清华大学公司金融金融硕士课程CF.pdf

《清华大学公司金融金融硕士课程CF.pdf》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、CorporateFinanceHaoWangTsinghuaUniversityFall2013HaoWang(TsinghuaUniversity)StockValuationFall20131/32KeyconceptsandskillsUnderstandhowstockpricesdependonfuturedividendsanddividendgrowthBeabletocomputestockpricesusingthedividendgrowthmodelUnderstandhowgrowthopport

2、unitiesa¤ectstockvaluesUnderstandthePEratioUnderstandhowstockmarketsworkHaoWang(TsinghuaUniversity)StockValuationFall20132/32ChapteroutlineThePresentValueofCommonStocksEstimatesofParametersintheDividendDiscountModelGrowthOpportunitiesPrice-EarningsRatioTheStockMar

3、ketsHaoWang(TsinghuaUniversity)StockValuationFall20133/32DividendGrowthModel(DGM)HaoWang(TsinghuaUniversity)StockValuationFall20134/32StockvaluationWhatiscommonstock?Ownershipinthe…rm.Receivecash‡ows:Dividends.Or,ifthecompanyshutsdown,thevalueoftheassetsafterallof

4、thedebthasbeenpaido¤.Assumethat:Acompanypaysdividendseachperiod(usuallyquarterly)withcertainty.thecompanywillNEVERgobankrupt.HaoWang(TsinghuaUniversity)StockValuationFall20135/32ThePVofcommonstockThevalueofanyassetisthepresentvalueofitsexpectedfuturecash‡ows.Stock

5、ownershipproducescash‡owsfrom:DividendsCapitalGain:apro…tmadefrombuyinganassetandresellingitatahigherpriceValuationofDi¤erentTypesofStocksZeroGrowthConstantGrowthDi¤erentialGrowthHaoWang(TsinghuaUniversity)StockValuationFall20136/32Case1:zerogrowthAssumethatdivide

6、ndswillremainatthesamelevelforeverDiv1=Div2=Div3=...Sincefuturecash‡owsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:Div1Div2Div3P0=+++...123(1+R)(1+R)(1+R)Div=RHaoWang(TsinghuaUniversity)StockValuationFall20137/32ExampleBackStreetGuys,Co.co

7、mmonstockcurrentlypaysa$2dividend,whichisexpectedtoremainconstantforever.Iftherequiredreturnonthisstockis5%,whatpriceshouldthestocksellfortoday?Howabouttomorrow?Thedayaftertomorrow,etc?HaoWang(TsinghuaUniversity)StockValuationFall20138/32Case2:constantgrowthAssume

8、thatdividendswillgrowataconstantrate,g,forever,i.e.,Div1=Div0
(1+g)2Div2=Div1
(1+g)=Div0
(1+g)3Div3=Div2
(1+g)=Div0
(1+g)...Sincefuturecash‡owsgrowataco