公司理财第九版 -第8课时.ppt

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

2、tedirectorsareelectedUnderstandhowstockmarketsworkUnderstandhowstockpricesarequoted8-22ChapterOutlineCommonStockValuationSomeFeaturesofCommonandPreferredStocksTheStockMarkets8-33CashFlowsforStockholdersIfyoubuyashareofstock,youcanreceivecashintwowaysThecompan

3、ypaysdividends持有收益：股利Yousellyourshares,eithertoanotherinvestorinthemarketorbacktothecompany变现收益Aswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows8-44One-PeriodExampleSupposeyouarethinkingofpurchasingthestockofMooreOil,Inc.Youexpectittopay

4、a$2dividendinoneyear,andyoubelievethatyoucansellthestockfor$14atthattime.Ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflowsPrice=(14+2)/(1.2)=$13.338-55Two-PeriodExampleNow,whatifyoudecide

5、toholdthestockfortwoyears?Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsandastockpriceof$14.70attheendofyear2.Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.338-66Three-PeriodExampleFinally,whatifyoudecidetoholdthesto

6、ckforthreeyears?Inadditiontothedividendsattheendofyears1and2,youexpecttoreceiveadividendof$2.205attheendofyear3andthestockpriceisexpectedtobe$15.435.Nowhowmuchwouldyoubewillingtopay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.338-77DevelopingTheModelYoucoul

7、dcontinuetopushbacktheyearinwhichyouwillsellthestockYouwouldfindthatthepriceofthestockisreallyjustthepresentvalueofallexpectedfuturedividendsSo,howcanweestimateallfuturedividendpayments?8-88EstimatingDividends:SpecialCasesConstantdividend固定股利,零增长Thefirmwillp

8、ayaconstantdividendforeverThisislikepreferredstockThepriceiscomputedusingtheperpetuityformulaConstantdividendgrowth固定比例增长，稳定增长ThefirmwillincreasethedividendbyaconstantpercenteveryperiodTh