内在价值和市场价格 Intrinsic value and market price 交易信号 Trading Signa 内在价值>市场价格买 IV>MP Buy 内在价值<市场价格卖或卖空Ⅳ< MP Sell! or short Sell 内在价值=市场价格持有Ⅳ= MP Hold or Fairly Priced 18-6
18-6 内在价值和市场价格 Intrinsic Value and Market Price 交易信号Trading Signal – 内在价值>市场价格 买 IV > MP Buy – 内在价值<市场价格 卖或卖空 IV < MP Sell or Short Sell – 内在价值= 市场价格 持有IV = MP Hold or Fairly Priced
股利贴现模型:一般模型 Dividend discount models General model D =(1+k) ■∨o=股票价值 Value of stock ■D=股利 Dividend ■k=必要收益率 required return 18-7
18-7 股利贴现模型 ：一般模型 Dividend Discount Models: General Model V D k o t t t = = + (1 ) 1 V0 = 股票价值 Value of Stock Dt = 股利 Dividend k = 必要收益率 required return
非增长模型 No Growth mode D ■保持收益和股利不变的股票 Stocks that have earnings and dividends that are expected to remain constant ■优先股 Preferred stock 18-8
18-8 非增长模型 No Growth Model V D k o = 保持收益和股利不变的股票 Stocks that have earnings and dividends that are expected to remain constant 优先股 Preferred Stock
非增长模型:举例 No Growth Model: Example D E1=D1=$5.00 k=.15 Vo=$5.00/.15=$3333 18-9
18-9 非增长模型：举例 No Growth Model: Example E1 = D1 = $5.00 k = .15 V0 = $5.00 / .15 = $33.33 V D k o =
固定增长模型 Constant Growth model o、D(1+g) k-g ■g=固定增长率 constant perpetual growth rate
18-10 固定增长模型 Constant Growth Model Vo D g k g o = + − (1 ) g =固定增长率 constant perpetual growth rate