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本文主要介绍年期折现因子(ADF)的来源以及哥登模型。所谓ADF就是对于有限系列现金流,在假设其第一个现金流等于1元时按恒定增长率或零增长率增长折现的现值。这样,在收益法评估中,第一年的现金流乘以ADF就等于第一年到第n年的系列现金流在时间坐标为零时的现值。哥登模型乘数的含义与ADF是类似的,只是其为期限趋于无限的现金流在第一个现金流等于1元时按恒定增长率或零增长率增长折现的的现值。当采用哥登模型乘数时,折现率必须大于增长率,而ADF没有这个限制。
This article focuses on the source of annual discount factor (ADF) and the Gordon model. The so-called ADF is the discounted present value of a finite series of cash flows that grow at constant or zero growth rates assuming a first cash flow equal to $ 1. Thus, in the income approach valuation, multiplying the first-year cash flow by the ADF is equal to the present value of the series of cash flows from the first year to the n-th year at zero time coordinates. The Gordon model multiplier has the same meaning as the ADF except that it is the present value of the cash flow that tends to infinity over time, discounted at a constant or zero growth rate when the first cash flow equals one. When using the Gordon model multiplier, the discount rate must be greater than the rate of increase, whereas the ADF does not have this limit.