yuqijeffery · 2020年08月25日
问题如下：
The non-convertible and non-redeemable preferred shares issued by the American life insurance company are 5.80 percent at $30 par value. Similar issue has a required rate of return of 5 percent. The intrinsic value of preferred stock is closest to:
选项：
A.30.0
B.34.8.
C.25.6
解释：
B is correct.
The expected annual dividend is equal to 5.8% × $30= $1.74. The value of preferred stock is $1.74/0.05 = $34.8.
请问preferred shares 被这个公司发行 are 5.8% at 30 usd 什么意思？是dividend ratio可以直接这么表达吗 还是没写完整？
NO.PZ2018062002000162 问题如下 The non-convertible annon-reemable preferreshares issuethe Americlife insurancompany are 5.80 percent $30 pvalue. Similissue ha requirerate of return of 5 percent. The intrinsic value of preferrestois closest to: A.30.0 B.34.8. C.25.6 B is correct.The expecteannuvinis equto 5.8% × $30= $1.74. The value of preferrestois $1.74/0.05 = $34.8.考点GGM优先股，类似债券有固定的股息。30是优先股的面值而不是价格，5%是优先股的coupon rate而不是发布比例。每一期的分红就是优先股的面值乘以coupon rate。优先股相当于是永续年金，分红不变，g=0。根据GGM，优先股的价值等于以r就可以了。 这道题还可以按债券折价发行的思路去解题么，一眼可以看出答案。
NO.PZ2018062002000162问题如下The non-convertible annon-reemable preferreshares issuethe Americlife insurancompany are 5.80 percent $30 pvalue. Similissue ha requirerate of return of 5 percent. The intrinsic value of preferrestois closest to: A.30.0 B.34.8. C.25.6 B is correct.The expecteannuvinis equto 5.8% × $30= $1.74. The value of preferrestois $1.74/0.05 = $34.8.考点GGM优先股，类似债券有固定的股息。30是优先股的面值而不是价格，5%是优先股的coupon rate而不是发布比例。每一期的分红就是优先股的面值乘以coupon rate。优先股相当于是永续年金，分红不变，g=0。根据GGM，优先股的价值等于以r就可以了。 The non-convertible annon-reemable preferreshares issuethe Americlife insurancompany are 5.80 percent $30 pvalue. 这句话没有提到5.8%是分红的利率呀？为什么用5.8%*30能够得到分红呢？
P=r是怎么得来的，怎么没有一点印象
红利的计算逻辑没懂？5.8 percent $30怎么就是红利了？
