鄧同學(xué)
2019-11-29 11:36老師好！2017年mock。在這個題目里面，RI不能使用嗎？RI的使用情況和FCF有什么區(qū)別？或者說RI在什么時候使用的？謝謝！
所屬：CFA Level II > Equity Valuation 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Nicholas助教
2019-12-02 14:25
該回答已被題主采納
同學(xué)你好。
三種方法的使用規(guī)則如下，題目中明顯提到了controlling shareholder，因此選CFC。
1，Dividends are appropriate when:
The company has a history of dividend payments.
The dividend policy is clear and related to the earnings of the firm.
The asset is being valued from the position of a minority shareholder.,
2，F(xiàn)ree cash flow is appropriate when:
The company does not have a dividend payment history or has a dividend
payment history that is not related to earnings.
The free cash flow corresponds with the firm’s profitability.
The asset is being valued from the position of a controlling shareholder.
3，Residual income is most appropriate for firms that:
Do not have dividend payment histories.
Have negative free cash flow for the foreseeable future.
Have transparent financial reporting and high-quality earnings.
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