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dejiazheng · 2025年07月01日

可否解释第三点是什么意思?

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NO.PZ202303150300001001

问题如下:

Which of Valentine’s conclusions regarding valuation approaches and security selection is least accurate? Conclusion:

选项:

A.2 B.1 C.3

解释:

Solution

A is correct. The conclusion about the impact of financial leverage on FCFF and FCFE is inaccurate. Changes in financial leverage (the amount of debt financing in the company’s capital structure) affects FCFE but not FCFF.

B is incorrect. The statement is correct as written: a company’s sustainable growth rate assumes growth through internally generated funds and approximates the average rate at which dividends can grow over a long horizon.

C is incorrect: The statement is correct as written: for an active security selection to be consistently successful and achieve positive alphas, the analyst must combine accurate forecasts with an appropriate valuation model. Further, the analyst’s expectations must differ from consensus expectations.

特别是这句Further, the analyst’s expectations must differ from consensus expectations.

1 个答案

王园圆_品职助教 · 2025年07月01日

同学你好, statement 3说“FCFE is not preferred over FCFF when a firm has significant debt and positive FCFE.“

主要错在后半句粉色的部分。因为如果一个公司有正的FCFE,就直接用FCFE对公司进行估值是更简单的。

而FCFF因为求的是enterprise value,还需要再减去debt的market value才能求出equity value,其实比FCFE要多求一步.

我们上课的时候讲过,估值的时候,相同条件下,模型越简单经过的步骤越少,得出的结论会更精准,所以如果FCFF和FCFE同时都是正数的情况下,应该优先选FCFE。所以statement 3错在后半句

前半句是说如果一个公司有很大金额的负债,FCFF是更优的估值方式,其实这也不准确。只有公司每年的Net borrowing 都在显著变动导致公司资本结构变化很大,且FCFE受NB影响很大的时候,用FCFF才是更优的。如果公司只是有一个很大的负债,但是金额稳定保持不变,且市场价值很容易获得,那FCFF和FCFE其实差异就不大

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