计算问题：

NO.PZ2018103102000089

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 $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项：

$22.66

$24.15

$25.15

解释：

B is correct.

考点：Two Stage Model

解析：

$PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}$ =26.44

$P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}$ =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？

添加评论

1 个答案

已采纳答案

王园圆_品职助教 · 2023年03月22日

嗨，从没放弃的小努力你好：

同学你好，因为CF０代表的含义是首笔投资支出（现金流出），而不是０时刻收到的分红D０（现金流入）

另外，根据资产的价值等于未来现金流的流入（和现在无关）这个定义，Ｄ０（属于现在）是不应该出现在计算V的公式里的，所以你在计算V的计算里键入了D０的值也肯定会导致计算结果错误

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

添加评论

1
回答
0
关注
145
浏览

我要回答关注问题

相关问题

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

2024-03-23 17:22 1 · 回答

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

2024-01-18 16:57 1 · 回答

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。

2023-09-19 21:41 1 · 回答

NO.PZ2018103102000089 $24.15 $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=26.44 P0=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 算多阶段为什么不加呢？

2022-02-23 23:26 1 · 回答