NO.PZ2018103102000097
问题如下：
Matt is choosing an appropriate value model for Company M. Company M will experience a highly growth of 15% at the first two years, followed by a relative higher growth period of 5% in the another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. Which of the model can be used?
选项：
A. Gordon growth model
B. Three-stage model
C. H-model
解释：
B is correct.
考点：Three-stage model
解析：M公司前两年高速增长，增长率保持在15%。后两年是一个过渡阶段，增长率为5%。从第五年开始进入长期平均增长水平。它的增长明显呈现出三个阶段，符合三阶段的适用范围。
h-model在2-stage和3-stage应该都能用吧？
