公司理财第七版cha

公司理财第七版cha

ID:40102105

大小:1.17 MB

页数:30页

时间:2019-07-21

公司理财第七版cha_第1页
公司理财第七版cha_第2页
公司理财第七版cha_第3页
公司理财第七版cha_第4页
公司理财第七版cha_第5页
资源描述:

《公司理财第七版cha》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库

1、ValuingStocksThischaptersintroducesvaluationstechniquesforequity(stocks).TheDividendDiscountModelprovidesanexcellentmeasureofastock’sintrinsicvalue.7-2TheStockMarketThetwoprincipalstockexchangesintheUSaretheNewYorkStockExchange&NASDAQPrimaryMarketvs.SecondaryMar

2、ketInitialPublicOfferingPrimaryOffering7-3Primaryvs.SecondaryMarkets:ExampleShannonsells100sharesofGooglestockfromherportfoliofor$500persharetohelppayforhersonDomenic’scollegeeducation.HowmuchdoesGooglereceivefromthesaleofitsshares?Doesthistransactionoccuronthep

3、rimaryorsecondarymarket?7-4BidPrice/AskPriceBidPrice:Thepricesatwhichinvestorsarewillingtobuyshares.AskPrice:Thepricesatwhichcurrentshareholdersarewillingtoselltheirshares.Example:Ifaninvestorwishestopurchase100sharesofApplewithabidpriceof$253.40andanaskpriceof$

4、253.48,howmuchcouldtheinvestorexpecttopayfortheshares?Answer:$253.487-5TerminologyInvestorsuseanumberofmethodstodeterminethequalityofacompany’sshares.MarketCapP/ERatioDividendYield7-6BasicTerminology:ExampleYouareconsideringinvestinginafirmwhosesharesarecurrentl

5、ysellingfor$50persharewith1,000,000sharesoutstanding.Expecteddividendsare$2/shareandearningsare$6/share.Whatisthefirm’sMarketCap?P/ERatio?DividendYield?7-7MeasuresofValueThreewaystovalueafirm:BookValue–Networthofthefirmaccordingtothebalancesheet.LiquidationValue

6、–Netproceedsthatcouldberealizedbysellingthefirm’sassetsandpayingoffitscreditors.MarketValue–Thevalueofthefirmasdeterminedbyinvestorswhowouldbewillingtopurchasethecompany.7-8Going-ConcernValueThedifferencebetweenacompany’sactualvalueanditsbookorliquidationvalueis

7、calleditsgoing-concernvalue.Referstothreefactors:ExtraearningpowerIntangibleassetsValueoffutureinvestments7-9PriceandIntrinsicValue7-10PriceandIntrinsicValueWhatistheintrinsicvalueofashareofstockifexpecteddividendsare$2/shareandtheexpectedpricein1yearis$35/share

8、?Assumeadiscountrateof10%.7-11ExpectedReturn7-12ExpectedReturn:ExampleWhatshouldbethepriceofastockinoneyearifitsellsfor$40today,hasanexpecteddividendpershareof$3,anda

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。