金融学_Chp9.pptVIP

Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall Chapter 9:  Valuation of Common Stocks 第九章:普通股估价 Chapter 9 Contents 9.1 Reading stock listings 9.2 The discounted dividend model 9.3 Earning and investment opportunity 9.4 A reconsideration of the price/earnings multiple approach 9.5 Does dividend policy affect shareholder wealth? 9.1 Reading Stock Listings解读股票行情表 The following newspaper stock listing is usually printed as a horizontal string of information The listing is for IBM, which is traded on the New York Stock Exchange Reading Stock Listings Reading Stock Listings Yr Hi : The highest price the stock has traded at over the last 52 weeks Yr Lo : The lowest price the stock has traded at over the last 52 weeks Stock = IBM: The stock’s name Sym = IBM: The stock’s symbol Reading Stock Listings Div : The last quarterly dividend Yld % : Dividend yield; (Annualized dividend ÷ stock price) PE : Price-to-earnings; (Latest price ÷ last dividends) Reading Stock Listings Hi : Highest share price of the day Lo: Lowest share price of the day Close : Days closing share price Chg : Change in closing price from previous trading day 9.2 The Discounted Dividend Model折现红利模型 A discounted dividend model (DDM) is any model that computes the value of a share of a stock as the present value of the expected future cash dividends 折现红利模型：任何将股票价值作为预期未来红利现值进行计算的模型 Equivalence of HPR and NPV The book starts from the holding period return, and uses an inductive argument to derive the NPV method for evaluating stocks Equivalently, we start with the discounted cash flow model, and obtain the holding period return Notation Pt is the stock price in year t Dt is the expected dividend in year t k is the risk-adjusted discount rate, or called the market capitalization rate Expected Rate of Return The price and dividend next year are expected prices, so The expected rate of return, E(r1), in any period equals the market capitalization rate, k 预期收益率E(r1)等