各位高人，先礼过去了： 08年2级 Practice 1 Exam2 Morning 14题...页数P86， 实在是困扰我多日。。。我看解答中曾经提及Terminal Value用的Required Return 是0.08or8%，这个数字怎么出来的？ 而后，解答中算整个的DDM时候，Required Return又变成了Capm计算出7.2%（也就是13题答案）。。按照我现在的理解程度，我认为那个8%是否是由题目中那个回归模型算出的（我按照这个模型，算出的Required Return是7.9%。。。约等于8%？ 考试中误差能大到0.1%么）。。。。。。 实在不明白那个答案什么意思。。多谢各位高人指正。 以下是题目的原解： 请参阅，谢谢 The value of the stock in early 2008 is the present value of the future dividends. After 2010, dividends are
expected to grow at the rate of 4%. The dividend that begins the constantly growing perpetuity is $2.63 × 1.04
= $2.74. The appropriate discount rate is the cost of equity of 7.2% from Question 13. Note that for the third
cash flow, we add the third dividend ($2.63) to the present value of the constantly growing perpetuity that
begins in the fourth year = $2.74 / (0.08 – 0.04) = $68.50.（就是这个8%，怎么得出的？） This is valid since they both occur at the same point
in time (i.e., at the end of the third year). Using a financial calculator we can estimate the value of one share
of O’Connor stock as follows:
CFO = 0; C01 = $2.13; C02 = $2.36; C03 = $2.63 + $68.50 = $71.13; I = 7.2 （这里又用13题的答案了）; CPT → NPV = $61.78
(Study Session 12, LOS 46.h) | 
发表于 2009-2-11 13:05
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