固定增长模型:举例 Constant Growth Model EXample Vo= Do(1+g) k-g Do=$4 k=15% D0(1+g)=D1=$4329=8% Vo=4.32/(15-.08)=$61.71
18-11 固定增长模型：举例 Constant Growth Model: Example Vo D g k g o = + − (1 ) D0 = $4 k = 15% D0 (1+g) =D1 = $4.32 g = 8% V0 = 4.32 / (.15 - .08) = $61.71
估计股利增长率 Estimating dividend Growth Rates g=ROE×b ■g=股利增长率 growth rate in dividends ■ROE=公司的权益收益 Return on equity for the firm ■b=再投资率或留存率 plowback or retention percentage rate (1-股利支付率1- dividend payout percentage rate) 18-12
18-12 估计股利增长率 Estimating Dividend Growth Rates g = ROE b g =股利增长率 growth rate in dividends ROE = 公司的权益收益Return on Equity for the firm b = 再投资率或留存率 plowback or retention percentage rate – (1- 股利支付率 1- dividend payout percentage rate)