鄧同學(xué)
2019-11-30 13:03老師好。2017年mock（同樣也是level 2 mock73），不理解什么是the transition phase過渡階段？網(wǎng)上也搜不到，這個階段的特點是什么的？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
Johnny助教
2019-12-01 19:07
該回答已被題主采納
同學(xué)你好，以下是原版書的原話：
Transition phase. In this phase, which is a transition to maturity, earnings growth slows as competition puts pressure on prices and profit margins or as sales growth slows because of market saturation. In this phase, earnings growth rates may be above average but declining toward the growth rate for the overall economy. Capital requirements typically decline in this phase, often resulting in positive free cash flow and increasing dividend payout ratios (or the initiation of dividends)
大意為：在過渡階段，由于市場飽和，因此競爭上升使得盈利增長率變緩。盈利增長率可能高于平均水平，但是開始下降并且向總體經(jīng)濟(jì)增速靠攏。資本需求一般會下降，導(dǎo)致正的自由現(xiàn)金流并且股利發(fā)放率上升。
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