老师下面的计算方式多不对，我看和答案算出来一样的

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：

$8.16

$8.64

$9.67

解释：

考点：Three Stage Model

解析：

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

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

第一阶段：(0.5*1.1)/(1+10%)^1 + (0.5*1.1)^2/(1+10%)^2 + (0.5*1.1)^2*1.05/(1+10%)^3 + (0.5*1.1)^2*(1.05^2)/(1+10%)^4

第二阶段：+[ ( (0.5*1.1)^2*(1.05^2)*1.03)/(10%-3%)]/1.1^4

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1 个答案

已采纳答案

王园圆_品职助教 · 2025年02月08日

同学你好，你列示的计算方式本质和上面解析的计算是一模一样的，所以答案肯定是一样的哦

解析只是没有把这么多复杂的D1到D5的计算过程用算式列示出来而已哦

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NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4=r−gL×(1+gL)=10%−3%0.667×(1+3%)=$9.8146P=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}=\$8.64P=1.10.55+1.120.605+1.130.63525+1.140.667+9.8146=$8.64 具体做法，画图1，先把所有的vin出来 =0.55,=0.605,=0.635,=0.667,=0.687.2,求P4=/10%-3%=9.815前面都没问题，接下来就和答案不一样，麻烦老师指出我的错误3，求P2=/10%-5%=12.74，求第一阶段的NPV，用计算器输入，CF0=1，CF1=0.55，CF2=0.605+12.7，I/Y=10，NPV=11.50

2024-05-13 16:27 1 · 回答

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2024-05-09 23:57 1 · 回答

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2023-08-08 18:19 1 · 回答

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2020-05-16 18:24 1 · 回答