"Equity Investments":Forward price-earnings ratio method

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/12/09 14:21:13　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

學(xué)習(xí)是一個(gè)不斷積累的過(guò)程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！

Questions 1:

Which of the following statements concerning different valuation approaches is most accurate?

A 、One advantage of the three-stage dividend discount model (DDM) model is that it is equally appropriate to young companies entering the growth phase and those entering the maturity phase.

B 、It is advantageous to use asset-based valuation approaches rather than forward-looking cash flow models in the case of companies that have significant intangibles.

C、 The justified forward price-to-earnings ratio (P/E) approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.

Questions 2:

An industry experiencing intense competitive rivalry among incumbent companies is best characterized by:

A 、differentiated products and low exit barriers.

B 、a small number of competitors and low fixed costs.

C 、customers basing purchase decisions largely on price.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The justified forward P/E approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.

A is incorrect. The three-stage DDM model is appropriate to young companies entering the growth phase but not those entering the maturity phase. For such companies, the two-stage DDM model is appropriate.

B is incorrect. In the case of companies that carry significant intangibles, the use of forward looking cash flow models is more advantageous than the asset-based valuation models.

【Answer to question 2】C

【analysis】

C is correct. The factor that most influences customer purchase decisions is likely to also be the focus of competitive rivalry in the industry. In general, industries in which price is a large factor in customer purchase decisions tend to be more competitive than industries in which customers value other attributes more highly.

A is incorrect. Industries experiencing more intense rivalry among incumbent companies are characterized by undifferentiated products and high exit barriers.

B is incorrect. Industries experiencing more intense rivalry among incumbent companies are fragmented among many small competitors and they tend to have high fixed costs.

成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無(wú)天才，高手都是來(lái)自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績(jī)，其成績(jī)背后無(wú)比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。

點(diǎn)擊了解更多CFA考試資訊>>