財務(wù)成本管理英語09-資料下載頁
2025-04-04 01:53本頁面
【正文】 arning ratio的倒數(shù)] valuation method Another ine based valuation model is the earnings yield method. This method is effectively a variation on the P/E method （the EY being the reciprocal of the P/E ratio）, using an appropriate earnings yield effectively as a discount rate to value the earnings: We can incorporate earnings growth into this method in the same way as the growth model. This formula is given on your formula sheet as flow based valuation models The dividend valuation model The dividend valuation model is based on the theory that an equilibrium price for[均衡價格] any share （or bond） on a stock market is: The future expected stream of ine from the security Discounted at a suitable cost of capital Equilibrium market price is thus a present value of a future expected ine stream. The annual ine stream for a share is the expected dividend every year in perpetuity. The basic dividendbased formula for the market value of shares is expressed in the dividend valuation model as follows: Where MV=EX dividend market value of the shares D=constant annual dividend Ke=shareholders’ required rate of return The dividend growth model Using the dividend growth model we have: Where D0 = Current year39。s dividend g = Growth rate in earnings and dividends D0（1 + g） = Expected dividend in one year39。s time （D1） ke = Shareholders39。 required rate of return P0 = Market value excluding any dividend currently payable Discounted cash flow basis of valuation This method of share valuation may be appropriate when one pany intends to buy the assets of another pany and to make further investments in order to improve cash flows in the future.9 /
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