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Sherry_yayuan · 2023年03月22日

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:

A.

$22.66

B.

$24.15

C.

$25.15

解释:

B is correct.

考点:Two Stage Model

解析:

PV3=D4rgL=1.197.5%3%PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}=26.44

P0=1.051.075+1.101.0752+1.16+26.441.0753P_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?

1 个答案
已采纳答案

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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