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karweillas · 2024年08月14日

2如何理解?

NO.PZ2023032701000068

问题如下:

Stack prefers the use of a residual income model to value the company over other available methods. He provides three justifications for his preference:

1. The model explicitly incorporates the cost of debt capital.

2. The model can be used when cash flows are unpredictable.

3. There is less of an impact arising from the uncertainty in forecasting terminal value.

The least appropriate justification that Stack makes in support of the use of the residual income model is statement:

选项:

A.

2

B.

3

C.

1

解释:

The residual income model uses accounting income estimates and assumes that the cost of debt capital is properly reflected by interest expense, but because of changing market conditions, interest expense may not be a good proxy for the company's cost of debt capital.

The model can be used when cash flows are unpredictable

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王园圆_品职助教 · 2024年08月14日

同学你好,如果公司的现金流不可预测,那就是分红,或者FCFF、FCFE是不可预测的,那此时这些现金流对应的估值模型就都失效了

但是RI是预测net income,不需要涉及现金流的预测,就可以规避上面的弱点,就依然可以用来对公司价值进行估计,所以2对

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