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When cash flows are negative in the analyst’s comfortable forecast time horizon, the RI model is most appropriate. Residual income is sometimes called economic profit because it estimates the company’s profit after deducting the cost of all capital. The RI model is less sensitive to estimates of terminal value than discounted dividend or cash flow models. 当前面几期CF是负数的时候,为什么不可以用FCF模型?如果RI也是负的,可以用什么模型估值呢
已回答老师我这么理解哪个环节出错了:advanced payments在Financial statements上面确认为liability。accounting base(基于权责发生制)=0,tax base= 收入额,则Tax base - Accounting base > 0, 是DTL
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