股票定价.ppt

CHAPTER 5Stocks and Their Valuation
Features(特性)mon stock
mon stock values
Preferred stock(优先股)
Facts mon 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
$

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.


D0 =

ks = 13%
g = 6%
0
1

2

3

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: