金融学08.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 零增长公司 零增长模型：P0=D1/k=100 上述的零增长公司，每年盈利15元，某年起，将60%的盈利用于新投资，投资实际收益率为15%。 定常增长模型：增长的本质是ROE（本例中15%与k相等） D1=15*0.4=6，g=0.6*0.15=12%,k=15% P0=D1/(k-g)=100元 EVA方法可以判定吗？ * 再投资与定常增长 Retention Ratio Growth Rate Cost of Capital 零增长公司 增长型公司（ROE=15%） 增长型公司（ROE=20%） 股价按照不变市盈率定价 增长型公司（600276） 零增长型公司（600325） * 再思考 Recall the P0 = e1/k （零增长盈利）+ NPV of future investments In terms of P/E P0/ E1 = 1/k + NPV/ E1 of future investments Firms with high PE ratios are then interpreted as having low capitalization rates or excellent future investment opportunities * 9.4 市盈率的再思考 定常增长: 成长股与价值股的P/E * 9.5 分红影响股东财富吗？ 在无摩擦世界（无税收、无交易成本）分红不影响股东财富 ＭＭ定理：在无摩擦世界，资本结构与公司价值无关 We shall examine: tax, regulations, cost of external financing, and information content of dividends * 现金分红与回购 A corporation may distribute cash By paying dividends All shareholders are paid the same per share By repurchasing its own stock Shareholders choosing to liquidate some or all of their holdings sell the shares at market price (as they normally do), and the company makes market purchases * Illustration: Dividend Payment The following table shows a simplified balance sheet of Cashrich Co Assume Number of shares outstanding = 500,000 Share price = $20 * Illustration: Dividends * Illustration: 分红 Was 2 Was 10 Were 12 Were 12 前：股价20,股份50万份 后：股价18,股份50万份 * Illustration: Dividend Payment Before the dividend, every share was worth $20 After the $2 / share dividend, every share was worth $18 Conclusion Shareholders wealth is unchanged * Illustration: 股份回购 The original balance is shown below Share price is still $20 Number of shares outstanding is 500,000 * Illustration: 回购前 前：股价20,股份50万份 * Illustration: 回购后 Was 2 Was 10 Were 12 Were 12 后：股价20,股份45万份 前：股价20,股份50万份 * Illustration: Share Repurchase The share price is then $9,000,000/450,000 = $20 The wealth of the shareholders who sold out is unchanged The wealth of the shareholders who held the stock is un