投资学股权股价模型.pptVIP

ROE = 20% d = 60% (股利支付率) b = 40% E1 = $5.00 D1 = $3.00 k = 15% g = .20 x .40 = .08 or 8% Partitioning Value: Example分派价值：例子 Vo = value with growth NGVo = no growth component value PVGO = Present Value of Growth Opportunities Partitioning Value: Example Continued 分派价值：例子 Life Cycles and Multistage Growth Models生命周期与多阶段增长模型 g1 = first growth rate第一阶段的增长率 g2 = second growth rate第二阶段的增长率 T = number of periods of growth at g1 Multistage Growth Rate Model: Example多阶段增长率模型：例子 D0 = $2.00 g1 = 20% g2 = 5% k = 15% T = 3 D1 = 2.40 D2 = 2.88 D3 = 3.46 D4 = 3.63 V0