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Pina · 2021年01月19日

问一道题：NO.PZ201512300100000902

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

2. In the first approach, what proportion of the total value of the stock is represented by the value of second stage?

选项：

A.

0.10.

B.

0.52.

C.

0.90.

解释：

C is correct.

As shown in the above table, the value of the second stage = PV of V8 = C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.


老师好 这题我的理解是yr0-yr3 is the stage 1, yr3-yr11 is the stage 2 and yr 11 and above is the stage 3. 这题要求的是stage 2's value over the total value? 但答案里貌似就用stage 3 的terminal value 折现到Y3 然后去和YR3-YR11 间这先到YR3的价值去比求占比。为什么不是stage 2 (yrr3-yr11 间的折现）'s value over the total （yr0-yr11)的折现？谢谢。


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1 个答案

Pina · 2021年01月19日

老师 是不是因为题中说到Dobson is doing the analysis in January 2009 所以就只要折现到我图中得YR3 即可？谢谢。

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