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holicess · 2023年10月03日

折现用什么rate呢？

  1. CFA I
  2. Equity

NO.PZ2023040301000144

问题如下：

An investor evaluating a company's common stock for investment has gathered the following data.

The value per share of this common stock is closest to:

选项：

A.

$28.57

B.

$31.57

C.

$38.7

解释：

Current year's dividend per share =$2.50x0.6=$1.50

V=1.50(1.25)/1.12+1.50(1.25)2/1.122+1.50(1.25)2(1.05)/(0.12-0.05)}/1.122 = $1.67+$1.87+ 28.03 =$31.57

老师这道题里面把每个时间点的p往回折，用的是required return rate, 上一道题里面用的是cost of equity capital,,, 就往回折现的时候一般用的都是什么rate呢？


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1 个答案

王园圆_品职助教 · 2023年10月03日

同学你好，cost of equity 和本题的required rate of return 都是同一个东西，都是Re

这个Re也就是是股东要求回报率， stockholders' required rate of return。同时，由于股东的要求回报率也被认为是公司获得股东投资所需付出的最小成本，所以Re也可以被称为cost of equity

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