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4天前老師在課堂上講了要至少包含一個(gè)周期，和這題的答案不一樣，我用了一下不同的AI對(duì)這道題進(jìn)行解答，答案也都是A,請(qǐng)問(wèn)為什么這里答案要選B呢？謝謝！Why a Full Cycle? If you only forecast during an "upswing" or "boom," the company will appear extremely profitable. Conversely, forecasting only during a "downturn" will make it look like it is failing. To get an accurate picture of the company's normalized or intrinsic value, the forecast horizon must cover both the peak (boom) and the trough (bust) of the economic cycle. Avoiding Misleading Snapshots Options
所屬：CFA Level I > Financial Statement Analysis 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Simon助教
2026-01-02 15:09
該回答已被題主采納
一個(gè)完整的周期，不同行業(yè)不一樣，有的長(zhǎng)，有的短。像是房地產(chǎn)周期，時(shí)間很長(zhǎng)，做出預(yù)測(cè)時(shí)，時(shí)間越長(zhǎng)，預(yù)測(cè)就越不準(zhǔn)，所以不是必需要完整周期。
在預(yù)測(cè)公司盈利時(shí)，有個(gè)概念是Normalized earnings，這是指在沒(méi)有任何影響盈利能力的異常或臨時(shí)因素存在的情況下，在mid-cycle下的預(yù)期收益水平。所以預(yù)測(cè)必須包含midpoint of a business cycle。
原版書(shū)原文：Normalized earnings are the expected level of mid-cycle earnings for a company in the absence of any unusual or temporary factors that affect profitability (either positively or negatively).
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