为何是三阶段模型

问题如下：

Question A portfolio manager analyzes a growing technology company. The portfolio manager expects the company's growth will slow after three years, and there will be no growth after five years. The most appropriate model to value this company is the:

选项：

A.A.two-stage FCFF valuation model. B.B.three-stage FCFF valuation model. C.C.stable-growth FCFF valuation model.

解释：

• explain the single-stage (stable-growth), two-stage, and three-stage FCFF and FCFE models and justify the selection of the appropriate model given a company’s characteristics