如果和持有时间无关，那为什么折现的最终内在价值会不一样啊？

问题如下：

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

选项：

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

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

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.

考点：FCFE Model

本题问下列哪一点可以被认为是现值模型的缺点：

A:折现模型模型可以被用在不分红的公司，因为不分红我们可以折现自有现金流，这是折现折现模型的优点，比较灵活。但这个选项说反了。

B: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。因此这是现值模型的缺点，即对于inputs的变化很敏感。

C一只股票的公允价值与投资者持有它的时间无关，并不是你持有它越久它就越值钱。这个说法本身就是错误的。