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H. · 2020年09月22日

问一道题:NO.PZ2015122802000187 [ CFA I ]

问题如下:

Which of the following is most likely considered a weakness of present value models?

选项:

A.

Present value models cannot be used for companies that do not pay dividends.

B.

Small changes in model assumptions and inputs can result in large changes in the computed intrinsic value of the security.

C.

The value of the security depends on the investor’s holding period; thus, comparing valuations of different companies for different investors is difficult.

解释:

B is correct.

Very small changes in inputs, such as required rate of return or dividend growth rate, can result in large changes to the valuation model output. Some present value models, such as FCFE models, can be used to value companies without dividends. Also, the intrinsic value of a security is independent of the investor’s holding period.

请问B是什么意思?没看懂

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年09月23日

同学你好,利用折现模型进行估值,譬如GGM,V0=D1/(r-g),这样r和g的略微改变都会影响最终的估值。譬如r是投资人的要求回报率,这个更多是分析师的预计,譬如6.1%还是6.2%可能对结果影响很敏感。下图是强化班的截图,结论需要记住。