NO.PZ201710200100000409
问题如下：
9. The persistence factor suggested by Beckworth will lead to a multistage value estimate of TTCI’s shares that is:
选项：
A.less than Castovan’s multistage value estimate.
B.equal to Castovan’s multistage value estimate.
C.greater than Castovan’s multistage value estimate.
解释：
A is correct.
In Castovan’s multistage valuation, she assumes that TTCI’s residual income will remain constant in perpetuity after Year 3. This perpetuity assumption implies a persistence factor of 1 in the calculation of the terminal value. A persistence factor of 0.10 indicates that TTCI’s residual income is forecasted to decline at an average rate of 90% per year. This assumption would lead to a lower valuation than Castovan’s multistage value estimate, which assumes that residual income will remain constant in perpetuity after Year 3.
嗨，爱思考的PZer你好：
根据公式，PVRI（t-1）=RI(t-1)*w/(1+r-w).
C同学假设TTCI的剩余收入在第3年之后将保持不变。这种永久性假设意味着在计算最终值时，w为1。也就是PVRIt-1=RI(t-1)/r，此时的PVRI是最大的。
但是根据B同学的假设，w为0.1，此时计算出来的PVRI肯定小于C同学。
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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
老师，复习到这里的时候，突然卡壳了，有个小疑问，w是衰减因子，是1+g，也就是w等于1的时候，无增长，g等于零，那么估值应该更低吧？也就是说，w越小，g越大，那么估值越大。这个思路错了？
