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摩羯大小姐 · 2022年09月19日

可以用代入法吗

* 问题详情，请查看题干

NO.PZ201710200100000210

问题如下：

10. Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:

选项：

A.

3.80%.

B.

4.17%.

C.

4.23%.

解释：

B is correct. The candidate can arrive at the answer one of two ways. The first way is to use Equation 19 and solve for g_L:

$P_{0} = [\sum_{t = 1}^{n} \frac{D_{0} {(1 + g_{S})}^{t}}{{(1 + r)}^{t}}] + [\frac{D_{0} {(1 + g_{S})}^{n} (1 + g_{L})}{{(1 + r)}^{n} (r - g_{L})}]$

Insert the known values:

$\begin{array}{l} U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + g_{L})}{{(1 + 0.083)}^{4} (0.083 - g_{L})}] \\ = 7.4087 + \frac{2.431 (1 + g_{L})}{1.37567 (0.083 - g_{L})} \end{array}$

Solve for gL: gL = 4.172%

Check: $7.4087 + \frac{2.431 (1 + 0.04172)}{1.37567 (0.083 - 0.04172)}$ 52.00

The second way is to use Equation 19 and substitute the different choices to

determine the value that produces a value of USD 52 per share:

$U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + 0.04172)}{{(1 + 0.083)}^{4} (0.083 - 0.04172)}]$

是否能用代入法把答案带入到general two stage model中，而不用H model

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王园圆_品职助教 · 2022年09月20日

嗨，爱思考的PZer你好：

同学你好，你可以使用带入法，并用一般的DDM公式来验证哪个答案正确

事实上，本题答案的解析并不是使用的H-model，就是用一般的DDM倒推，就可以求出答案了

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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NO.PZ201710200100000210问题如下10. Baseon Exhibit 4 anIntern 1’s estimate of the requirerate of return anthe vingrowth rate for the first four years, the growth rate beyonthe first four years consistent with the current priof US52 is closest to:A.3.80%.B.4.17%.C.4.23%.B is correct. The cante carrive the answer one of two ways. The first wis to use Equation 19 ansolve for gL: P 0 =[ ∑ t=1 n 0 ( 1+ g S ) t ( 1+r ) t ]+[ 0 ( 1+ g S ) n ( 1+ g L ) ( 1+r ) n ( r− g L ) ] Insert the known values: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+ g L ) ( 1+0.083 ) 4 ( 0.083− g L ) ] =7.4087+ 2.431( 1+ g L ) 1.37567( 0.083− g L ) Solve for gL: gL = 4.172%Check: 7.4087+ 2.431( 1+0.04172 ) 1.37567( 0.083−0.04172 ) 52.00The seconwis to use Equation 19 ansubstitute the fferent choices totermine the value thproces a value of US52 per share: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+0.04172 ) ( 1+0.083 ) 4 ( 0.083−0.04172 ) ] 为什么不用HMol计算呢我发现我总是在用分步计算的地方用了HMol，有什么好的区别办法嘛

2024-07-03 15:34 1 · 回答

NO.PZ201710200100000210 这个题目可以详细画图解答以下吗

2021-04-07 21:52 1 · 回答

NO.PZ201710200100000210 只能这么一步步计算么

2021-02-18 00:37 1 · 回答

算出来4.19%，考试到底计算到几位啊，四舍五入4.2%，B,C都对啊。

2019-11-25 16:48 1 · 回答