答案和详解如下： 1.The two-stage (stable growth) free cash flow to equity (FCFE) and free cash flow to the firm (FCFF) models typically assume: A) the required rate of return is less than the growth rate in the last stage. B) a high-growth rate for n years and then a constant growth rate forever thereafter. C) the required rate of return equals the growth rate in the last stage. D) a constant growth rate for n years and a high growth rate forever thereafter. The correct answer was B) The two-stage model using either FCFE or FCFF typically assumes a high-growth rate for n years and then a constant growth rate forever thereafter. Multi-stage models assume that the required rate of return exceeds the growth rate in the last stage. 2.The two-stage FCFE model is suitable for valuing firms that: A) are in an industry with significant barriers to entry. B) have very high but declining growth rate in the initial stage. C) have moderate growth in the initial phase that declines gradually to a stable rate. D) are growing at a constant growth rate equivalent to that of GNP. The correct answer was A) The two-stage FCFE model is suitable for valuing firms in industries with significant barriers to entry. Where these are present it is possible for the firm to maintain a high growth rate during an initial phase of low competition, and that the rate will drop sharply to a normalized rate when competition ultimately appears. 3.Which of the following free cash flow to the firm (FCFF) models is most suited to analyze firms that are growing at a faster rate than the overall economy? A) No growth FCFF model. B) Two-stage FCFF model. C) Stable growth FCFF model. D) High growth FCFF model. The correct answer was B) The two-stage FCFF model is most suited for analyzing firms growing at a rate faster than the overall economy. The two-stage model assumes a high rate of growth for an initial period, followed by an immediate jump to a constant, stable growth rate. 4.Which of the following free cash flow to equity (FCFE) models is most suited to analyze firms in an industry with significant barriers to entry? A) FCFE Perpetuity Model. B) E Model (Three-Stage FCFE Model). C) Stable Growth FCFE Model. D) Two-stage FCFE Model. The correct answer was D) The two-stage FCFE model is most suited for analyzing firms in high growth that will maintain that growth for a specific period, such as firms with patents or firms in an industry with significant barriers to entry. 5.A biotech firm is currently experiencing high growth and pays no dividends. One of their product patents is scheduled to expire in 5 years. This firm would be a good candidate for which of the following valuation models? A) Single-stage free cash flow to equity. B) Two-stage dividend discount model. C) Two-stage free cash flow to equity. D) Single-stage dividend discount model. The correct answer was C) The two-stage free cash flow to equity model is well suited to value a firm that is currently experiencing high growth and will likely see this growth drop to a lower, more stable rate in the future. | 
发表于 2008-5-20 13:44
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