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Jackson · 2025年03月01日

NB小于零，可能导致fcfe为负，这样考虑选的B诶

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000101

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

NB小于零，可能导致fcfe为负，这样考虑选的B诶

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1 个答案

王园圆_品职助教 · 2025年03月02日

同学你好，关于A的描述如下，根本没有提到过A的NB可能小于0的事情呢？你这个结论是怎么得来的呢？

此外，NB小于零，FCFE可能为负，既不会导致FCFE估值不可用，也不会导致FCFE估值是一个更优的估值模型呢？？我们做题要根据题目给的条件结合我们学过的知识点来思考才对哦

题目说了公司有一个具有控制权的投资者，所以这个投资者可以对分红的多少产生重大影响，此时相对FCFE，分红被操控的可能性就更大，所以AB选项之间，B更合适

而BC之间比较，在可以使用FCFE的时候，使用更简单的FCFE而不是需要更多计算步骤的FCFF来计算公司价值，更容易得到准确的公司价值，所以B比C更合适

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