问一道题：NO.PZ201710200100000105

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问题如下：

5. If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:

选项：

US$19.58

US$20.36

US$21.54

解释：

C is correct.

The current value of XYZ stock would be calculated as follows:

V₀ = [P₃/(1 + r)³], where P₃ = D₄/(r – g).

Given D₄ = 1.72, r = 10%, and g = 4%,

V₀ = [1.72/(0.10 – 0.04)]/(1.10)³ = US$21.54.

请问一下这里讲的“he team expects XYZ to pay an annual dividend of US$1.72 per share beginning four years from now. ”之前教研讲的是这里的beginning并不是从第三年年初来理解，而是从第四年年初进行理解，这个问题后期怎么考虑呢，

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1 个答案

maggie_品职助教 · 2020年02月18日

这是英文理解的问题，beginning four years from now没有年初的意思，这句话连起来XYZ pay an annual dividend beginning four years from now说的是XYZ从第四年开始发股利。这个begin对应的是红利（dividend begins），在这里不是年初的意思。如果这句话换一种方式XYZ pay an annual dividend at the beginning of year four,此时才是XYZ在第四年初发股利。

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NO.PZ201710200100000105 问题如下 5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 感觉题目都不太懂，说四年内不分红，为什么又说from now on 开始分红，从现在开始分红，题目哪里看出是四年后分红啊

2024-07-14 19:53 1 · 回答

NO.PZ201710200100000105问题如下5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to:A.US$19.58B.US$20.36C.US$21.54C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.pvinof 1.72 beginning 4 years,第四年开始派息，那第四年年末1.72，我用它乘（1➕g）再折现4年，得到20.36 B，为什么不对呢？

2023-05-18 20:41 1 · 回答

NO.PZ201710200100000105 问题如下 5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 是第一年初，是第二年初，第一年末；题目中说的是第四年初有分红是1.72，所以不应该计算为 = 1.72*（1+g）么，怎么理解到底是第三年末第四年初的分红还是第四年的分红？

2022-08-27 18:25 1 · 回答

NO.PZ201710200100000105 the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. 不是接下去三年没发v 第四年才发么我的计算哪里有错

2021-12-23 10:19 1 · 回答

NO.PZ201710200100000105 难道不是====1.72, P4=/(r-g）,然后把，，，和P4都折现到0时刻吗？

2021-04-07 21:02 1 · 回答

问一道题：NO.PZ201710200100000105

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