chap018權益估值模型(編輯修改稿)
2025-06-19 22:00 本頁面
【文章內容簡介】 expected to grow at the same rate as dividends. INVESTMENTS | BODIE, KANE, MARCUS 1814 g = growth rate in dividends增長速率 ROE = Return on Equity for the firm資產(chǎn)收益率 b = plowback or retention percentage rate (1 dividend payout percentage rate) 盈余再投資率或者是留存收益率、盈余再投資率、是指留存的收益占總收益的比率 每賺取的 1美元中有 b美元用于增加資產(chǎn)， ROE*b是 b美元資產(chǎn)所增加的收益，也就是股利增長率 Estimating Dividend Growth Rates 估計股利增長速率 bR OEg x?INVESTMENTS | BODIE, KANE, MARCUS 1815 Figure Dividend Growth for Two Earnings Reinvestment Policies 兩種不同再投資率下的股利增長圖示 INVESTMENTS | BODIE, KANE, MARCUS 1816 Present Value of Growth Opportunities 增長機會價值模型 ? The value of the firm equals the value of the assets already in place, the nogrowth value of the firm,如果沒有投資機會了，公司價值不再繼續(xù)增長，公司的價值等于已有的資產(chǎn)價值 ? Plus the NPV of its future investments,再加上未來投資的凈現(xiàn)值 ? Which is called the present value of growth opportunities or 的增長機會價值模型 INVESTMENTS | BODIE, KANE, MARCUS 1817 Present Value of Growth Opportunities 增長機會現(xiàn)值模型 ? Price = Nogrowth value per share + PVGO 沒有增長機會的價值 +未來投資機會的現(xiàn)值 10EP PVGOk??INVESTMENTS | BODIE, KANE, MARCUS 1818 ? Firm reinvests 60% of its earnings in projects with ROE of 10%, capitalization rate is 15%. Expected yearend dividend is $2/share, paid out of earnings of $5/的 60%再投資于資產(chǎn)凈收益 10%的項目，期望股利為 2元每股，每股盈余 5元； ? g=ROE x b = 10% x .6 = 6% Example Growth Opportunities 增長機會的例子 $.2$0 ???PINVESTMENTS | BODIE, KANE, MARCUS 1819 Example Growth Opportunities 增長機會 ? PVGO =Price per share – nogrowth value per share增長機會價值為股價減去無增長的每股價值 $.2$0 ???P$15.5$$ ????P V G OINVESTMENTS | BODIE, KANE, MARCUS 1820 Life Cycles and Multistage Growth Models 生命周期與多階段增長模型 ? Expected dividends for Honda: 2021 $.50 2021 $ .83 2021 $.66 2021 $ 本田公司的預期股利 ? Since the dividend payout ratio is 30% and ROE is 11%, the “steadystate” growth rate is
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