第四章股票估值习题答案计算题：1．解答：（1）r=D1/P+g=2/22.5+10%=18.89%（2）P=D1r−g=217%−10%=28.57>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=rf+β×(rm−rf)=12%+1.65×(15.6%−12%)=17.94%（2）P=8.5/(17.94%-5%)=65.693．解答：P0=EPS/r=5/16%=31.25NPV=－5×65%+5×65%×0.2/0.16=0.8125PVGO=0.8125/(16%-65%×20%)=27.08P=P0+PVGO=31.25+27.08=58.33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%=86.6786.67/90=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（3）P1=10000×0.322+130×5.65=322+734.5=1056.51056.5/1100=96%P2=13/14%=92.8692.86/90=103%P3=2×(1+7.18%)/(18%-7.18%)=2.1436/10.82%=19.8119.81/20=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%）=2.625DV2=2.625×（1+5%）=2.756DV3=2.756×（1+5%）=2.894DV4=2.894×（1+10%）=3.183DV5=3.183×（1+10%）=3.50111．解答：r=D1/P+g=1×(1+10%)/20+10%=15.5%一年以后公司股价P=20×（1+15.5%）－1.1=2212．解答：r=rf+β×(rm−rf)=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=45.1813．解答：80=4×(1+g)/(14%-g)得出g=8.57%14．解答：r=rf+β×(rm−rf)=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%)=27.1515．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%)=27.9417．解答：rA=rf+βA×(rm−rf)=9%+0.4×(13%−9%)=10.6%rB=rf+βB×(rm−rf)=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
