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Todd · 2024年05月09日

关于用计算器NPV计算的问题

NO.PZ2018103102000085

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 $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two 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.

$8.16

B.

$8.64

C.

$9.67

解释:

考点:Three Stage Model

解析:

PV4=D4×(1+gL)rgL=0.667×(1+3%)10%3%=$9.8146PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146

P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64

老师您好,这道题我用计算器NPV功能计算的,发现CF0如果输入0.5的话计算结果就不正确,输入0就和答案一样。请问这里的第0期的CF0为什么不用输入0.5这个数值呢?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年05月10日

同学你好,因为CF0代表的是一笔投资的期初投入资本金的金额

在计算公司价值的时候,D0=0.5并不是你投资这个公司的初始投资本金而是历史分红金额,根本不符合CF0的定义,所以从计算角度,CF0就不能带入金额

另外,公司的价值定义是,等于未来公司产生的现金流的折现之和,D0属于已经发生了的过去的公司现金流,不属于资产价值计算应该考量的范围

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