NO.PZ2018103102000108
问题如下:
The company has a dividend payment history that is not clearly and appropriately relative to its earnings, with a changing capital structure, and is owned by a controlling investor. Which of the model can be used?
选项:
A. FCFE
B. FCFF
C. DDM
解释:
B is correct.
考点:Valuation Models
解析:自由现金流模型的分析角度是站在控股股东的立场上,且适用于红利的发放政策不确定,和公司利润不挂钩的公司。对于资本结构变化波动比较大的公司,如果使用FCFE进行折现,得出的结果波动也十分剧烈。此时用FCFE折现是不合适的,而应该选择FCFF。
因为dividend支付不能确定,所以不能用DDM?