Katherine · 2023年08月04日
NO.PZ2016021705000024
问题如下：
Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $25 per share with a $1.75 dividend. If the company were to issue preferred stock today, the yield would be 6.5 percent. The stock's current value is:
选项：
A.
$25.00.
B.
$26.92.
C.
$37.31.
解释：
B is correct.
The company can issue preferred stock at 6.5%.
这个怎么计算呢，没太看懂
王琛_品职助教 · 2023年08月05日
嗨，努力学习的PZer你好：
1
这道题的考点是计算优先股的资本成本
题干有提到关键词：fixed-rate perpetual preferred stock，「固定」利率的永续优先股
即具有「固定」股息率、无到期日的、不可转换、不可赎回的优先股
"nonconvertible, noncallable preferred stock that has a fixed dividend rate and no maturity date"
所以参考永续年金的计算公式即可
2
咱们在基础班中提到过，优先股的资本成本 r=D/P
所以现在要求 P，则公式变形为：P=D/r
D 只有一个数据，就是 1.75
3
r 其实有两个，一个是过去发行的优先股的资本成本，一个是现在如果要发行的资本成本
我们使用后者，因为资本成本衡量的是边际成本
就是当前新融资所承担的成本，不考虑过去的成本
所以 r 用 6.5%
则 P = 1.75/0.065=26.92
4
这道题的思路，其实课上也讲过哈
请参考基础班讲义墨迹版 P298
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2016021705000024问题如下MorgInsuranLt issuea fixerate perpetupreferrestothree years ago anplaceit privately with institutioninvestors. The stowissue$25 per share with a $1.75 vin If the company were to issue preferrestotoy, the yielwoul6.5 percent. The stock's current value is:A.$25.00.B.$26.92.C.$37.31.is correct.The company cissue preferresto6.5%. P p = $1.75/0.065 = $26.92 请问a fixerate perpetupreferrestock固定的是r还是vin
NO.PZ2016021705000024 问题如下 MorgInsuranLt issuea fixerate perpetupreferrestothree years ago anplaceit privately with institutioninvestors. The stowissue$25 per share with a $1.75 vin If the company were to issue preferrestotoy, the yielwoul6.5 percent. The stock's current value is: A.$25.00. B.$26.92. C.$37.31. is correct.The company cissue preferresto6.5%. P p = $1.75/0.065 = $26.92 老师这道题难道不是Equity Valuation的内容，考察GGM里永续年金的公式，为什么会放在这里？
NO.PZ2016021705000024
对于永续债而言，是不是不管利息支付了多长时间，因为其是永续的，利息支付不影响其价格变动，当前价值与红利和利率有关都是y，
