问题如下图：
选项：
A. 
B. 
不理解，第二阶段从第9年开始=D9/r-g
如果下降到的点收益率一致，也就是对比之前d4=d9,r和g不变，GGM里并没有提现持续的时间，如果是取极限的话，是从第5年开始永续增长还是从第9年开始永续增长是没有区别的啊C. 
解释：
NO.PZ2018103102000046 问题如下 Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change. Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。 看了所有分析，突然有点混淆。这个H Mol用在第一阶段还是第二阶段，因为第一阶段的高速增长看起来是持续的，不应该用三角，那么三角面积小于矩形面积，不是应该低估价值吗。statement1 也不是在问4年和8年的区别而是H mol导致的区别。
NO.PZ2018103102000046 问题如下 Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change. Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。 H mol与时间无关，那么在8年变4年，不应该影响价值呀
NO.PZ2018103102000046 问题如下 Jacques is the portfolio manager of pension anshe consirs aing PZ Into her portfolio. Previously, she believethe company woulhave extraornary growth for 4 years annormgrowth thereafter. After carefully consiring the characteristiof the company anits competitors, she is wonring whthe consequences woulif the ration of the first stage wassumeto 8 years insteof 4, with all the other assumptions/estimates remaining the same. Whiof the following statement is true?Statement 1: If the H mol is use the totvalue estimatewoulincrease.Statement 2: using M, the proportion of the totvalue of the storepresentethe seconstage woulnot change. Statement 1. Statement 2. Both of it. A is correct.考点M H-mol解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。 如题
NO.PZ2018103102000046 statement 2的是不是应该是，总的value会上升，但是stage 2所占的比例会减少？
NO.PZ2018103102000046 Statement 2. Both of it. A is correct. 考点M& H-mol 解析A是正确的。Statement 2错在如果较高的增长率将持续更长的时间，那么股票的价值就会上升。看了之前提问的助教回答，如下Hmol 是从第二阶段开始算的，那么多了三角形面积，肯定是高估。但是题目没有说清楚从哪一个阶段开始H mol,如果从第一阶段开始肯定少了三角形面积，肯定就是低估了。
