公司理财课件（英文版）.ppt

Stock Valuation
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-panies, Inc. All rights reserved.
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Key Concepts and Skills
Understand how stock prices depend on future dividends and dividend growth
Be able pute stock prices using the dividend growth model
Understand how corporate directors are elected
Understand how stock markets work
Understand how stock prices are quoted
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Chapter Outline
Common Stock Valuation
Some Features mon and Preferred Stocks
The Stock Markets
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Cash Flows for Stockholders
If you buy a share of stock, you can receive cash in two ways
pany pays dividends 持有收益:股利
You sell your shares, either to another investor in the market or back to pany 变现收益
As with bonds, the price of the stock is the present value of these expected cash flows
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One-Period Example
Suppose you are thinking of purchasing the stock of Moore Oil, Inc. You expect it to pay a $2 dividend in one year, and you believe that you can sell the stock for $14 at that time. If you require a return of 20% on investments of this risk, what is the maximum you would be willing to pay?
Compute the PV of the expected cash flows
Price = (14 + 2) / () = $
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Two-Period Example
Now, what if you decide to hold the stock for two years? In addition to the dividend in one year, you expect a dividend of $ in two years and a stock price of $ at the end of year 2. Now how much would you be willing to pay?
PV = 2 / () + ( + ) / ()2 =
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Three-Period Example
Finally, what if you decide to hold the stock for three years? In addition to the dividends at the end of years 1 and 2, you expect to receive a dividend of $ at the end of year 3 and the stock price is expected to be $. Now how much would you be willing to pay?
PV = 2 / + / ()2 + ( + ) / ()3 =
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Developing The Model
You could continue to push back the year in which you will sell the stock
You would find that the pri