ch05财务管理.pptVIP

Is the stock market efficient? Empirical studies have been conducted to test the three forms of efficiency. Most of which suggest the stock market was: Highly efficient in the weak form. Reasonably efficient in the semistrong form. Not efficient in the strong form. Insiders could and did make abnormal (and sometimes illegal) profits. 某公司本年度净收益是20000万元，每股支付股利2元。预计该公司未来三年进入成长期，净收益第1年增长14%，第二年增长14%，第三年增长8%。第4年及以后将保持其净收益水平。该公司一直采取固定支付率的股利政策。该公司没有增发普通股和优先股。 假设投资人要求报酬率为10%，请计算股票的价值。（2000cpa考题） 5-* CHAPTER 5Stocks and Their Valuation Features(特性）of common stock Determining common stock values Preferred stock（优先股） Facts about common stock Represents ownership Ownership implies control Stockholders（Shareholders) elect directors （董事） Directors elect management Management’s goal: Maximize the stock price Types of stock market transactions( 交易） Secondary market（二级市场） Primary market（一级市场） Initial public offering market (“going public”) （上市） Dividend（红利）growth model Value of a stock is the present value of the future dividends expected to be generated by the stock. Constant（常量）growth stock A stock whose dividends are expected to grow forever at a constant rate, g. D1 = D0 (1+g)1 D2 = D0 (1+g)2 Dt = D0 (1+g)t If g is constant, the dividend growth formula converges （收敛) to: Future dividends and their present values $ 0.25 Years (t) 0 What happens if g ks? If g ks, the constant growth formula leads to a negative stock price, which does not make sense. The constant growth model can only be used if: ks g g is expected to be constant forever If D0 = $2 and g is a constant 6%, find the expected dividend stream for the next 3 years, and their PVs. 1.8761 1.7599 D0 = 2.00 1.6509 ks = 13% g = 6% 0 1 2.247 2 2.382 3 2.12 What is the stock’s market value? Using the constant growth model: What is the expected market price of the stock, one year from now? D1 will have been paid out already. So, P1 is the present value (as of year 1) of D2, D3, D4, etc. Could also find