估值模型
估值模型的选择也依赖于生命周期的阶段,属于公司的操作。相应地,更容易股息贴现模型方法应用于成熟的企业,而初创公司的派息额特点是几乎可以忽略不计。一个模型被认为是适用于所有场景是贴现的方法。模型是足够灵活,便于应用到各种企业在生命周期的不同阶段(是否支付股息或不)。它也适合公司多元化的业务。然而,复杂性在于它的必要性提供各种估计模型输入,到达安全的真正潜力的价值。由于其主观行为,该模型收益率不同的估计,它是由各种应用分析师团体(普拉特&普拉特,2009)。该模型有助于占现金流在不同的时间段,并针对估值方法在多期的时间范围。除此之外,它占现金流,而不是收益,这是有益的收益是很容易被操纵(显然在安然的情况下)。现金流不太容易受到操纵,从而提供可靠的估计价值
估值模型
The choice of the valuation model is also dependent on the stage of the life cycle to which the company’s operations belong to. Correspondingly, it is easier to apply the models of Dividend Discounting Approaches to mature companies, rather to the start-ups that are characterized by almost negligible dividend pay-outs. A model that is deemed to be applicable in all scenarios is the DCF approach. The model is flexible enough that facilitates its application to various companies in various stages of the life cycle (whether they are dividend paying or not). It is also suitable for companies that have diversified business lines. Yet, the complication lies in its necessity of providing various estimates which are inputted in the model so as to arrive at the values of the true potential of the security. On account of its judgmental behavior, this model yields various estimates as and when it is applied by various analyst groups (Platt & Platt, 2009). This model facilitates to account for the cash flows at various time periods, and is a method aiming at valuation over a multi period time horizon. Besides this, it accounts for cash flows, instead of earnings, which is beneficial as earnings are highly susceptible to manipulation (as was evident in the case of Enron). Cash flows are less susceptible to manipulation and thus provide reliable estimates of the value.

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