# 老师 这道题我基本都能理解 就是想问一下cf0为什么等于0

NO.PZ2015122802000168

Hideki Corporation has just paid a dividend of ¥450 per share. Annual dividends are expected to grow at the rate of 4 percent per year over the next four years. At the end of four years, shares of Hideki Corporation are expected to sell for ¥9000. If the required rate of return is 12 percent, the intrinsic value of a share of Hideki Corporation is closest to:

A.

¥5,850.

B.

¥7,220.

C.

¥7,670.

B is correct.

$V_0=\frac{D_1}{(1+r)}+\frac{D_2}{{(1+r)}^2}+\frac{D_3}{{(1+r)}^3}+\frac{D_4}{{(1+r)}^4}+\frac{P_4}{{(1+r)}^4}$

$=\frac{468}{1.12}+\frac{486.72}{1.12^2}+\frac{506.19}{{(1.12)}^3}+\frac{526.44}{{(1.12)}^4}+\frac{9000}{{(1.12)}^4}$

=7220

1、所谓估值是指我们对将该资产未来所有产生的预期现金流进行折现，所以我们估计的当前股票的价值只包含了未来所有的股息。而当前已经发放的股息（D0）不在计算之列。

2、“just paid a dividend of 450 per share”是D0，因此我们在输入计算器时CF0=0, 现金流是从D1开始（D1=D0*1.04）。

2、计算器的录入过程：CF0=0，C01=468,F01=1,C02=486.72,F02=1,C03=506.19,F03=1.,C04=526.44+9000,F04=1，I=12.计算NPV=7220

###### 1 个答案

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