关于用计算器NPV计算的问题

NO.PZ2018103102000085

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What's the value of Company M?

选项：

$8.16

$8.64

$9.67

解释：

考点：Three Stage Model

解析：

$PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146$

$P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64$

老师您好，这道题我用计算器NPV功能计算的，发现CF0如果输入0.5的话计算结果就不正确，输入0就和答案一样。请问这里的第0期的CF0为什么不用输入0.5这个数值呢？

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王园圆_品职助教 · 2024年05月10日

同学你好，因为CF0代表的是一笔投资的期初投入资本金的金额

在计算公司价值的时候，D0=0.5并不是你投资这个公司的初始投资本金而是历史分红金额，根本不符合CF0的定义，所以从计算角度，CF0就不能带入金额

另外，公司的价值定义是，等于未来公司产生的现金流的折现之和，D0属于已经发生了的过去的公司现金流，不属于资产价值计算应该考量的范围

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NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4=r−gL×(1+gL)=10%−3%0.667×(1+3%)=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55+1.120.605+1.130.63525+1.140.667+9.8146=$8.64 具体做法，画图1，先把所有的vin出来 =0.55,=0.605,=0.635,=0.667,=0.687.2,求P4=/10%-3%=9.815前面都没问题，接下来就和答案不一样，麻烦老师指出我的错误3，求P2=/10%-5%=12.74，求第一阶段的NPV，用计算器输入，CF0=1，CF1=0.55，CF2=0.605+12.7，I/Y=10，NPV=11.50

2024-05-13 16:27 1 · 回答

NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4=r−gL×(1+gL)=10%−3%0.667×(1+3%)=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55+1.120.605+1.130.63525+1.140.667+9.8146=$8.64 我的计算过程是用三个阶段的不同增长率分别折现，想请问一下最后为何统一都是用第一阶段增长率10%折现？具体计算过程如下 10%___________ 5% __________ 3% ____________0____1____2____3____4____5____6=0.5=*(1+10%)=0.55=*(1+10%)=0.605=*(1+5%)=0.6353=*(1+5%)=0.667=*(1+3%)=0.687TV4=/（re-g）=0.687/(10%-3%)=9.814CF0=0CF1==0.6353CF2=+TV4=0.667+9.814=10.481I/Y=5, CPT NPV=TV2=10.112TV2=/（1+5%）+（+TV4）/(1+5%)^2=0.6353/1.05+10.477/1.1025=0.605+9.5066=10.112CF0=0CF1==0.55CF2=+TV2=0.605+10.112=10.717I/Y=10, CPT NPV=9.357

2023-08-08 18:19 1 · 回答

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2020-05-16 18:24 1 · 回答

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2020-03-22 23:49 1 · 回答

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