问题如下图：
选项：
A. 
B. 
C. 
解释：
老师你好，这三种模型的适用条件有什么区别，可以帮忙概论一下吗？谢谢
NO.PZ2015122802000171问题如下equity analyst hbeen asketo estimate the intrinsic value of the common stoof Omega Corporation, a leang manufacturer of automobile seats. Omega is in a mature instry, anboth its earnings anvin are expecteto grow a rate of 3 percent annually. Whiof the following is most likely to the best mol for termining the intrinsic value of Omega share?A.Gorn growth mol.B.Free cash flow to equity mol.C.Multistage vinscount mol. A is correct.The company is a mature company with a stealy growing vinrate. The two-stage (or multistage) mol is unnecessary because the vingrowth rate is expecteto remain stable. Although FCFE mol couluse thmol is more often chosen for companies thcurrently pno vin.考点GGM我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司，且股利以固定速度增长，那么最佳方案就是一阶段股利折现模型（GGM)。此外，不选FCFE是因为题目明确告知的条件是5%的速度永续增长，没有任何关于FCFE的描述，所以不选B。对于C:M模型适合未来成长分阶段的公司，GGM相当于是M的特殊形式，在估计成熟公司（一阶段）的时候g恒定，所以公式可以简化成GGM。 假如earning与v增长率不一样，是否会用FCFE Mol？
NO.PZ2015122802000171 问题如下 equity analyst hbeen asketo estimate the intrinsic value of the common stoof Omega Corporation, a leang manufacturer of automobile seats. Omega is in a mature instry, anboth its earnings anvin are expecteto grow a rate of 3 percent annually. Whiof the following is most likely to the best mol for termining the intrinsic value of Omega share? A.Gorn growth mol. B.Free cash flow to equity mol. C.Multistage vinscount mol. A is correct.The company is a mature company with a stealy growing vinrate. The two-stage (or multistage) mol is unnecessary because the vingrowth rate is expecteto remain stable. Although FCFE mol couluse thmol is more often chosen for companies thcurrently pno vin.考点GGM我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司，且股利以固定速度增长，那么最佳方案就是一阶段股利折现模型（GGM)。此外，不选FCFE是因为题目明确告知的条件是5%的速度永续增长，没有任何关于FCFE的描述，所以不选B。对于C:M模型适合未来成长分阶段的公司，GGM相当于是M的特殊形式，在估计成熟公司（一阶段）的时候g恒定，所以公式可以简化成GGM。 GGM不是要求r constant吗?但是r实际也在增长呀?
NO.PZ2015122802000171问题如下equity analyst hbeen asketo estimate the intrinsic value of the common stoof Omega Corporation, a leang manufacturer of automobile seats. Omega is in a mature instry, anboth its earnings anvin are expecteto grow a rate of 3 percent annually. Whiof the following is most likely to the best mol for termining the intrinsic value of Omega share? A.Gorn growth mol. B.Free cash flow to equity mol. C.Multistage vinscount mol. A is correct.The company is a mature company with a stealy growing vinrate. The two-stage (or multistage) mol is unnecessary because the vingrowth rate is expecteto remain stable. Although FCFE mol couluse thmol is more often chosen for companies thcurrently pno vin.考点GGM我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司，且股利以固定速度增长，那么最佳方案就是一阶段股利折现模型（GGM)。此外，不选FCFE是因为题目明确告知的条件是5%的速度永续增长，没有任何关于FCFE的描述，所以不选B。对于C:M模型适合未来成长分阶段的公司，GGM相当于是M的特殊形式，在估计成熟公司（一阶段）的时候g恒定，所以公式可以简化成GGM。 为什么不能用FCFE
NO.PZ2015122802000171 Free cash flow to equity mol. Multistage vinscount mol. A is correct. The company is a mature company with a stealy growing vinrate. The two-stage (or multistage) mol is unnecessary because the vingrowth rate is expecteto remain stable. Although FCFE mol couluse thmol is more often chosen for companies thcurrently pno vin. 考点GGM 我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司，且股利以固定速度增长，那么最佳方案就是一阶段股利折现模型（GGM)。此外，不选FCFE是因为题目明确告知的条件是5%的速度永续增长，没有任何关于FCFE的描述，所以不选B。对于C:M模型适合未来成长分阶段的公司，GGM相当于是M的特殊形式，在估计成熟公司（一阶段）的时候g恒定，所以公式可以简化成GGM。 earning和vin预期增长率都是3%，这里的earning指的是什么？做题时我以为earning的增长率是要求回报率r，如果r-g=0就用不了GGM了。。。 两个问题1.earning的预期增长率和r的区别； 2.如果r小于等于g，是不是只能用FCFE来估值了？
