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Ivy1917 · 2025年05月02日

不是很理解

NO.PZ2025041801000084

问题如下:

Question A company's ROE is expected to fade toward its cost of equity as competitors enter the industry. When using a multistage residual income model to value the company, an analyst should most likely expect the:

选项:

A.A.persistence factor to be equal to one.

B.B.continuing residual income to approach zero.

C.C.terminal value to represent a large portion of the company's value.

解释:

  • explain continuing residual income and justify an estimate of continuing residual income at the forecast horizon, given company and industry prospects

可以解释下为什么不选A呢

1 个答案

王园圆_品职助教 · 2025年05月02日

同学你好,A是说RI的persistency factor = 1,也就是RI永远都不变,公司未来可以永远的每一年都提供大于0的超额收益RI

但是题干说了这个公司的ROE是已经趋近Re了,RI =(ROE-RE)*BV,一旦ROE =Re了,RI就不复存在了,又怎么可能每一年都持续的稳定的存在呢?A的说法肯定是错的

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