这是书上哪个知识点？

问题如下：

Which of the following companies is most likely to be valued applying the constant growth DDM?

选项：

A.

Luxury goods.

B.

A telecommunication firm.

C.

A tourism firm.

解释：

B is correct.

An assumption of constant growth DDM is that the dividend growth rate should be constant and non-cyclical, so the most likely answer is a telecommunication firm. Both a luxury goods company and a tourism firm are most likely to be cyclical.

B是正确的。

本题考察的是永续增长红利贴现模型的适用范围。

因为红利假设永续增长，所以该公司一定要由稳定增长的分红现金流，该分红应该不受经济周期的影响。A选项和C选项都属于周期性行业，营业收入，利润的高低都和经济的好坏密切相关，所以不适用。B选项，通讯行业，无论经济好坏，人们的通讯需求不会有太大的变化，因而它的营收和分红也更可能相对稳定。选B。