问题已解决
老師,這題怎么算股票價值?
FAILED
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你好
這個是兩階段模型求股票價值
第一階段前3年每年增長20%,第一年股利=2*(1+20%),第二年股利=2*(1+20%)^2,第三年股利=2*(1+20%)^3,這個階段的股利折現(xiàn)之和=2*(1+20%)/(1+15%)+2*(1+20%)^2/(1+15%)^2+2*(1+20%)^3/(1+15%)^3=6.54
第二階段是穩(wěn)定增長期,每年增長12%。第4年股利=2*(1+20%)^3*(1+12%),穩(wěn)定增長期股利現(xiàn)值=2*(1+20%)^3*(1+12%)/(15%-12%)/(1+15%)^3=84.84
所以股票價值=6.54+84.84=91.38
2023 08/17 09:40
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2023 08/17 10:22
為什么是除以1+15%
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2023 08/17 10:23
最低收益率是15%,就是必要報酬率15%,就是折現(xiàn)率
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2023 08/17 10:27
好像沒有這個公式也,D1/Rs-g,還有一個公式是D1/P0*(1-f)+g
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2023 08/17 10:30
P0=D1/(Rs-g)是穩(wěn)定增長率求價值的公式。在有籌資費率的情況下,P0=D1/【(Rs-g)*(1-f)】
所以(Rs-g)=D1/【P0*(1-f)】,所以Rs=D1/【P0*(1-f)】+g
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