为什么FCFE（2013）是D1?

NO.PZ2023032701000040

问题如下：

Yee makes the following critical assumptions

• 2013 earnings per share (EPS) will be $1.80.

• EPS will grow forever at 6% annually.

• Cost of equity=12.0%

• For 2013 and beyond:

• Net capital expenditures (fixed capital expenditures minus depreciation) will be 30% of EPS.

• Investments in working capital will be 10% of EPS.

• Of future investments, 60% will be financed with equity and 40% will be financed with debt.

Using Yee’s assumptions and the FCFE valuation approach, the year-end 2012 value per share of McLaughlin’s common stock is closest to:

选项：

$24.17

$22.80

$18.00

解释：

题目不是说从2013年往后永续增长吗？那2013不是D0？

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1 个答案

王园圆_品职助教 · 2025年06月21日

同学你好，题目说了” the year-end 2012 value per share of McLaughlin’s common stock is closest to:”也就是问的是2012年年末的股票价值，所以2012年年末肯定是0时刻，2013年就是第一年，所以FCFE2013就是就是第一年的数据呢

这道题相当于就是用GGM V0 = D1/（r-g)公式的原理，V0 = FCFE1/（r-g）即可直接计算V0，不需要再把FCFE2013再去做*（1+g)的动作来计算V0的

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