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kkyy · 2020年08月01日

问一道题：NO.PZ201809170300000101

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?

选项：

A.

DDM

B.

FCFE

C.

FCFF

解释：

B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.

The company has a history of paying modest dividends relative to FCFE, 这句话说的不是dividend一直相对FCFE很少吗，怎么看出来分红不稳定？

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1 个答案

Debrah_品职答疑助手 · 2020年08月02日

同学你好，题目中说Company A has a history of paying modest dividends relative to FCFE.  FCFE就是指的能够分配给公司股东的剩余现金流。这道题目中，公司实际分派给股东的红利相对分红能力较小，因此不适用DDM模型。

DDM模型认为，公司股票的价值是由公司逐年发放的股利所决定的。而股利多少与公司的经营业绩有关。如果分派的股利不能代表公司的盈利能力，那DDM模型则不适用。

 

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