问题 问答题

D公司发放每股1美元的股息,预计今后三年公司股息每年增长25%,然后增长率下降到5%。投资者认为合适的市场资本化率为20%。请问: (1)投资者估计该股票的内在价值为多少 (2)如果该股票的市场价格等于它的内在价值,它的期望股息为多少 (3)投资者预计一年后它的价格为多少它所隐含的资本利得是否与投资者估计的红利的市场资本化率相符

答案

参考答案:

解析:

012345……
Dt11.251.56261.953
g0.250.250.250.05……
(1)第三年末支付的股息是股息流的第一笔分期付款,在固定增长率5%中的增长是不明确的。因此,我们在第二年末使用固定股息增长模型,将前两年的股息加上在第二年末卖出股票的售价的现值,就可算出内在价值。
两年后预期价格:
P2=D3/(k-g)=1.953/(0.20-0.05)=13.02美元
预期价格的现值为13.02/1.202=2.13美元
因此当前价格为9.04美元+2.13美元=11.17美元
(2)预期股利收益率=D1/P0=1.25/11.17=0.112或11.2%
(3)一年后预期价格是P2加D2的现值
P1=(D2+P2)/1.20=(1.562+13.02)/1.20=12.15美元
隐含的资本利得为(P-P0)/P0=(12.15-11.17)/11.17-0.088或8.8%
隐含的资本利得率和预期红利收益率之和为市场资本比率。这与DDM一致。

阅读理解

  This brief book is aimed at high school shjeents , but speaks to anyone learning at any stage of life.

Its formal ,serious style closely matches its content ,a school-masterly bonnk on schooling .The author , W .H . Armstrong ,starts with the basics : reading and writing . In his opinion , reading doesn’t just mean recognizing each word on the page ; it means taking a sandwich and makes it a part of himself .The goal is to bring the information back to life , not just to treat it as dead facts on paper from dead trees . Reading and writing cannot be completely separated from each other ; in fact ,the aim of reading is to express the information you have got from the text .I’ve seen it again and again :some-one who can’t express an idea after reading a text is just as ineffective as someone who hasn’t read it at all.

Only a  thied of the bonk remains after that discussion ,which Armstrong devotes to specific tips for studying languages ,math , science and history . He generally handles these topics thoroughly(透彻地) and equally ,except for some weakness in the science and math sections and a bit too much passion(激情) regarding history to his students , that was a  hundred times more than my history teachers ever got across .to my disappointment , in this part of the book he ignores the arts .As a matter of fact ,they demand all the concentration and study that math and science do,though the study differs slightly in kind .Although it’s commonly believed that the arts can only be naturally acquired ,actually ,learning the arts is no more natural than learning French or mathematics.

My other comment is that the text aged. The first edition apparently dates to the 1960s---none of the references(参考文献)seem newer than the late 1950s. As a  result, the discussion misses the entire computer age.

These are small points, though, and don’t affect the main discussion. I recommend it to any student and any teacher, including the self-taught student.

63. According to Armstrong, the goal of reading is to________.

A. gain knowledge and expand one’s view

B. understand the meaning between the lines

C. experts ideas based on what one has read

D. get information and keep it alive in memory

64. The author of the passage insists that learning the arts_________.

A. requires great efforts

B. demands real passion

C. is less natural than learning maths

D. is as natural as learning a language

65.  What is a shortcoming of Armstrong’s work according to the author?

A. Some ideas are slightly contradictory.

B. There is too much discussion on studying science.

C. The style is too serious.

D. It lacks new information.

66. This passage can be classified as________.

A. an advertisement

B. a book review

C. a feature story

D. A news report

单项选择题