一只可爱的猪 · 2020年02月25日
问题如下：
Master Company expects to pay dividends $0.5 per share over the next two years. Dividends are expected to grow at a 6% growth rate thereafter. Given a rate of return of 10%, calculate the value of Master's common stock.
选项：
A.$9.56.
B.$10.00.
C.11.82.
解释：
C is correct.
D01=D02=0.5
P02=0.5(1.06)/(0.1-0.06)=13.25
V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82
这个题目为什么不能用CF来计算，CF0=0,CF1=0.5 CF2=0.5,CF3=0.5*(1+6%) 这样求出来的值不对？为什么
NO.PZ2015122801000050 问题如下 Master Company expects to pvin $0.5 per share over the next two years. vin are expecteto grow a 6% growth rate thereafter. Given a rate of return of 10%, calculate the value of Master's common stock. A.$9.56. B.$10.00. C.$11.82. C is correct.1=2=0.5P02=0.5(1.06)/(0.1-0.06)=13.25V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82C是正确的。本题考察的是二阶段的M的公式应用。因为未来2年公司的分红不是规律的每期增长，所以要单独对 和进行折现。从第三年开始，分红按6%永续增长，则（ = *1.06）/(r-g) = P2--可以用来计算从第三年分红开始的未来分红的现金流折现至第二年年末的价值。 = = 0.5P2 = 0.5*1.06/(0.1 – 0.06) = 13.25V = 0.5/(1+0.1) + (0.5+13.25)/((1+0.1)^2) = 11.82 老师，此题计算器怎么按？谢谢！
NO.PZ2015122801000050问题如下Master Company expects to pvin $0.5 per share over the next two years. vin are expecteto grow a 6% growth rate thereafter. Given a rate of return of 10%, calculate the value of Master's common stock.A.$9.56.B.$10.00.C.$11.82. C is correct.1=2=0.5P02=0.5(1.06)/(0.1-0.06)=13.25V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82C是正确的。本题考察的是二阶段的M的公式应用。因为未来2年公司的分红不是规律的每期增长，所以要单独对 和进行折现。从第三年开始，分红按6%永续增长，则（ = *1.06）/(r-g) = P2--可以用来计算从第三年分红开始的未来分红的现金流折现至第二年年末的价值。 = = 0.5P2 = 0.5*1.06/(0.1 – 0.06) = 13.25V = 0.5/(1+0.1) + (0.5+13.25)/((1+0.1)^2) = 11.82 ==0.5= 0.53+13.25我做的错在哪里了呢
NO.PZ2015122801000050问题如下Master Company expects to pvin $0.5 per share over the next two years. vin are expecteto grow a 6% growth rate thereafter. Given a rate of return of 10%, calculate the value of Master's common stock.A.$9.56.B.$10.00.C.$11.82. C is correct.1=2=0.5P02=0.5(1.06)/(0.1-0.06)=13.25V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82C是正确的。本题考察的是二阶段的M的公式应用。因为未来2年公司的分红不是规律的每期增长，所以要单独对 和进行折现。从第三年开始，分红按6%永续增长，则（ = *1.06）/(r-g) = P2--可以用来计算从第三年分红开始的未来分红的现金流折现至第二年年末的价值。 = = 0.5P2 = 0.5*1.06/(0.1 – 0.06) = 13.25V = 0.5/(1+0.1) + (0.5+13.25)/((1+0.1)^2) = 11.82 老师麻烦你帮我画个图
NO.PZ2015122801000050 问题如下 Master Company expects to pvin $0.5 per share over the next two years. vin are expecteto grow a 6% growth rate thereafter. Given a rate of return of 10%, calculate the value of Master's common stock. A.$9.56. B.$10.00. C.11.82. C is correct.1=2=0.5P02=0.5(1.06)/(0.1-0.06)=13.25V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82C是正确的。本题考察的是二阶段的M的公式应用。因为未来2年公司的分红不是规律的每期增长，所以要单独对 和进行折现。从第三年开始，分红按6%永续增长，则（ = *1.06）/(r-g) = P2--可以用来计算从第三年分红开始的未来分红的现金流折现至第二年年末的价值。 = = 0.5P2 = 0.5*1.06/(0.1 – 0.06) = 13.25V = 0.5/(1+0.1) + (0.5+13.25)/((1+0.1)^2) = 11.82 V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82最後一步^2, 這個2是根據甚麽來決定？謝謝，
NO.PZ2015122801000050 $10.00. 11.82. C is correct. 1=2=0.5 P02=0.5(1.06)/(0.1-0.06)=13.25 V= (0.5)/1.1+(0.5+13.25)/(1.1)^2=11.82 C是正确的。 本题考察的是二阶段的M的公式应用。 因为未来2年公司的分红不是规律的每期增长，所以要单独对 和进行折现。从第三年开始，分红按6%永续增长，则（ = *1.06）/(r-g) = P2--可以用来计算从第三年分红开始的未来分红的现金流折现至第二年年末的价值。 = = 0.5 P2 = 0.5*1.06/(0.1 – 0.06) = 13.25 V = 0.5/(1+0.1) + (0.5+13.25)/((1+0.1)^2) = 11.82 老师，我用NPV的计算方法，算了不下十遍，我的计算器显示都是84.184923是为什么，这类型的题永远做不对
