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Grayson · 2022年07月23日

Statement3

NO.PZ2018103102000072

问题如下:

Which of the following statements is incorrect?

Statement 1: A dividend discount model is applicable to stable, mature, dividend paying companies.

Statement 2: The free cash flow valuation model is an appropriate measure if a company is viewed as an acquisition target.

Statement 3: The dividend discount model may be more related to long-run profitability of the firm as compared to the free cash flow model.

选项:

A.

Statement 1.

B.

Statement 2.

C.

Statement 3.

解释:

C is correct.

考点:Appropriateness & Summary of Valuation Methods

解析:选项C说反了,相对于分红而言,自由现金流与公司长期盈利能力更为相关。选项B是正确的,因为对于并购后取得实际控制的投资者来说,自由现金流模型比红利模型更加适合。

3陈述,如果公司是长期profit的公司,并且进行分红,用发的dividend进行求算,不是更好么

1 个答案
已采纳答案

王园圆_品职助教 · 2022年07月24日

嗨,爱思考的PZer你好:


同学你好,请看以下讲义截图黄色星星部分:对于Dividend 来书,只有分红政策和公司的盈利确实相匹配时,用DDM才是合适的估值方法

而对FCFF来说,由于公司相对于操纵分红很难操纵自己的自由现金流的大小,所以自由现金流和公司的盈利能力就会更相关

C选项说分红更能体现公司的长期盈利能力,肯定是说反了

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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