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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 gL:

P 0 =[ t=1 n D 0 ( 1+ g S ) t ( 1+r ) t ]+[ D 0 ( 1+ g S ) n ( 1+ g L ) ( 1+r ) n ( r g L ) ]

Insert the known values:

USD52=[ 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( 0.0830.04172 ) 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:

USD52=[ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+0.04172 ) ( 1+0.083 ) 4 ( 0.0830.04172 ) ]

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


1 个答案

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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