Nicole Cai · 2025年02月14日
NO.PZ2018103102000090
问题如下：
Matt has evaluating the value of Company M of $20 per share by using the two stage model. The company has paid a dividend of $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The required rate of return is 8% What`s the long-term growth rate?
选项：
A.2.00%
B.2.51%
C.3.00%
解释：
B is correct.
考点：Two Stage Model
解析：根据公式:
求得gL = 2.51%
请问算出D之后，具体怎么按计算器得出value? (课上李老师有说可以用计算器直接得出
王园圆_品职助教 · 2025年02月14日
同学你好，如果是一只每一期的分红D求股票value，可以用NPV的计算器功能计算
首先按CF，然后按2nd+Clr Work;之后按向下按键，在界面显示CF1时输入（第一期dividend），然后按enter；之后继续按向下键，显示CF2时输入第二期dividend；之后继续按向下键，显示CF3时输入第三期dividend，之后继续按向下键，以此类推按到CFn+1，显示CFn+1时输入最后一期高速增长下的dividend+用第一期低速增长下的D利用GGM推算出的terminal value ，然后按NPV键输入要求回报率，然后按enter；然后按向下键，再按CPT键就可以显示NPV的值——也就是股票的价值Value
具体何老师的计算输入演示在前导课的计算器使用课程中的”Cash flow calculation“视频中，按1.5倍速播放下的第9分钟开始有讲解，同学可以再去听一下
但是这道题是已知value倒求低速增长的g，这里是不能用这个计算器直接得到结果的——只能把第一年到第3年的D分别求出，并且折现到0时刻，用这些D折现到0时刻的值和股票现有的价值倒算出terminal value的值，然后用 第3年的分红*（1+g)/(r-g）这个公式就可以算出本题要求的g了
NO.PZ2018103102000090 问题如下 Matt hevaluating the value of Company M of $20 per share using the two stage mol. The company hpaia vinof $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The requirerate of return is 8% What`s the long-term growth rate? A.2.00% B.2.51% C.3.00% B is correct.考点Two Stage Mol解析根据公式: 20=∑t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08−gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}20=∑t=13(1+0.08)t1×(1+0.05)t+(0.08−gL)(1+0.08)31×1.053×(1+gL)求得gL = 2.51% 如题
NO.PZ2018103102000090 问题如下 Matt hevaluating the value of Company M of $20 per share using the two stage mol. The company hpaia vinof $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The requirerate of return is 8% What`s the long-term growth rate? A.2.00% B.2.51% C.3.00% B is correct.考点Two Stage Mol解析根据公式: 20=∑t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08−gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}20=∑t=13(1+0.08)t1×(1+0.05)t+(0.08−gL)(1+0.08)31×1.053×(1+gL)求得gL = 2.51% =1，=1.05，=1.1025，=1.1576，V3=1.1576*（1+g）/(0.08-g)=20，反算出g=2.09%
NO.PZ2018103102000090问题如下Matt hevaluating the value of Company M of $20 per share using the two stage mol. The company hpaia vinof $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The requirerate of return is 8% What`s the long-term growth rate?A.2.00%B.2.51%C.3.00%B is correct.考点Two Stage Mol解析根据公式: 20=∑t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08−gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}20=∑t=13(1+0.08)t1×(1+0.05)t+(0.08−gL)(1+0.08)31×1.053×(1+gL)求得gL = 2.51%这句话我的理解是 v1=1 v2=1.05 v3=1.05^2 这明显和答案不一致 感觉很不太能够理解
2.51% 3.00% B is correct. 考点Two Stage Mol 解析根据公式: 20=∑t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08−gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}20=∑t=13(1+0.08)t1×(1+0.05)t+(0.08−gL)(1+0.08)31×1.053×(1+gL) 求得gL = 2.51%这个题为什么不用H mol？
