公司理财精要版原书第12版英文版最新精品课件ppt.pptx

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1、STOCK VALUATIONCHAPTER 8Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-2 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Explain how stock prices depend on future dividends and dividend growthShow h

2、ow to value stocks using multiplesLay out the different ways corporate directors are elected to officeDefine how the stock markets workKEY CONCEPTS AND SKILLSCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-3 烧伤病人的治

3、疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Common Stock ValuationSome Features of Common and Preferred StocksThe Stock MarketsCHAPTER OUTLINECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-4 烧伤病人的治疗通常

4、是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人If you buy a share of stock,you can receive cash in two ways:The company pays dividends.You sell your shares,either to another investor in the market or back to the company.As with bonds,the price of the stock is the present value of these expect

5、ed cash flows.CASH FLOWS FOR STOCKHOLDERSCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-5 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose you are thinking of purchasing the stock of Moore Oi

6、l,Inc.You expect it to pay a$2 dividend in one year,and you believe that you can sell the stock for$14 at that time.If you require a return of 20%on investments of this risk,what is the maximum you would be willing to pay?Compute the PV of the expected cash flows.Price=(14+2)/(1.2)=$13.33Or FV=16;I/

7、Y=20;N=1;CPT PV=-13.33ONE-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-6 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Now,what if you decide to hold the stock for two years?In add

8、ition to the dividend in one year,you expect a dividend of$2.10 in two years and a stock price of$14.70 at the end of year 2.Now how much would you be willing to pay?PV=2/(1.2)+(2.10+14.70)/(1.2)2=13.33TWO-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistribution

9、withoutthepriorwrittenconsentofMcGraw-HillEducation.8-7 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Finally,what if you decide to hold the stock for three years?In addition to the dividends at the end of years 1 and 2,you expect to receive a dividend of$2.205 at the end of year 3

10、and the stock price is expected to be$15.435.Now how much would you be willing to pay?PV=2/1.2+2.10/(1.2)2+(2.205+15.435)/(1.2)3=13.33THREE-PERIOD EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-8 烧伤病人的治疗通常是

11、取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人You could continue to push back the year in which you will sell the stock.You would find that the price of the stock is really just the present value of all expected future dividends.So,how can we estimate all future dividend payments?DEVELOPING T

12、HE MODELCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-9 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Constant dividend(i.e.,zero growth)The firm will pay a constant dividend forever.This is like

13、 preferred stock.The price is computed using the perpetuity formula.Constant dividend growthThe firm will increase the dividend by a constant percent every period.The price is computed using the growing perpetuity model.Supernormal growthDividend growth is not consistent initially,but settles down t

14、o constant growth eventually.The price is computed using a multistage model.ESTIMATING DIVIDENDS:SPECIAL CASESCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-10 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想

15、一想如何来治疗该病人If dividends are expected at regular intervals forever,then this is a perpetuity,and the present value of expected future dividends can be found using the perpetuity formula.P0=D/RSuppose a stock is expected to pay a$0.50 dividend every quarter and the required return is 10%with quarterly

16、compounding.What is the price?P0=.50/(.1/4)=$20ZERO GROWTHCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-11 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Dividends are expected to grow at a consta

17、nt percent per period.P0=D1/(1+R)+D2/(1+R)2+D3/(1+R)3+P0=D0(1+g)/(1+R)+D0(1+g)2/(1+R)2+D0(1+g)3/(1+R)3+With a little algebra and some series work,this reduces to:DIVIDEND GROWTH MODELCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw

18、-HillEducation.8-12 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose Big D,Inc.,just paid a dividend of$0.50 per share.It is expected to increase its dividend by 2%per year.If the market requires a return of 15%on assets of this risk,how much should the stock be selling for?P0=

19、.50(1+.02)/(.15-.02)=$3.92DGM EXAMPLE 1Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-13 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose TB Pirates,Inc.,is expected to pay a$2 dividend in on

20、e year.If the dividend is expected to grow at 5%per year and the required return is 20%,what is the price?P0=2/(.2-.05)=$13.33Why isnt the$2 in the numerator multiplied by(1.05)in this example?DGM EXAMPLE 2Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithouttheprio

21、rwrittenconsentofMcGraw-HillEducation.8-14 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人STOCK PRICE SENSITIVITY TO DIVIDEND GROWTH,GGrowth RateStock Price00.050.10.150.2050100150200250D1=$2;R=20%Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithout

22、thepriorwrittenconsentofMcGraw-HillEducation.8-15 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人STOCK PRICE SENSITIVITY TO REQUIRED RETURN,RGrowth RateStock Price00.050.10.150.20.250.3050100150200250D1=$2;g=5%Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistri

23、butionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-16 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Gordon Growth Company is expected to pay a dividend of$4 next period,and dividends are expected to grow at 6%per year.The required return is 16%.What is the current price?P0=

24、4/(.16-.06)=$40Remember that we already have the dividend expected next year,so we dont multiply the dividend by 1+g.EXAMPLE 8.3:GORDON GROWTH COMPANY-ICopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-17 烧伤病人的治疗通常是取

25、烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人What is the price expected to be in year 4?P4=D4(1+g)/(R g)=D5/(R g)P4=4(1+.06)4/(.16-.06)=50.50What is the implied return given the change in price during the four year period?50.50=40(1+return)4;return=6%PV=-40;FV=50.50;N=4;CPT I/Y=6%The price is

26、 assumed to grow at the same rate as the dividends.EXAMPLE 8.3:GORDON GROWTH COMPANY-IICopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-18 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose a fir

27、m is expected to increase dividends by 20%in one year and by 15%in two years.After that,dividends will increase at a rate of 5%per year indefinitely.If the last dividend was$1 and the required return is 20%,what is the price of the stock?Remember that we have to find the PV of all expected future di

28、vidends.NONCONSTANT GROWTH EXAMPLE-ICopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-19 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Compute the dividends until growth levels off.D1=1(1.2)=$1.20D2=

29、1.20(1.15)=$1.38D3=1.38(1.05)=$1.449Find the expected future price.P2=D3/(R g)=1.449/(.2-.05)=9.66Find the present value of the expected future cash flows.P0=1.20/(1.2)+(1.38+9.66)/(1.2)2=8.67NONCONSTANT GROWTH EXAMPLE-IICopyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributio

30、nwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-20 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人What is the value of a stock that is expected to pay a constant dividend of$2 per year if the required return is 15%?What if the company starts increasing dividends by 3%per year,

31、beginning with the next dividend?The required return stays at 15%.QUICK QUIZ PART ICopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-21 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Start with the DG

32、M:USING THE DGM TO FIND RCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-22 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose a firms stock is selling for$10.50.It just paid a$1 dividend,and di

33、vidends are expected to grow at 5%per year.What is the required return?R=1(1.05)/10.50+.05=15%What is the dividend yield?1(1.05)/10.50=10%What is the capital gains yield?g=5%EXAMPLE:FINDING THE REQUIRED RETURN Copyright2019McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithoutthe

34、priorwrittenconsentofMcGraw-HillEducation.8-23 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Another common valuation approach is to multiply a benchmark PE ratio by earnings per share(EPS)to come up with a stock price.Pt=Benchmark PE ratio EPStThe benchmark PE ratio is often an ind

35、ustry average or based on a companys own historical values.The price-sales ratio can also be used.STOCK VALUATION USING MULTIPLESCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-24 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧

36、伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Suppose a company had earnings per share of$3 over the past year.The industry average PE ratio is 12.Use this information to value this companys stock price.Pt=12$3=$36 per shareEXAMPLE:STOCK VALUATION USING MULTIPLES Copyright2019McGraw-HillEducation.Allrightsreserved.N

37、oreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-25 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人TABLE 8.1 STOCK VALUATION SUMMARY(1)Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw

38、-HillEducation.8-26 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人TABLE 8.1 STOCK VALUATION SUMMARY(2)Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-27 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤

39、很有限，请同学们想一想如何来治疗该病人Voting RightsProxy votingClasses of stockOther RightsShare proportionally in declared dividendsShare proportionally in remaining assets during liquidationPreemptive right first shot at new stock issue to maintain proportional ownership if desiredFEATURES OF COMMON STOCKCopyright20

40、19McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-28 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Dividends are not a liability of the firm until a dividend has been declared by the Board.Consequently,a firm c

41、annot go bankrupt for not declaring dividends.Dividends and TaxesDividend payments are not considered a business expense;therefore,they are not tax deductible.The taxation of dividends received by individuals depends on the holding period.Dividends received by corporations have a minimum 70%exclusio

42、n from taxable income.DIVIDEND CHARACTERISTICSCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-29 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人DividendsStated dividend that must be paid before divi

43、dends can be paid to common stockholdersDividends are not a liability of the firm,and preferred dividends can be deferred indefinitely.Most preferred dividends are cumulative any missed preferred dividends have to be paid before common dividends can be paid.Preferred stock generally does not carry v

44、oting rights.FEATURES OF PREFERRED STOCKCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-30 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Dealers vs.BrokersNew York Stock Exchange(NYSE)Largest stock

45、 market in the worldLicense holders(1,366)Designated market makers(DMMs)Floor brokersSupplemental liquidity providers(SLPs)OperationsFloor activitySTOCK MARKETCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-31 烧伤病人

46、的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Not a physical exchange computer-based quotation systemMultiple market makersElectronic Communications NetworksThree levels of informationLevel 1 median quotes,registered representativesLevel 2 view quotes,brokers,and dealersLevel 3 view and

47、 update quotes,dealers onlyLarge portion of technology stocksNASDAQCopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-32 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人Electronic Communications Network

48、s provide trading in NASDAQ securities.To see more detail,visit Instinet.WORK THE WEB EXAMPLECopyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-33 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想一想如何来治疗该病人READING

49、 STOCK QUOTESWhat information is provided in the stock quote?You can go to Bloomberg for current stock quotes.Copyright2019McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.8-34 烧伤病人的治疗通常是取烧伤病人的健康皮肤进行自体移植，但对于大面积烧伤病人来讲，健康皮肤很有限，请同学们想

50、一想如何来治疗该病人You observe a stock price of$18.75.You expect a dividend growth rate of 5%,and the most recent dividend was$1.50.What is the required return?What are some of the major characteristics of common stock?What are some of the major characteristics of preferred stock?QUICK QUIZ PART IICopyright2