Leo Deng
2020-09-18 05:18老師想請(qǐng)問一下, 這個(gè)表格里的comparable transactions為什么Direct Capitalization是Yes, 而DCF是No?
所屬：CFA Level II > Alternative Investments 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2020-09-18 10:17
該回答已被題主采納
同學(xué)你好
因?yàn)槭褂胐irect capitalization要先確定cap rate，它可以參照其他相似或者可比較的房地產(chǎn)
Cap rate = NOI/Sale price of comparable
而DCF model是在第二階段賣掉房產(chǎn)，如果能夠選擇到合適的discount rate就可以不需要基于可比銷售，這一點(diǎn)是DCF的優(yōu)點(diǎn)
The advantage of the more complex DCF approach is that it captures the cash flows that investors actually care about. And this approach does not depend on current transactions from comparable sales as long as we feel that we can select an appropriate discount rate.
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