问题如下：
Matt is making a comparison between H-model and two-stage model with the same time pattern and the required rate of return. Assuming the long-term dividend growth rates of 5% are also the same for both models. During the first stage, the two-stage model has a dividend growth of 10%. However, in the H-model, its growth for the first stage is declining linearly from 10% to 5%. The estimated stock price at the end of the first stage for the two-stage model would be:
选项：
A. higher than the H-model
B. lower than the H-model
C. the same as the H-model
解释：
A is correct.
考点：H-model
解析：由于第一阶段中，二阶段模型的股利增长率一直是10%，大于H-model中的增长率。因此到第二阶段开始时，二阶段模型的股利高于H-model。在其他变量都相同的情况下，二阶段模型中永续增长阶段的终值大于H-model。
可以用图形来理解吗？紫色部分是二阶段模型比H-model 高出的部分。