《公司理财》第二版课后答案 4 股票估值

计算题: 1.解答:

(1)r=d!/p+g=2/22.5+10%=18.89% (2)57.28% 10%1721

=−=−=grdp>22.5因为该股票的价格低于投资者的预期价值,所以该投资者会购买2.解答:

(1)r=r!+β×!−r!=12%+1.65×.6%−12%=17.94% (2)p=8.5/(17.94%-5%)=65.693.解答: p0=eps/r=5/16%=31.25

npv=-5×65%+5×65%×0.2/0.16=0.8125 pvgo=0.8125/(16%-65%×20%)=27.08 p=p0+pvgo=31.25+27.08=58.33

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利用股利增长模型验证:

p=5×35%/(16%-65%×20%)=58.334.解答:43=(48+2.84)/(1+r),推出r=18.23%5.解答: (1)r=3.6/33=10.91% (2)p=3.6/10%=36

(3)因为该优先股价值被低估了,所以投资者应该购买优先股。6.解答:50×(1+15%)-6=51.57.解答: (1)p1(公司债)=1000×0.27+130×

5.216=270+678.08=948.08948.08/1100=86% p2(优先股)=13/15%=86.67 86.67/90=96.3% p3(普通股)=2×

(1+7.18%)/(20%-7.18%)=2.1436/12.82%=16.7216.72/20=83.6%其中股利增长率:3(1+g)^10=6得到g=7.18%

(2)由于三种证券的价值均小于价格,所以均不应该购买

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(3)p1=10000×0.322+130×5.65=322+734.5=1056.5 1056.5/1100=96%

p2=13/14%=92.8692.86/90=103%p3=2×(1+7.18%)/(18%-7.18%)=2.1436/10.82%=19.81

19.81/20=99%此时只有第二种证券被低估,因此应该购买第二种证券8.解答:

(1)23.5=1.32×(1+8%)/((r-8%)得到r=14% (2)p=1.32×(1+8%)/((10.5%-8%)=57.024>23.5 (3)因为该股票价值被低估了,所以可以购买。 9.解答:

(1)p1=eps/r=6/20%=30

(2)p2=dv1/(r-g)=6×70%/(20%-18%×30%)=28.77 (3)p3=dv1/(r-g)=6×40%/(20%-18%×60%)=26.09 (4)p4=dv1/(r-g)=6×0%/(20%-18%×100%)=0

以上表明如果资本在公司内部的收益率低于股东自己投资的收

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益率,不如把资本还给股东,表现在股票的价格上为,留存比越高,该股票的价格越低。 10.解答:

dv1=2.5×(1+5%)=2.625 dv2=2.625×(1+5%)=2.756 dv3=2.756×(1+5%)=2.894 dv4=2.894×(1+10%)=3.183 dv5=3.183×(1+10%)=3.501 11.解答:

r=d!/p+g=1×(1+10%)/20+10%=15.5% 一年以后公司股价p=20×(1+15.5%)-1.1=22 12.解答:r=r!+β×!−r!=6%+1.2×5%=12%

p=2×(1+10%)/(1+12%)+2×(1+10%)^2/(1+12%)^2+2×(1+10%)^2×(1+7%)/(12%-7%)(1+12%)^2=45.18 13.解答:80=4×(1+g)/(14%-g)得出g=8.57%

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14.解答:r=r!+β×!−r!=5.6%+0.9×6%=11% 25=2×(1+g)/(11%-g)得出g=2.78% p=2×(1+2.78%)^4/(11%-2.78%)=27.15 15.解答:

r1=d/p1=8/60=13.3% r2=d/p2=8/80=10% r3=d/p3=8/100=8% r4=d/p4=8/120=6.67%

16.解答:p=d×(1+g)/(r-g)=5×(1-5%)/(12%+5%)=27.94 17.解答:r!=r!+β!×r!−r!=9%+0.4×(13%−9%)=10.6% r!=r!+β!×!−r!=9%−0.5×(13%−9%)=7%

pa=d×(1+g)/(r-g)=1.5×(1+4%)/(10.6%-4%)=23.64现在a的股价被高估

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