NO.PZ201512300100000606
问题如下：
6. The most appropriate response to Wright’s question about the technological development is to:
选项：
A.decrease the required return.
B.decrease the price-to-earnings multiple.
C.increase the perpetual growth rate.
解释：
B is correct.
If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple isused to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.
P/E不是越低代表成长性越好吗？如果科技对于未来发展是负面影响的话P/E不是应该调高一些吗？
