答案和详解如下： 1.Multi-stage models determine the value of a firm as the sum of the value during the growth stage(s) and the firm’s: A) transitional value. B) initial value. C) market value. D) terminal value. The correct answer was D) The valuation is the sum of the current value of projected dividends and the terminal value of the firm based either on the forecast market value of the present value of the dividend stream, thereafter assuming a constant growth rate. 2.As an alternative to using a dividend discount model to estimate the terminal value of a firm, many analysts prefer to use: A) internal rates of return. B) market multiples. C) break even analysis. D) asset amortization schedules. The correct answer was B) Many analysts prefer to forecast the terminal value of a firm by predicting earnings or growth of assets or some other characteristic of the firm and applying a price-to-earnings ratio or other market multiple. 3.The growth rate for a firm is forecast to be 8 percent for three years and 5 percent thereafter. If the required rate of return is 10 percent, and the dividend expected in year three is $4.67 per share, what will be the present value of the terminal value of the company? A) $57.14. B) $68.88. C) $91.11. D) $73.68. The correct answer was D) Terminal Value = ($4.67 x 1.05) / [(1 + 0.10)3 (0.10 – 0.05)] = $73.68 The terminal value is computed at the end of year three, based on year four’s dividends, and discounted back to the present at the required rate of return. | 
发表于 2008-5-20 10:59
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