股票市场和资本市场.pptVIP

The price of a share of stock is the total value of the company divided by the number of shares outstanding Stock price by itself doesn’t represent firm value Number of shares outstanding Stock price is determined by the demand and supply for the shares Investors try to value stocks and purchase those that are perceived to be undervalued by the market New information creates re-evaluation The model is useful, with the following assumptions: Dividends do, indeed, grow at a constant rate forever The growth rate of dividends, g, is less than the required return on the equity, ke. Technology firms Biomedical firms * Potential errors in estimating dividends Potential errors in estimating growth rate Potential errors in estimating required return Not all firms pay dividends Limitations of the Dividend Discount Model * Computing the Price of Common Stock: Price Ratio Models市盈率模型 The price earnings ratio (PE) is a widely watched measure of much the market is willing to pay for $1.00 of earnings from the firms. Price = * If the industry PE ratio for a firm is 16, what is the current stock price for a firm with earnings for $1.13 / share? Answer: Price = 16 x $1.13 = $18.08 Example * Apply the mean PE ratio of publicly traded competitors Use expected earnings rather than historical Equation: Firm’s Stock = Expected EPS ? Mean industry PE ratio Price Computing the Price of Common Stock: The Price Earnings Valuation Method * Limitations of the PE method Errors in forecast Different PE multipliers Different comparison or benchmark firms Based on PE, which some analysts question Computing the Price of Common Stock: The Price Earnings Valuation Method * Chapter Outline 1. 股票定义 2. 股票市场结构 3. 股票价值分析 4. 股票价格指数 * 股价指数是运用统计学中的指数方法编制而成的，反映股市总体价格或某类股价变动和走势的指标。 Stock Market Indexes * 股票价格指数 股票价格指数是通过一定方法计算出的衡量整个股票市场的股票价格总水平和市场交易状况的一个指标。 投资者如果只盯着个别股票的涨跌，难免只见树木，不见森林.要真正地把握住个股和整个股市的变动趋势，就需要一个能反映股票市场整体价格水平的工具的帮助，这个工具便是股票价格指数。 因此，股票价格指数是帮助投资者掌握股市现状，分析和判断股市变动趋势非常