答案和详解如下： 1.Which of the following dividend discount models assumes a high growth rate during the initial stage, followed by a linear decline to a lower stable growth rate? A) Gordon growth model. B) H model. C) Two-stage dividend discount model. D) Three-stage dividend discount model. The correct answer was B) The H model assumes a high growth rate during the initial stage, followed by a linear decline to a lower stable growth rate. It also assumes that the payout ratio is constant over time. 2.The three-stage dividend discount model (DDM) allows for an: A) initial period of high growth, a transitional period of declining growth and a final stable growth phase. B) initial period of high growth, a transitional period of stable growth and a final declining growth phase. C) initial period of stable growth, a transitional period of high growth and a final declining growth phase. D) initial period of stable growth, a transitional period of increasing growth and a final high growth phase. The correct answer was A) The three-stage DDM combines the features of the two-stage DDM and the H model. It allows for an initial period of high growth, a transitional period of declining growth and a final stable growth phase. 3.The most appropriate model for analyzing a profitable high-tech firm is the: A) zero growth cash flow model. B) three-stage DDM. C Gordon growth model. D) H model. The correct answer was B) Most of high-tech firms grow at very high rates and are expected to grow at those rates for an initial period. These rates are expected to decline as the firm grows in size and loses its competitive advantage. Of the models provided, the three-stage DDM is most appropriate to analyze high-tech firms because of its flexibility. H model may not be appropriate, because a linear decline from the high growth rate to the constant growth rate cannot be assumed and the dividend payout ratio is fixed. 4.Which of the following models would be most appropriate for a firm that is expected to grow at 8 percent for the next three years, and at 6 percent thereafter? A) A two-stage model. B) The Gordon growth model. C) The H-model. D) A three-stage model. The correct answer was A) A firm that is expected to experience two growth stages with a fixed rate of growth for each stage should be evaluated with a two-stage dividend discount model. 5.Which of the following models would be most appropriate for a firm that is expected to grow at an initial rate of 10 percent, declining steadily to 6 percent over a period of five years, and to remain steady at 6 percent thereafter? A) The H-model. B) The Gordon growth model. C) A two-stage model. D) A free cash flow model. The correct answer was A) The Gordon growth model would not be appropriate for a firm with two stages of growth. 6.What is the difference between a standard two-stage growth model and the H-model? A) The H-model assumes that earnings will dip in the middle of each stage and return to the previous rate by the period's end. B) In the standard two-stage model, a fixed rate of growth is assumed for each stage, while the H-model assumes a linearly declining rate of growth in one stage. C) The H-model assumes a horizontal change in rates rather than a vertical change. D) The H-model assumes a terminal value, while the standard two-stage model does not. The correct answer was B) The H-model provides an estimate of the firm’s value based on the assumption that the rate of growth will change linearly over the initial stage. | 
发表于 2008-5-20 10:54
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