[商管] 財管 股票評價
題一
if the expected ROE on reinvested earnings is equal to k, the multistage DDM
reduces to
A)V = (Expected Dividend Per Share in Year 1)/k
B)V = (Expected EPS in Year 1)/k
ANS:B
看不太懂題解 題解寫因ROE=k,故為無成長模型,b=0,EPS=DPS
不太懂為什麼ROE=k表無成長 且V應該是表公司價值 但照題解的話EPS/k應是E(權益)
我覺得是ROE=k
ROE*b=g -> k*b=g
D1/(k-g) = D1/(k-ROE*b) = D1/(k-k*b) = EPS*d/k(1-b) = EPS/k 不知是否正確 感謝
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