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廖廖酱 · 2023年04月05日

关于statement2

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。

老师请问下statement2是不是问的是与红利折现模式相比,自由现金流模式更适合作为收购时候使用?

2 个答案
已采纳答案

王园圆_品职助教 · 2023年04月06日

嗨,努力学习的PZer你好:


对,因为FCFF和FCFE更偏向于是大股东的自由现金流模型,所以确实更适合在收购情况下使用,只是在本题中,statement2并没有这个意思

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王园圆_品职助教 · 2023年04月05日

同学你好,不是,statement2并没有和DDM比较的意思,它只是单纯的阐述FCFF/FCFE是可以用来做被收购公司的valuation的意思

廖廖酱 · 2023年04月06日

是不是因为收购是对企业取得控制,所以用FCFF或者FCFE更合适?

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