公司理财精要版原书第12版英文版最新课件.pptx

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1、STOCKVALUATIONCHAPTER8Copyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.ExplainhowstockpricesdependonfuturedividendsanddividendgrowthShowhowtovaluestocksusingmultiplesLayoutthedifferentwayscorpor

2、atedirectorsareelectedtoofficeDefinehowthestockmarketsworkKeyConceptsandSkillsCopyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.CommonStockValuationSomeFeaturesofCommonandPreferredStocksTheStockM

3、arketsChapterOutlineCopyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Ifyoubuyashareofstock,youcanreceivecashintwoways:Thecompanypaysdividends.Yousellyourshares,eithertoanotherinvestorinthemarket

4、orbacktothecompany.Aswithbonds,thepriceofthestockisthepresentvalueoftheseexpectedcashflows.CashFlowsforStockholdersCopyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Supposeyouarethinkingofpurchas

5、ingthestockofMooreOil,Inc.Youexpectittopaya$2dividendinoneyear,andyoubelievethatyoucansellthestockfor$14atthattime.Ifyourequireareturnof20%oninvestmentsofthisrisk,whatisthemaximumyouwouldbewillingtopay?ComputethePVoftheexpectedcashflows.Price=(14+2)/(1.2)=$13.33OrFV=16;I/Y=20;N=

6、1;CPTPV=-13.33One-PeriodExampleCopyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Now,whatifyoudecidetoholdthestockfortwoyears?Inadditiontothedividendinoneyear,youexpectadividendof$2.10intwoyearsa

7、ndastockpriceof$14.70attheendofyear2.Nowhowmuchwouldyoubewillingtopay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.33Two-PeriodExampleCopyright©2019McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Finally,whatifyoudecid

8、etoholdthestockforthreeyears?Inadditiontothediv