如题

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：

$8.16

$8.64

$9.67

解释：

考点：Three Stage Model

解析：

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

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

计算器如何按公式写对了但是计算器按错了从c00 还是c01开始按啊。

老师可以给个具体的按键吗

添加评论

1 个答案

王园圆_品职助教 · 2025年02月24日

同学你好，要从CF01开始按，不能从CF00开始按哦，因为对资产估值是用资产未来产生的现金流折现到0时刻（也即是必须用D1开始的未来的现金流带入计算才行），CF0本身代表的是0时刻的初始投资金额，投资不可能是D0，所以这里的CF0直接跳过即可

使用计算器：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（第一期分红）0.55，然后按enter；之后继续按向下键，显示CF2时输入（第二期分红) 0.605；之后继续按向下键，显示CF3时输入（第三期分红) 0.63525；之后继续按向下键，显示CF4时输入（第四期分红+V4) 0.667+9.8146；然后按NPV键输入利率10，然后按enter；然后按向下键，再按CPT键就可以显示NPV的值

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

添加评论

1
回答
0
关注
3
浏览

我要回答关注问题

相关问题

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 p=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

2025-02-08 11:12 1 · 回答

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

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 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？

2024-05-09 23:57 1 · 回答

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 我的计算过程是用三个阶段的不同增长率分别折现，想请问一下最后为何统一都是用第一阶段增长率10%折现？具体计算过程如下 10%___________ 5% __________ 3% ____________0____1____2____3____4____5____6=0.5=*(1+10%)=0.55=*(1+10%)=0.605=*(1+5%)=0.6353=*(1+5%)=0.667=*(1+3%)=0.687TV4=/（re-g）=0.687/(10%-3%)=9.814CF0=0CF1==0.6353CF2=+TV4=0.667+9.814=10.481I/Y=5, CPT NPV=TV2=10.112TV2=/（1+5%）+（+TV4）/(1+5%)^2=0.6353/1.05+10.477/1.1025=0.605+9.5066=10.112CF0=0CF1==0.55CF2=+TV2=0.605+10.112=10.717I/Y=10, CPT NPV=9.357

2023-08-08 18:19 1 · 回答