財務規劃 股票市值計算

我自己算出來的答案跟同學不一樣怎麼辦??

請問有高手可以幫我看看為什麼嗎??

題目是這樣:

Management has recently announced that expected dividends for the next three years will be as follows:

Year Dividend

1 --------------------$2.5

2 ---------------------3.25

3 ---------------------4.00

For the subsequent years, management expects the dividend to grow at 5 % annually. If the risk-free rate is 4.3 % , the return on the market is 10.3 % , and the firm's beta is 1.4, what is the max price that you should pay for this stock?

我的答案;

$ 72.52

我同學的答案; 68.91

問過老師~他說我們要重新再算過.....

請問有高手可以列出計算過程嗎?

Update:

所以要算

V= DIV/ R-G 的時候 DIV 應該用第三年的還是第四年的股利?

Update 2:

我目前不在台灣`無法借到中文書藉@@能否請大大教我怎麼計算呢?

1 Answer

Rating
  • ?
    Lv 4
    1 decade ago
    Favorite Answer

    這位大大,你和同學的答案都不對,請你到圖書館找謝劍平寫的現代投資學的課本,第八章股價評價的股利非固定成長的股利折現模式,就能清楚解決這題目的答案。祝順利!

    2009-04-25 14:03:47 補充:

    V= DIV/ R-G當中的R要用 R=risk-free rate + beta*(return on the market - risk-free rate)

    2009-04-28 21:06:51 補充:

    先求算必要報酬率R=4.3%+1.4*(10.3%-4.3%)=12.7%

    接著求算超成長期間股利折現值

    =2.5/(1+12.7%) + 3.25/(1+12.7%)^2 + 4/(1+12.7%)^3

    ^:代表次方

    接著求算固定成長期間股利折現值

    =(4*1.05)/[(12.7%-5%)*(1+12.7%)^3]

    最後將上述兩值相加即為所求答案

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