EPISODE · Jun 7, 2026 · 13 MIN
注册会计师 综合二 总体战略14 并购估值三大参数
from 26飞凡CPA：综合二｜商业决策、价值评估与合规实
【本期主题】 拆解现金流量折现模型三大参数的完整联动机制——现金流量（股利/股权/实体三种口径）、资本成本（WACC跷跷板支点vs股权成本剧烈波动）、时间序列n（复利惩罚与永续增长天花板），深度解析"苹果对苹果、实体对加权"的严格匹配铁律。【核心案例】 为何股利模型被实务界彻底抛弃？全部发放假设如何绕过董事会分红黑箱？WACC中债务低成本与股权高成本的抵消机制为何稳如泰山？99%负债能否无限拉低WACC？n的指数级惩罚如何狠狠打击远期画饼？两阶段模型中2-6%永续增长率的宏观天花板逻辑？【关键词】 现金流量、资本成本、时间序列、WACC、股权资本成本、股利模型、全部发放假设、加权平均资本成本、财务杠杆、永续增长率、折现率匹配、风险定价、资本结构稳定性
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注册会计师 综合二 总体战略14 并购估值三大参数
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