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苏·Xu · 2022年10月08日

GGM

NO.PZ2015122802000165

问题如下:

An investor is considering the purchase of a common stock with a $2.00 annual dividend. The dividend is expected to grow at a rate of 4 percent annually. If the investor’s required rate of return is 7 percent, the intrinsic value of the stock is closest to:

选项:

A.

$50.00.

B.

$66.67.

C.

$69.33.

解释:

C is correct.

According to the Gordon growth model, V0 = D1/(r g). In this case, D1 =$2.00 × 1.04 = $2.08, so V0 = $2.08/(0.07 – 0.04) = $69.3333 = $69.33.

考点:GGM

注意本题D0=2,D0是已经发放的或已经宣告发放的股利,是既定事实。我们给股票估值是把它未来产生的现金流进行估计预测然后折现,从D1开始都是未来预测的股利。The dividend is expected to grow at an annual rate of 4%,说的就是D1=D0(1+g).

is considering 分红,不是应该是D1 吗?

1 个答案

王园圆_品职助教 · 2022年10月08日

嗨,从没放弃的小努力你好:


同学你好,这是英语理解的问题,读题的时候要注意分清句子各个部分的修饰关系

题干中这句话“An investor is considering the purchase of a common stock with a $2.00 annual dividend.”的意思是投资者正在考虑是否要购买一个有着2美元分红的股票的这件事情

即正在考虑的对象购买股票这件事,和用with修饰common stock的2美元股票分红无关

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