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CZ · 2020年07月19日

问一道题：NO.PZ2018062002000161 [ CFA I ]

  1. CFA I
  2. Equity

问题如下：

Which of the following statement is most accurate about the present value model?

选项：

A.

The present value model can only be used when the stock pays dividends or is expected to pay dividends

B.

The present value model can only be used when the stock pays dividends.

C.

Present value models can be applied for stocks paying a dividend presently, are not expected to pay a dividend, or are expected to pay a dividend.

解释：

C is correct.

The dividend discount model can be used for a stock that pays the current dividend or the stock that is expected to pay dividends. FCFE can be used for stocks that do not or not expect to,pay dividends in the near future.

老师我没有理解B为何不对？
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1 个答案

Debrah_品职答疑助手 · 2020年07月20日

同学你好，折现模型分为红利折现模型或自由现金流折现模型，他们都是present value model，只不过折的现金流不同。如果一家公司不分红，那么我们就没法使用DDM，此时可以用自由现金流折现模型。所以A和B都是错误的。

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NO.PZ2018062002000161 问题如下 Whiof the following statement is most accurate about the present value mol? A.The present value mol conly usewhen the stopays vin or is expecteto pvin B.The present value mol conly usewhen the stopays vin. C.Present value mols cappliefor stocks paying a vinpresently, are not expecteto pa vin or are expecteto pa vin C is correct.The vinscount mol cusefor a stothpays the current vinor the stothis expecteto pvin. FCFE cusefor stocks th not or not expeto,pvin in the nefuture.考点GGM绝对估值模型又被称为PV模型（现值模型）和F（折现现金流模型），这三个是一个意思，后两个是根据模型估值原理来命名的。按照折现不同的现金流划分1、折现股利的模型叫做M（红利折现模型）。2、折现公司现金流的模型（两种现金流FCFE\FCFF），这个模型适用不发红利的公司或是站在控股股东的角度来估值时。所以现值模型既适合分红的公司，也适合不分红的公司。 怎么理解预期分红的意思？和分红潜力和分红能力不是一回事吧？

2024-04-13 15:31 2 · 回答

The present value mol conly usewhen the stopays vin. Present value mols cappliefor stocks paying a vinpresently, are not expecteto pa vin or are expecteto pa vin C is correct. The vinscount mol cusefor a stothpays the current vinor the stothis expecteto pvin. FCFE cusefor stocks th not or not expeto,pvin in the nefuture.老师，请翻译下C的意思呢

2020-08-31 06:46 1 · 回答

The present value mol conly usewhen the stopays vin. Present value mols cappliefor stocks paying a vinpresently, are not expecteto pa vin or are expecteto pa vin C is correct. The vinscount mol cusefor a stothpays the current vinor the stothis expecteto pvin. FCFE cusefor stocks th not or not expeto,pvin in the nefuture.请问FCFF是什么模型

2020-05-03 02:28 1 · 回答

The present value mol conly usewhen the stopays vin. Present value mols cappliefor stocks paying a vinpresently, are not expecteto pa vin or are expecteto pa vin C is correct. The vinscount mol cusefor a stothpays the current vinor the stothis expecteto pvin. FCFE cusefor stocks th not or not expeto,pvin in the nefuture. 请问为什么不选A呢，谢谢

2020-03-17 07:01 1 · 回答