计算问题：

NO.PZ2018103102000089

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项：

$22.66

$24.15

$25.15

解释：

B is correct.

考点：Two Stage Model

解析：

$PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}$ =26.44

$P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}$ =24.15

老师，我用计算器求NPV.输入了CF0=1,CO1=1.05 CO2=1.1025 CO3=27.6544 I=7.5 , 得出的答案是25.145。但是CF0如果输入0 的话就能得出B的答案。想问下老师，为什么CF0不是输入1 呢？

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王园圆_品职助教 · 2023年03月22日

嗨，从没放弃的小努力你好：

同学你好，因为CF０代表的含义是首笔投资支出（现金流出），而不是０时刻收到的分红D０（现金流入）

另外，根据资产的价值等于未来现金流的流入（和现在无关）这个定义，Ｄ０（属于现在）是不应该出现在计算V的公式里的，所以你在计算V的计算里键入了D０的值也肯定会导致计算结果错误

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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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