老师,我用计算器求NPV.输入了CF0=0,CO1=1.05 CO2=1.1025 CO3=27.6544 I=7.5 得出答案是24.1915,和答案有些许出入,请问是取值精确原因还是我做错了哪一步呢?问题如下图:
选项:
A.
B.
C.
解释:
MaddieMak · 2019年10月22日
老师,我用计算器求NPV.输入了CF0=0,CO1=1.05 CO2=1.1025 CO3=27.6544 I=7.5 得出答案是24.1915,和答案有些许出入,请问是取值精确原因还是我做错了哪一步呢?问题如下图:
选项:
A.
B.
C.
解释:
请问cf0什么输入0?
我们对股票进行估值是把它未来产生的现金流进行折现(从D1开始),零时刻的现金流(D0)是已知的。
NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3=r−gL=7.5%−3%1.19=26.44P0=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}P0=1.0751.05+1.07521.10+1.07531.16+26.44=24.15 是否有其他条件导致折现率的选择有差异?
NO.PZ2018103102000089问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66B.$24.15C.$25.15B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3=r−gL=7.5%−3%1.19=26.44P0=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}P0=1.0751.05+1.07521.10+1.07531.16+26.44=24.15想问一下这种general的mol是不是也能用H mol 的那种一站式算法,就是直接用3%的永续加上前面5%的部分,【1*(1+3%)+1*3(5%-3%)】/(7.5%-3%)=24.22 和B的24.15误差不大
NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3=r−gL=7.5%−3%1.19=26.44P0=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}P0=1.0751.05+1.07521.10+1.07531.16+26.44=24.15 请问一下 为什么是1.19 不应该是 =1*(1+5%)^4 =1.2155嘛
NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3=r−gL=7.5%−3%1.19=26.44P0=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}P0=1.0751.05+1.07521.10+1.07531.16+26.44=24.15 这题求M公司的Value,我有点混淆,什么时候是求P0(现值),什么时候是求P3啊?(因为前面有一道题,是直接算出来P3就是正确答案了,也是求Value),我已经彻底懵了。
NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3=r−gL=7.5%−3%1.19=26.44P0=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}P0=1.0751.05+1.07521.10+1.07531.16+26.44=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?