12月29日

问一道题:NO.PZ2018103102000098

问题如下:

How many statements regarding the residual income model is correct?

Statement 1: RI model is relatively less sensitive to terminal value estimates than dividend discount and free cash flow models.

Statement 2: RI model is not appropriate when a company`s expected free cash flows are negative within the analyst`s forecast horizon.

Statement 3: The RI model’s use of accounting income assumes that the cost of debt capital is appropriately reflected by interest expense.

选项:

A.

One.

B.

Two.

C.

Three.

解释:

B is correct.

考点:Residual income model

解析:RI model适用于未来自由现金流可能为负的公司,所以statement 2说反了,其余两个都是正确的。

老师能解释一下,为什么RI对终值不那么敏感吗?

1 个答案

maggie_品职助教 · 2019年12月30日

这里是讲义224页的内容,因为和DDM&FCF模型相比,RI模型大部分的价值都体现在B0上,我们计算的终值PVRI的部分很小,因此说它对终值不敏感。而前两个模型大部分的价值体现在TV的现值上。

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