公司理财第九版-第8章

公司理财第九版-第8章

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时间:2019-07-21

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1、Chapter8StockValuationMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsUnderstandhowstockpricesdependonfuturedividendsanddividendgrowthBeabletocomputestockpricesusingthedividendgrowthmodelUnderstandhowcorporatedirectorsareelectedUnderstan

2、dhowstockmarketsworkUnderstandhowstockpricesarequoted8-22ChapterOutlineCommonStockValuationSomeFeaturesofCommonandPreferredStocksTheStockMarkets8-33CashFlowsforStockholdersIfyoubuyashareofstock,youcanreceivecashintwowaysThecompanypaysdividends持有收益:股利Yousellyourshares,eithertoanotherinvest

3、orinthemarketorbacktothecompany变现收益Aswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows8-44One-PeriodExampleSupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.Youexpectittopaya$2dividendinoneyear,andyoubelievethatyoucansellthestockfor$14atthattime.Ifyourequirearetu

4、rnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflowsPrice=(14+2)/(1.2)=$13.338-55Two-PeriodExampleNow,whatifyoudecidetoholdthestockfortwoyears?Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsandastockpriceof$14.70atth

5、eendofyear2.Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.338-66Three-PeriodExampleFinally,whatifyoudecidetoholdthestockforthreeyears?Inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andthestockpriceisexpectedtobe$15.435.N

6、owhowmuchwouldyoubewillingtopay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.338-77DevelopingTheModelYoucouldcontinuetopushbacktheyearinwhichyouwillsellthestockYouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsSo,howcanweestimateallfuturedividendpay

7、ments?8-88EstimatingDividends: SpecialCasesConstantdividend固定股利,零增长ThefirmwillpayaconstantdividendforeverThisislikepreferredstockThepriceiscomputedusingtheperpetuityformulaConstantdividendgrowth固定比例增长,稳定增长ThefirmwillincreasethedividendbyaconstantpercenteveryperiodTh

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