公司金融教材课件

CorporateFinance——LectureFive许志西南财经大学金融学院CorporateFinanceWhatisBond?Definition

Abondisalegallybindingagreementbetweenaborrowerandalender:Specifiestheprincipalamountoftheloan.Specifiesthesizeandtimingofthecashflows:Indollarterms(fixed-rateborrowing)Asaformula(adjustable-rateborrowing)许志西南财经大学金融学院WhatisBond?Definition许志西南财经SomeRelativeConceptionsCouponThestatedinterestpaymentmadeonabond.FaceValue(parvalue)Theprincipalamountofabondthatisrepaidattheendoftheterm.CouponRateTheannualcoupondividedbythefacevalueofabond.MaturitySpecifieddateonwhichtheprincipalamountofabondispaid.许志西南财经大学金融学院SomeRelativeConceptionsCoupoExampleofaBondConsideraU.S.governmentbondlistedas63/8ofDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually(June30andDecember31forthisparticularbond).Sincethecouponrateis63/8thepaymentis$31.875.OnJanuary1,2002thesizeandtimingofcashflowsare:许志西南财经大学金融学院ExampleofaBondConsideraU.HowtoValueBondsIdentifythesizeandtimingofcashflows.Discountatthecorrectdiscountrate.Ifyouknowthepriceofabondandthesizeandtimingofcashflows,theyieldtomaturityisthediscountrate.Note:YieldtoMaturity(YTM)istheraterequiredinthemarketonabond.许志西南财经大学金融学院HowtoValueBondsIdentifythePureDiscountBondsInformationneededforvaluingpurediscountbonds:Timetomaturity(T)=Maturitydate-today’sdateFacevalue(F)Discountrate(r)Presentvalueofapurediscountbondattime0:许志西南财经大学金融学院PureDiscountBondsInformationPureDiscountBonds:ExampleFindthevalueofa30-yearzero-couponbondwitha$1,000parvalueandaYTMof6%.许志西南财经大学金融学院PureDiscountBonds:ExamLevel-CouponBondsInformationneededtovaluelevel-couponbonds:Couponpaymentdatesandtimetomaturity(T)Couponpayment(C)perperiodandFacevalue(F)DiscountrateValueofaLevel-couponbond=PVofcouponpaymentannuity+PVoffacevalue许志西南财经大学金融学院Level-CouponBondsInformationLevel-CouponBonds:ExampleFindthepresentvalue(asofJanuary1,2002),ofa6-3/8couponT-bondwithsemi-annualpayments,andamaturitydateofDecember2009iftheYTMis5-percent.OnJanuary1,2002thesizeandtimingofcashflowsare:许志西南财经大学金融学院Level-CouponBonds:ExampFurtherConceptsBondpricesandmarketinterestratesmoveinoppositedirections.2. Whencouponrate=YTM,price=parvalue. Whencouponrate>YTM,price>parvalue(premiumbond) Whencouponrate<YTM,price<parvalue(discountbond)Abondwithlongermaturityhashigherrelative(%)pricechangethanonewithshortermaturitywheninterestrate(YTM)changes.Allotherfeaturesareidentical.4.AlowercouponbondhasahigherrelativepricechangethanahighercouponbondwhenYTMchanges.Allotherfeaturesareidentical.许志西南财经大学金融学院FurtherConceptsBondpricesanYTMandBondValue8001000110012001300$140000.010.020.030.040.050.060.070.080.090.1DiscountRateBondValue63/8WhentheYTM<coupon,thebondtradesatapremium.WhentheYTM=coupon,thebondtradesatpar.WhentheYTM>coupon,thebondtradesatadiscount.许志西南财经大学金融学院YTMandBondValue800100011001MaturityandBondPriceVolatilityCConsidertwootherwiseidenticalbonds.Thelong-maturitybondwillhavemuchmorevolatilitywithrespecttochangesinthediscountrateDiscountRateBondValueParShortMaturityBondLongMaturityBond许志西南财经大学金融学院MaturityandBondPriCouponRateandBondPriceVolatilityConsidertwootherwiseidenticalbonds.Thelow-couponbondwillhavemuchmorevolatilitywithrespecttochangesinthediscountrateDiscountRateBondValueHighCouponBondLowCouponBond许志西南财经大学金融学院CouponRateandBondPUsefulLinksforBondsAgoodbondsitetovisitis/,whichhasloadsofusefulinformation.Informationforbondinvestorscanbefoundat.LearnallaboutgovernmentbondsofU.S.at中国债券信息网：和讯债券频道：/许志西南财经大学金融学院UsefulLinksforBondsAgoodbThePresentValueofCommonStocksDividendsversusCapitalGainsValuationofDifferentTypesofStocksZeroGrowthConstantGrowthDifferentialGrowth许志西南财经大学金融学院ThePresentValueofCommonCase1:ZeroGrowthAssumethatdividendswillremainatthesamelevelforeverSincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:许志西南财经大学金融学院Case1:ZeroGrowthAssCase2:ConstantGrowthSincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:Assumethatdividendswillgrowataconstantrate,g,forever.i.e....许志西南财经大学金融学院Case2:ConstantGrowthSincefCase3:DifferentialGrowthAssumethatdividendswillgrowatdifferentratesintheforeseeablefutureandthenwillgrowataconstantratethereafter.TovalueaDifferentialGrowthStock,weneedto:Estimatefuturedividendsintheforeseeablefuture.EstimatethefuturestockpricewhenthestockbecomesaConstantGrowthStock(case2).Computethetotalpresentvalueoftheestimatedfuturedividendsandfuturestockpriceattheappropriatediscountrate.许志西南财经大学金融学院Case3:DifferentialGrowthAssCase3:DifferentialGrowthDividendswillgrowatrateg1forNyearsandgrowatrateg2thereafter…0 1 2 …N N+1 …许志西南财经大学金融学院Case3:DifferentialGrowthDiCase3:DifferentialGrowthWecanvaluethisasthesumof:anN-yearannuitygrowingatrateg1plusthediscountedvalueofaperpetuitygrowingatrateg2thatstartsinyearN+1许志西南财经大学金融学院Case3:DifferentialGrowthWeCase3:DifferentialGrowthTovalueaDifferentialGrowthStock,wecanuse许志西南财经大学金融学院Case3:DifferentialGrowthTo

ADifferentialGrowthExampleAcommonstockjustpaidadividendof$2.Thedividendisexpectedtogrowat8%for3years,thenitwillgrowat4%inperpetuity.Giveninvestorsassessmentofthiscompany,theythinkthattherequiredreturnonthisstockis12percent.Whatisthestockworth?许志西南财经大学金融学院ADifferentialGrowthExaWiththeFormula许志西南财经大学金融学院WiththeFormula许志西南财经大学金融学院ADifferentialGrowthExample…0 1 2 3 40 1 2 3 Theconstantgrowthphasebeginninginyear4canbevaluedasagrowingperpetuityattime3.许志西南财经大学金融学院ADifferentialGrowthExample…TheDividendGrowthModelandtheNPVGOModel(Advanced)Wehavetwowaystovalueastock:Thedividenddiscountmodel.Thepriceofashareofstockcanbecalculatedasthesumofitspriceasacashcowplustheper-sharevalueofitsgrowthopportunities.许志西南财经大学金融学院TheDividendGrowthModelandEstimatesofParametersintheDividend-DiscountModelThevalueofafirmdependsuponitsgrowthrate,g,anditsdiscountrate,r.Wheredoesgcomefrom?Wheredoesrcomefrom?许志西南财经大学金融学院EstimatesofParametersintheWheredoesgcomefrom?g=Retentionratio×Returnonretainedearnings许志西南财经大学金融学院Wheredoesgcomefrom?g=RetWheredoesrcomefrom?Thediscountratecanbebrokenintotwoparts.ThedividendyieldThegrowthrate(individends)Inpractice,thereisagreatdealofestimationerrorinvolvedinestimatingr.许志西南财经大学金融学院Wheredoesrcomefrom?Thedis GrowthOpportunitiesGrowthopportunitiesareopportunitiestoinvestinpositiveNPVprojects.Thevalueofafirmcanbeconceptualizedasthesumofthevalueofafirmthatpaysout100-percentofitsearningsasdividendsandthenetpresentvalueofthegrowthopportunities.许志西南财经大学金融学院 GrowthOpportunitiesGrowthopTheDividendGrowthModelandtheNPVGOModelConsiderafirmthathasEPSof$5attheendofthefirstyear,adividend-payoutratioof30%,adiscountrateof16-percent,andareturnonretainedearningsof20-percent.Thedividendatyearonewillbe$5×.30=$1.50pershare.Theretentionratiois.70(=1-.30)implyingagrowthrateindividendsof14%=.70×20%Fromthedividendgrowthmodel,thepriceofashareis:许志西南财经大学金融学院TheDividendGrowthModelandTheNPVGOModelFirst,wemustcalculatethevalueofthefirmasacashcow.Second,wemustcalculatethevalueofthegrowthopportunities.Finally,许志西南财经大学金融学院TheNPVGOModelFirst,wemust PriceEarningsRatioManyanalystsfrequentlyrelateearningspersharetoprice.Thepriceearningsratioisa.k.a.themultipleCalculatedascurrentstockpricedividedbyannualEPSTheWallStreetJournaluseslast4quarter’searningsFirmswhosesharesare“infashion”sellathighmultiples.Growthstocksforexample.Firmswhosesharesareoutoffavorsellatlowmultiples.Valuestocksforexample.许志西南财经大学金融学院 PriceEarningsRatioManyanal StockMarketReportingGaphasbeenashighas$52.75inthelastyear.Gaphasbeenaslowas$19.06inthelastyear.Gappaysadividendof9cents/shareGiventhecurrentprice,thedividendyieldis½%Giventhecurrentprice,thePEratiois15timesearnings6,517,200sharestradedhandsinthelastday’stradingGapendedtradingat$19.25,down$1.75fromyesterday’sclose许志西南财经大学金融学院 StockMarketReportingGaphas StockMarketReportingGapIncorporatedishavingatoughyear,tradingneartheir52-weeklow.Imaginehowyouwouldfeelifwithinthepastyearyouhadpaid$52.75forashareofGapandnowhadashareworth$19.25!That9-centdividendwouldn’tgoveryfarinmakingamends.Yesterday,Gaphadanotherroughdayinaroughyear.Gap“openedthedaydown”beginningtradingat$20.50,whichwasdownfromthepreviouscloseof$21.00=$19.25+$1.75许志西南财经大学金融学院 StockMarketReportingGapInc SummaryandConclusionsInthischapter,weusedthetimevalueofmoneyformulaefrompreviouschapterstovaluebondsandstocks.Thevalueofazero-couponbondisThevalueofaperpetuityis许志西南财经大学金融学院 SummaryandConclusionsInthiSummaryandConclusions(continued)ThevalueofacouponbondisthesumofthePVoftheannuityofcouponpaymentsplusthePVoftheparvalueatmaturity.Theyieldtomaturity(YTM)ofabondisthatsingleratethatdiscountsthepaymentsonthebondtothepurchaseprice.许志西南财经大学金融学院SummaryandConclusions(contiSummaryandConclusions(continued)Astockcanbevaluedbydiscountingitsdividends.Therearethreecases:ZerogrowthindividendsConstantgrowthindividendsDifferentialgrowthindividends许志西南财经大学金融学院SummaryandConclusions(contiExcel的应用Yahoo-Finance的债券主页许志西南财经大学金融学院Excel的应用Yahoo-Finance的债券主页许志西价值和收益率的计算付息债券的现金流量分析许志西南财经大学金融学院价值和收益率的计算付息债券的现金流量分析许志西南财经大学金价值和收益率的计算债券价值随市场利率的变化而变化许志西南财经大学金融学院价值和收益率的计算债券价值随市场利率的变化而变化许志西南价值和收益率的计算债券发行后的价值许志西南财经大学金融学院价值和收益率的计算债券发行后的价值许志西南财经大学金融学院影响债券价值的主要因素债券的票面金额是债券价格的决定性因素。因为面值是债券到期偿还本金的直接依据，所以从理论上讲，在发行时债券的价格应与面值相等。但由于受市场利率和供求关系的影响，债券的实际发行价格有可能会偏离其票面金额。债券的票面利率与市场平均收益率之间会存在一些差别，因此预先确定的债券票面利率会在债券正式发行时影响债券的价格。此外在债券被持有期间，由于存在着已支付利息和尚未支付的利息，所以债券的交易价格会受市场利率的影响。债券的偿还期限越长，它作为投资工具的风险就越大。按照收益和风险对等的原则，较长期限的债券，要用较高的利率来补偿其风险。债券的信用评级和市场的供求关系也会影响债券价值。许志西南财经大学金融学院影响债券价值的主要因素债券的票面金额是债券价格的决定性因素。信用风险与债券评级债券的信用评级许志西南财经大学金融学院信用风险与债券评级债券的信用评级许志西南财经大学金融学院Excel中的债券函数Excel债券函数的分类许志西南财经大学金融学院Excel中的债券函数Excel债券函数的分类许志西南财Excel中的债券函数Excel中每个债券计算函数都有若干参数，它们在全部债券类函数中是通用的，并且其中一部分参数本身可以作为计算函数，而以其他参数为参数。所有这些参数可分为3组。第一组参数是价格、收益率、利率：价格(pr)，面值(par)，偿付价格(redemption)，收益率(yld)，利率(rate或coupon)第二组是有关债券计算的各种日期：发行日(issue)，交易日(settlement)，到期日(maturity)，首期付息日(first_coupon)，末期付息日(last_interest)第三组参数是关于日期计算基准的：计息次数(frequency)，日计数基准(basis)许志西南财经大学金融学院Excel中的债券函数Excel中每个债券计算函数都有若干参定期付息债券的计算价格与收益率的计算PRICE(settlement,maturity,rate,yld,redemption,frequency,basis)YIELD(settlement,maturity,rate,pr,redemption,frequency,basis）ODDFPRICE(settlement,maturity,issue,first_coupon,rate,yld,redemption,frequency,basis)ODDFYIELD(settlement,maturity,issue,first_coupon,rate,pr,redemption,frequency,basis)ODDLPRICE(settlement,maturity,last_interest,rate,yld,redemption,frequency,basis)ODDLYIELD(settlement,maturity,last_interest,rate,pr,redemption,frequency,basis)许志西南财经大学金融学院定期付息债券的计算价格与收益率的计算许志西南财经大学金融定期付息债券的计算关于计息期和利息的计算ACCRINT(issue,first_interest,settlement,rate,par,frequency,basis)COUPDAYBS(settlement,maturity,frequency,basis)COUPDAYSNC(settlement,maturity,frequency,basis)COUPDAYS(settlement,maturity,frequency,basis)COUPPCD(settlement,maturity,frequency,basis)COUPNCD(settlement,maturity,frequency,basis)COUPNUM(settlement,maturity,frequency,basis)COUPPCD()COUPNCD()交易日COUPDAYSNC()COUPDAYBS()COUPDAYS()COUPNUM()许志西南财经大学金融学院定期付息债券的计算关于计息期和利息的计算COUPPCD()其他类型债券的计算到期付息债券的计算PRICEMAT(settlement,maturity,issue,rate,yld,basis)YIELDMAT(settlement,maturity,issue,rate,pr,basis)ACCRINTM(issue,maturity,rate,par,basis)折价债券的计算PRICEDISC(settlement,maturity,discount,redemption,basis)YIELDDISC(settlement,maturity,pr,redemption,basis)DISC(settlement,maturity,pr,redemption,basis)INTRATE(settlement,maturity,investment,redemption,basis)RECEIVED(settlement,maturity,investment,discount,basis)国库券的计算TBILLPRICE(settlement,maturity,discount)TBILLYIELD(settlement,maturity,pr)TBILLEQ(settlement,maturity,discount)许志西南财经大学金融学院其他类型债券的计算到期付息债券的计算许志西南财经大学金融ReadingsforPreparationChapter6,CorporateFinance,Ross6/E,Mcgraw-HillChapter9,FundamentalsofCorporateFinance,Ross6/E,Mcgraw-HillChapter5,PrinciplesofCorporateFinance,Brealey7/E,Mcgraw-Hill《Excel金融计算专业教程》第四章，王晓民，清华大学出版社许志西南财经大学金融学院ReadingsforPreparation许志西南财CorporateFinance——LectureFive许志西南财经大学金融学院CorporateFinanceWhatisBond?Definition

Abondisalegallybindingagreementbetweenaborrowerandalender:Specifiestheprincipalamountoftheloan.Specifiesthesizeandtimingofthecashflows:Indollarterms(fixed-rateborrowing)Asaformula(adjustable-rateborrowing)许志西南财经大学金融学院WhatisBond?Definition许志西南财经SomeRelativeConceptionsCouponThestatedinterestpaymentmadeonabond.FaceValue(parvalue)Theprincipalamountofabondthatisrepaidattheendoftheterm.CouponRateTheannualcoupondividedbythefacevalueofabond.MaturitySpecifieddateonwhichtheprincipalamountofabondispaid.许志西南财经大学金融学院SomeRelativeConceptionsCoupoExampleofaBondConsideraU.S.governmentbondlistedas63/8ofDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually(June30andDecember31forthisparticularbond).Sincethecouponrateis63/8thepaymentis$31.875.OnJanuary1,2002thesizeandtimingofcashflowsare:许志西南财经大学金融学院ExampleofaBondConsideraU.HowtoValueBondsIdentifythesizeandtimingofcashflows.Discountatthecorrectdiscountrate.Ifyouknowthepriceofabondandthesizeandtimingofcashflows,theyieldtomaturityisthediscountrate.Note:YieldtoMaturity(YTM)istheraterequiredinthemarketonabond.许志西南财经大学金融学院HowtoValueBondsIdentifythePureDiscountBondsInformationneededforvaluingpurediscountbonds:Timetomaturity(T)=Maturitydate-today’sdateFacevalue(F)Discountrate(r)Presentvalueofapurediscountbondattime0:许志西南财经大学金融学院PureDiscountBondsInformationPureDiscountBonds:ExampleFindthevalueofa30-yearzero-couponbondwitha$1,000parvalueandaYTMof6%.许志西南财经大学金融学院PureDiscountBonds:ExamLevel-CouponBondsInformationneededtovaluelevel-couponbonds:Couponpaymentdatesandtimetomaturity(T)Couponpayment(C)perperiodandFacevalue(F)DiscountrateValueofaLevel-couponbond=PVofcouponpaymentannuity+PVoffacevalue许志西南财经大学金融学院Level-CouponBondsInformationLevel-CouponBonds:ExampleFindthepresentvalue(asofJanuary1,2002),ofa6-3/8couponT-bondwithsemi-annualpayments,andamaturitydateofDecember2009iftheYTMis5-percent.OnJanuary1,2002thesizeandtimingofcashflowsare:许志西南财经大学金融学院Level-CouponBonds:ExampFurtherConceptsBondpricesandmarketinterestratesmoveinoppositedirections.2. Whencouponrate=YTM,price=parvalue. Whencouponrate>YTM,price>parvalue(premiumbond) Whencouponrate<YTM,price<parvalue(discountbond)Abondwithlongermaturityhashigherrelative(%)pricechangethanonewithshortermaturitywheninterestrate(YTM)changes.Allotherfeaturesareidentical.4.AlowercouponbondhasahigherrelativepricechangethanahighercouponbondwhenYTMchanges.Allotherfeaturesareidentical.许志西南财经大学金融学院FurtherConceptsBondpricesanYTMandBondValue8001000110012001300$140000.010.020.030.040.050.060.070.080.090.1DiscountRateBondValue63/8WhentheYTM<coupon,thebondtradesatapremium.WhentheYTM=coupon,thebondtradesatpar.WhentheYTM>coupon,thebondtradesatadiscount.许志西南财经大学金融学院YTMandBondValue800100011001MaturityandBondPriceVolatilityCConsidertwootherwiseidenticalbonds.Thelong-maturitybondwillhavemuchmorevolatilitywithrespecttochangesinthediscountrateDiscountRateBondValueParShortMaturityBondLongMaturityBond许志西南财经大学金融学院MaturityandBondPriCouponRateandBondPriceVolatilityConsidertwootherwiseidenticalbonds.Thelow-couponbondwillhavemuchmorevolatilitywithrespecttochangesinthediscountrateDiscountRateBondValueHighCouponBondLowCouponBond许志西南财经大学金融学院CouponRateandBondPUsefulLinksforBondsAgoodbondsitetovisitis/,whichhasloadsofusefulinformation.Informationforbondinvestorscanbefoundat.LearnallaboutgovernmentbondsofU.S.at中国债券信息网：和讯债券频道：/许志西南财经大学金融学院UsefulLinksforBondsAgoodbThePresentValueofCommonStocksDividendsversusCapitalGainsValuationofDifferentTypesofStocksZeroGrowthConstantGrowthDifferentialGrowth许志西南财经大学金融学院ThePresentValueofCommonCase1:ZeroGrowthAssumethatdividendswillremainatthesamelevelforeverSincefuturecashflowsareconstant,thevalueofazerogrowthstockisthepresentvalueofaperpetuity:许志西南财经大学金融学院Case1:ZeroGrowthAssCase2:ConstantGrowthSincefuturecashflowsgrowataconstantrateforever,thevalueofaconstantgrowthstockisthepresentvalueofagrowingperpetuity:Assumethatdividendswillgrowataconstantrate,g,forever.i.e....许志西南财经大学金融学院Case2:ConstantGrowthSincefCase3:DifferentialGrowthAssumethatdividendswillgrowatdifferentratesintheforeseeablefutureandthenwillgrowataconstantratethereafter.TovalueaDifferentialGrowthStock,weneedto:Estimatefuturedividendsintheforeseeablefuture.EstimatethefuturestockpricewhenthestockbecomesaConstantGrowthStock(case2).Computethetotalpresentvalueoftheestimatedfuturedividendsandfuturestockpriceattheappropriatediscountrate.许志西南财经大学金融学院Case3:DifferentialGrowthAssCase3:DifferentialGrowthDividendswillgrowatrateg1forNyearsandgrowatrateg2thereafter…0 1 2 …N N+1 …许志西南财经大学金融学院Case3:DifferentialGrowthDiCase3:DifferentialGrowthWecanvaluethisasthesumof:anN-yearannuitygrowingatrateg1plusthediscountedvalueofaperpetuitygrowingatrateg2thatstartsinyearN+1许志西南财经大学金融学院Case3:DifferentialGrowthWeCase3:DifferentialGrowthTovalueaDifferentialGrowthStock,wecanuse许志西南财经大学金融学院Case3:DifferentialGrowthTo

ADifferentialGrowthExampleAcommonstockjustpaidadividendof$2.Thedividendisexpectedtogrowat8%for3years,thenitwillgrowat4%inperpetuity.Giveninvestorsassessmentofthiscompany,theythinkthattherequiredreturnonthisstockis12percent.Whatisthestockworth?许志西南财经大学金融学院ADifferentialGrowthExaWiththeFormula许志西南财经大学金融学院WiththeFormula许志西南财经大学金融学院ADifferentialGrowthExample…0 1 2 3 40 1 2 3 Theconstantgrowthphasebeginninginyear4canbevaluedasagrowingperpetuityattime3.许志西南财经大学金融学院ADifferentialGrowthExample…TheDividendGrowthModelandtheNPVGOModel(Advanced)Wehavetwowaystovalueastock:Thedividenddiscountmodel.Thepriceofashareofstockcanbecalculatedasthesumofitspriceasacashcowplustheper-sharevalueofitsgrowthopportunities.许志西南财经大学金融学院TheDividendGrowthModelandEstimatesofParametersintheDividend-DiscountModelThevalueofafirmdependsuponitsgrowthrate,g,anditsdiscountrate,r.Wheredoesgcomefrom?Wheredoesrcomefrom?许志西南财经大学金融学院EstimatesofParametersintheWheredoesgcomefrom?g=Retentionratio×Returnonretainedearnings许志西南财经大学金融学院Wheredoesgcomefrom?g=RetWheredoesrcomefrom?Thediscountratecanbebrokenintotwoparts.ThedividendyieldThegrowthrate(individends)Inpractice,thereisagreatdealofestimationerrorinvolvedinestimatingr.许志西南财经大学金融学院Wheredoesrcomefrom?Thedis GrowthOpportunitiesGrowthopportunitiesareopportunitiestoinvestinpositiveNPVprojects.Thevalueofafirmcanbeconceptualizedasthesumofthevalueofafirmthatpaysout100-percentofitsearningsasdividendsandthenetpresentvalueofthegrowthopportunities.许志西南财经大学金融学院 GrowthOpportunitiesGrowthopTheDividendGrowthModelandtheNPVGOModelConsiderafirmthathasEPSof$5attheendofthefirstyear,adividend-payoutratioof30%,adiscountrateof16-percent,andareturnonretainedearningsof20-percent.Thedividendatyearonewillbe$5×.30=$1.50pershare.Theretentionratiois.70(=1-.30)implyingagrowthrateindividendsof14%=.70×20%Fromthedividendgrowthmodel,thepriceofashareis:许志西南财经大学金融学院TheDividendGrowthModelandTheNPVGOModelFirst,wemustcalculatethevalueofthefirmasacashcow.Second,wemustcalculatethevalueofthegrowthopportunities.Finally,许志西南财经大学金融学院TheNPVGOModelFirst,wemust PriceEarningsRatioManyanalystsfrequentlyrelateearningspersharetoprice.Thepriceearningsratioisa.k.a.themultipleCalculatedascurrentstockpricedividedbyannualEPSTheWallStreetJournaluseslast4quarter’searningsFirmswhosesharesare“infashion”sellathighmultiples.Growthstocksforexample.Firmswhosesharesareoutoffavorsellatlowmultiples.Valuestocksforexample.许志西南财经大学金融学院 PriceEarningsRatioManyanal StockMarketReportingGaphasbeenashighas$52.75inthelastyear.Gaphasbeenaslowas$19.06inthelastyear.Gappaysadividendof9cents/shareGiventhecurrentprice,thedividendyieldis½%Giventhecurrentprice,thePEratiois15timesearnings6,517,200sharestradedhandsinthelastday’stradingGapendedtradingat$19.25,down$1.75fromyesterday’sclose许志西南财经大学金融学院 StockMarketReportingGaphas StockMarketReportingGapIncorporatedishavingatoughyear,tradingneartheir52-weeklow.Imaginehowyouwouldfeelifwithinthepastyearyouhadpaid$52.75forashareofGapandnowhadashareworth$19.25!That9-centdividendwouldn’tgoveryfarinmakingamends.Yesterday,Gaphadanotherroughdayinaroughyear.Gap“openedthedaydown”beginningtradingat$20.50,whichwasdownfromthepreviouscloseof$21.00=$19.25+$1.75许志西南财经大学金融学院 StockMarketReportingGapInc SummaryandConclusionsInthischapter,weusedthetimevalueofmoneyformulaefrompreviouschapterstovaluebondsandstocks.Thevalueofazero-couponbondisThevalueofaperpetuityis许志西南财经大学金融学院 SummaryandConclusionsInthiSummaryandConclusions(continued)ThevalueofacouponbondisthesumofthePVoftheannuityofcouponpaymentsplusthePVoftheparvalueatmaturity.Theyieldtomaturity(YTM)ofabondisthatsingleratethatdiscountsthepaymentsonthebondtothepurchaseprice.许志西南财经大学金融学院SummaryandConclusions(contiSummaryandConclusions(continued)Astockcanbevaluedbydiscountingitsdividends.Therearethreecases:ZerogrowthindividendsConstantgrowthindividendsDifferentialgrowthindividends许志西南财经大学金融学院SummaryandConclusions(contiExcel的应用Yahoo-Finance的债券主页许志西南财经大学金融学院Excel的应用Yahoo-Finance的债券主页许志西价值和收益率的计算付息债券的现金流量分析许志西南财经大学金融学院价值和收益率的计算付息债券的现金流量分析许志西南财经大学金价值和收益率的计算债券价值随市场利率的变化而变化许志西南财经大学金融学院价值和收益率的计算债券价值随市场利率的变化而变化许志西南价值和收益率的计算债券发行后的价值许志西南财经大学金融学院价值和收益率的计算债券发行后的价值许志西南财经大学金融学院影响债券价值的主要因素债券的票面金额是债券价格的决定性因素。因为面值是债券到期偿还本金的直接依据，所以从理论上讲