股票价值，优先股及其计算.pptVIP

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 expected P1 as: Expected rate of return on a constant growth stock What is the expected dividend yield, capital gains yield, and total return during the first year? Dividend yield( 红利率） = D1 / P0 = $2.12 / $30.29 = 7.0% Capital gains yield（资产增加率） = (P1 – P0) / P0 = ($32.10 - $30.29) / $30.29 = 6.0% Total return (ks) = Dividend Yield + Capital Gains Yield = 7.0% + 6.0% = 13.0% What would the expected price today be, if g = 0? The dividend stream would be a perpetuity（终身养老金）. 2.00 2