问题 问答题

某公司股票目前支付的股利为每股1.92元,股票的必要收益率为9%,有关资料如下: (1)股利负增长率为-4%。 (2)股利零增长。 (3)股利固定增长率为4%。 (4)在未来10年内股利以20%超正常增长,此后再恢复到正常增长状态。 要求: (1)计算上述互不相关情况下股票的价值。 (2)假设该股票为固定增长股票,当时股票市价为42元,则作为投资者是否购买该股票 (3)假设该股票为零增长股票,按每股1.92元的股利计算,已知该股票价值为26.5元,则该股票的必要收益率是多大

答案

参考答案:

(1)负增长时:

零增长时:

V=1.92÷9%元=21.33元

固定增长时:

非固定增长时:

首先算第11年的股利:D10=1.92×(1+20%)10

式中:D11=12.36=1.92×(1+20%)10×(1+4%)

(2)不买。39.93元<42元。

(3)设必要收益率为x,则有:

1.92÷x=26.5

x=7.25%

单项选择题
单项选择题

The world is undergoing tremendous changes. The rise of globalization, both an economic and cultural trend that has swept throughout the world, has forged new ground as we enter the 21st century. But are the effects of globalization always positive Some say no.

Michael Tenet, head of the International Institute for Foreign Relations in Atlanta, is worried about current resentment throughout the world toward the rise of globalization. "Ever since the 1980s and the economic collapse of the Asian Tigers in the late 1990s, there has been a re-evaluation of the role of globalization as a force for good," he said. "Incomes in many countries has declined and the gap between the most rich and the most poor has been aggravated. Without further intervention by governments, we could see a tragedy expressed in an increased level of poverty throughout the Latin America and Asia. " Yet George Frank, an influential economist who works on Wall Street, sees no such danger. "Economic liberalization, increased transparency and market-based reforms have positive effect in the long run, even if market mechanisms can produce short-term destabilization problems," he said. "What is most important is that barriers to trade continue to fall so that active competition for consumer goods reduces prices and in turn raises the average level of income. "

Others feel that globalization’s cultural impact may be more important than its economic implications. Janice Yawee, a native of Africa, feels ply that globalization is undermining her local culture and language. "Most of the world’s dialects will become extinct under globalization. We’re paving the world with McDonald’s and English slang. It tears me up inside," she said.

Governments of different countries have had mixed responses to the wave of globalization. The United States is generally seen as an active proponent of greater free trade, and it certainly has enormous cultural influence by virtue of its near monopoly on worldwide entertainment. But other countries, most notably in Europe and developing nations, have sought to reduce the impact that globalization has on their domestic affairs.

"When I was a boy we had very little to speak of," says one Singaporean resident. "Now our country has developed into a booming hub for international finance. " Others, however, are not so optimistic. "Globalization is an evil force that must be halted," a union official at a car plant in Detroit recently commented, "It’s sucking away jobs and killing the spirit of our country.

The title which best expresses the main idea of the text would be()

A. Disadvantages of Globalization in Economic Area

B.People’s Responses to the Impacts of Globalization

C. Influence of Globalization on the Economy and Culture

D.Different Roles of Globalization in the Development of Economy