问题如下：
Cheryl is a junior analyst in a small Securities firm located in Shanghai. She was assigned a task to value a company named PZ and issue either a buy, hold or sell rating for the company.
PZ is an online education firm for financial training programmes. The company employs an asset-light business model with very few fixed assets, and a vast majority of the company’s assets are intangible assets, such as human capital. PZ does not have a consistent dividend paying history and is not expected to for the foreseeable future. Besides, the unique characteristics of the company make it difficult to find appropriate comparable companies.
Cheryl wants to choose an appropriate valuation method for the company. Which of the following is the most appropriate one?
选项：
A. Dividend discount model
B. Free cash flow valuation model
C. Asset-based approach
解释：
B is correct.
考点：根据公司的特性选择合适的估值模型。
解析：
如果要使用A选项中的红利折现模型，公司需要有较为稳定的分红、或者预期未来有稳定的分红政策。根据题干描述：PZ does not have a consistent dividend paying history and is not expected to for the foreseeable future，可以知道A选项的红利折现模型不适合。同时，由于公司是轻资产运营，主要的资产为intangible，所以不适合使用C选项中的Asset-based approach。相比较Free cash flow valuation model就不会受到以上限制。
Is human capital an intangible asset?really?
