问一道题：NO.PZ201512300100000104 第4小题 [ CFA II ]

这道题比较偏，考察的是估值模型的应用。选项ABC都是模型都是模型的一种应用，只不过它的适用范围不同，这个适用范围老师课上没涉及，所以做不出来很正常。请见我从原版书上摘取的相关知识点，学有余力可以了解一下。

Inferring (extracting) market expectations：The analyst can evaluate the reasonableness of the expectations implied by the market price by comparing the market’s implied expectations to his own expectations.在推断市场预期时，估值模型可以帮助分析师根根市场价格来找到隐含在市价中的市场对于股票未来走势的预期。

Rendering fairness opinions. The parties to a merger may be required to seek a fairness opinion on
the terms of the merger from a third party, such as an investment bank. Valuation is central to such
opinions.多用在公司并购时，估值模型被用于找到目标公司的合理定价。

加油。