财务管理04节.ppt

D0(1+g1)t Dn+1 阶段性增长模型 阶段性增长模型假定在第2阶段股利按 g2固定增长， 所以公式应为: (1 + ke)t (ke - g2) V =? t=1 n + 1 (1 + ke)n 阶段性增长模型例 Stock GP 头3 years按 增长率 16% 增长，而后按 8% 固定增长. 上一期分得的股利 $3.24 /股. 投资者要求的报酬率为 15%. 在这种情形下该普通股的价值是多少？ 阶段性增长模型例 D0 = $3.24 D1 = D0(1+g1)1 = $3.24(1.16)1 =$3.76 D2 = D0(1+g1)2 = $3.24(1.16)2 =$4.36 D3 = D0(1+g1)3 = $3.24(1.16)3 =$5.06 D4 = D3(1+g2)1 = $5.06(1.08)1 =$5.46 Growth Phases Model Example PV(D1) = D1(PVIF15%, 1) = $3.76 (.870) = $3.27 PV(D2) = D2(PVIF15%, 2) = $4.36 (.756) = $3.30 PV(D3) = D3(PVIF15%, 3) = $5.06 (.658) = $3.33 P3 = $5.46 / (.15 - .08) = $78 [CG Model] PV(P3) = P3(PVIF15%, 3) = $78 (.658) = $51.32 D0(1+.16)t D4 Growth Phases Model Example 计算 内在价值 (1 + .15)t (.15-.08) V = ? t=1 3 + 1 (1+.15)n V = $3.27 + $3.30 + $3.33 + $51.32 V = $61.22 计算报酬率（或收益率） 1. 确定预期 现金流. 2. 用市场价格 (P0) 替换内在价值 (V) 3. 解出使现金流现值等于市场价格的 市场要求的报酬率. 计算报酬率（或收益率）的步骤 计算债券 YTM 计算非零息债券的到期收益率 (YTM) P0 = ? n t=1 (1 + kd )t I = I (PVIFA kd , n) + MV (PVIF kd , n) (1 + kd )n + MV kd = YTM 计算 YTM Julie Miller 想计算BW 发行在外的债券的 YTM . BW 的债券的年利率为10% ，还有15 年 到期. 该债券目前的市场价值 $1,250.则现在购买该债券持有至到期的 YTM? YTM 计算(尝试 9%) $1,250 = $100(PVIFA9%,15) + $1,000(PVIF9%, 15) $1,250 = $100(8.061) + $1,000(.275) $1,250 = $806.10 + $275.00 = $1,081.10 [贴现率太高!] YTM 计算 (尝试7%) $1,250 = $100(PVIFA7%,15) + $1,000(PVIF7%, 15) $1,250 = $100(9.108) + $1,000(.362) $1,250 = $910.80 + $362.00 = $1,272.80 [贴现率太低!] .07 $1,273 .02 IRR $1,250 $192 .09 $1,081 X $23 .02 $192 YTM 计算 (插值) $23 X = .07 $1,273 .02 IRR $1,250 $192 .09 $1,081 X $23 .02 $192 YTM Solution (Interpolate) $23 X = .07 $1273 .02 YTM $1250 $192 .09 $1081 ($23)(0.02) $192 YTM Solution (Interpolate) $23 X X = X = .0024 YTM = .07 + .0024 = .0724 or 7.24% 计算半年付息一次债券的 YTM P0 = ? 2n t=1 (1 + kd /2 )t I / 2 = (I/2)(PVIFAkd /2, 2n) + MV(PVIFkd /2 , 2n) + MV [ 1 + (kd / 2)2 ] -1 = YTM