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金融民工阿聪 · 2022年02月16日

几个问题

NO.PZ2018111302000003

问题如下:

In order to value a property with constant growth rate in income and value using DCF method, an analyst collects below DCF assumptions: Going-in cap rate is 5.5%, terminal cap rate is 6%, discount rate is 7.25%, what’s the growth rate of the target property?

选项:

A.

0.50%

B.

1.25%.

C.

1.75%.

解释:

C is correct.

考点:DCF assumption

解析:被投资房地产的收入和价值都是一致的增长率,等于折现率discount rate (7.25%) – 现行的资本化率going-in cap rate (5.50) = 1.75%.

问题1:题目最后只问了growth rate是多少,我怎么知道问的是一阶段的g还是二阶段的g?

问题2:r0(0时刻的回报率)和rn(n时刻求终值的回报率)是可能因为风险不同,而不同吧?那题目直接只说“the required rate of return”,我怎么知道是给的啥时刻的回报率?

问题3:g0和gn可能会不同吗?

问题4:如果g0和gn不同(照题目来看是不同的),那为什么题目一开头还能将这个资产的growth rate描述成“constant”?

1 个答案

Lucky_品职助教 · 2022年02月17日

嗨,爱思考的PZer你好:


本题第一句话说constant g,它的背后意思实际上是要说,我们是用一阶段永续模型来估值的,就是假设一直保持同样的增长率。在一阶段模型中,只用到going-in cap rate, 也就是going-in cap rate = discount rate - growth rate。

这是以前年度原版书的一道课后题,不是特别严谨,目前2022年原版书中已删除了本题。考试临近,同学了解这个知识点即可,不用过分深究,考场上的题目会更加严谨些,加油~

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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