开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

kkyy · 2020年08月01日

问一道题：NO.PZ201809170300000101

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

The company has a history of paying modest dividends relative to FCFE, 这句话说的不是dividend一直相对FCFE很少吗，怎么看出来分红不稳定？

添加评论
1 个答案

Debrah_品职答疑助手 · 2020年08月02日

同学你好，题目中说Company A has a history of paying modest dividends relative to FCFE.  FCFE就是指的能够分配给公司股东的剩余现金流。这道题目中，公司实际分派给股东的红利相对分红能力较小，因此不适用DDM模型。

DDM模型认为，公司股票的价值是由公司逐年发放的股利所决定的。而股利多少与公司的经营业绩有关。如果分派的股利不能代表公司的盈利能力，那DDM模型则不适用。

 

  • 1

    回答

  • 0

    关注

  • 395

    浏览
相关问题

NO.PZ201809170300000101 问题如下 Based on Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pay vin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reand simpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说most v吗，为什么不选a呢

2022-08-16 22:20 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. ownea controlling investor. 这个不是只能站在这个公司的角度来估值么，所有应该选FCFF 如果公司杠杆稳定的话，应该FCFF和FCFE都可以选择

2021-12-06 20:24 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 不是说capitstable适合FCFE，但是后一句控股不是指代FCFF？ 对比FCFE，FCFF更适合控股股东吗？这个是有问题？ FCFF更适合capitstructure变化的有leverage的。

2021-11-26 10:06 1 · 回答

NO.PZ201809170300000101 Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 题干里面的restructuring over the next few years让我选择了fcff

2021-03-08 17:14 1 · 回答

Baseon Company A’s key characteristics, whiscountecash flow mol woulmost likely usethe investment teto value Company A’s shares? M FCFE FCFF B is correct. Company A ha history of paying most vin relative to FCFE. FCFF or FCFE mol provis a better estimate of value over a M mol when vin paiffer significantly from the company’s capacity to pvin. Also, Company A ha controlling investor; with control comes scretion over the uses of free cash flow. Therefore, there is the possibility ththe controlling shareholr coulchange the vinpolicy. Finally, Company A ha stable capitstructure; using FCFE is a more reansimpler methoto value a company’s equity thusing FCFF when a company’s capitstructure is stable. 请问，在计算的时候，我们是先算FCFF，再算FCFE，为啥FCFE是更直接简单的方式？

2020-12-09 01:47 1 · 回答