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尼克内姆 · 2019年12月08日

问一道题：NO.PZ2017092702000009

  1. CFA I
  2. Quantitative

问题如下：

A perpetual preferred stock makes its first quarterly dividend payment of $2.00 in five quarters. If the required annual rate of return is 6% compounded quarterly, the stock’s present value is closest to:

选项：

A.

$31.

B.

$126.

C.

$133.

解释：

B is correct.

The value of the perpetuity one year from now is calculated as: PV = A/r, where PV is present value, A is annuity, and r is expressed as a quarterly required rate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value today is (where FV is future value) PV = FV(1 + r)–N

PV = $133.33(1 + 0.015)–4

PV = $125.62 ≈ $126

请问，这道题目，从第五季度开始折现，为什么是N=4不是5呢？股利也应该是后付年金吧

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1 个答案

星星_品职助教 · 2019年12月09日

同学你好，

参照下图，本题里的第五季度的第一笔股利支付，就相当于“D1”的概念，而N=4时间点就相当于“0时点”。

主要的思路还是求PV时，是从D1而不是D0开始折现的。这个思路要掌握，在权益里的应用很多。加油


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