第二章净现值与公司投资决策.pptVIP

第二章 净现值与公司投资决策(2) 普通股票的估值 投资的净现值准则 净现值准则与其他几种投资决策准则的比较 上集回顾 (1)如果你在3年内每年年末存入1000元,在年利率为5%的情况下,你将在三年年末得到多少? (2)如果你在3年内每年年初存入1000元,在年利率为5%的情况下,第三年年末的本利和为多少? (1)如果你在3年内每年年末存入1000元,在年利率为5%的情况下,你将在三年年末得到多少? 5% 0 1 2 3 1 000 1 000 1 000 1 050 1 102.5 3 152.5 (2)如果你在3年内每年年初存入1000元,在年利率为5%的情况下,第三年年末的本利和为多少? 答案:3310.1(元) Stocks Stock Market Common Stock - Ownership shares in a publicly held corporation. Secondary Market - market in which already issued securities are traded by investors. Dividend - Periodic cash distribution from the firm to the shareholders. P/E Ratio - Price per share divided by earnings per share. Stocks Stock Market Book Value - Net worth of the firm according to the balance sheet. Liquidation Value - Net proceeds that would be realized by selling the firm’s assets and paying off its creditors. Market Value Balance Sheet - Financial statement that uses market value of assets and liabilities. 第二节 资产估值的净现值方法(续) 四、普通股票的估值 （一）估值的公式 1.普通股票的收益：（1）现金股息；（2）资本收益或损失 2.公式推导 （1）期望每股现金股息为Div1 ，则： The formula can be broken into two parts. Dividend Yield + Capital Appreciation (2)股票的价格： (3)将上述公式用于第2年： （4）：将（3）代入（2） 可得： （5）假设年为最后期限 Valuing Common Stocks Example Current forecasts are for XYZ Company to pay dividends of $3, $3.24, and $3.50 over the next three years, respectively. At the end of three years you anticipate selling your stock at a market price of $94.48. What is the price of the stock given a 12% expected return? Example Current forecasts are for XYZ Company to pay dividends of $3, $3.24, and $3.50 over the next three years, respectively. At the end of three years you anticipate selling your stock at a market price of $94.48. What is the price of the stock given a 12%