目录
2.3 特殊情况:Fixed-Rate Perpetual Preferred Stock
2.7 The Present Value of Growth Opportunities, PVGO
4 Growth, Transitional and Maturity Phase
1 DDM公式概览
Basic formula | ![]() |
One-period DDM | ![]() |
Two-period DDM | ![]() |
Multi-period DDM | ![]() |
2 戈登增长模型(GGM)
2.1 GGM的公式
从公式就可以看出,GGM对r和g都很敏感
2.2 增长率g的确定
关于增长率g的确定,有两个方法:
· 方法一:,b为retention rate(需要注意,这里的ROE分母必须是common share equity)
这个公式的逻辑是:外部股权(例如发行新股)比内部股权(再投资的收益)要昂贵
A practical logic for defining sustainable in terms of growth through internally generated funds (retained earnings) is that external equity (secondary issues of stock) is considerably more costly than internal equity (reinvested earnings)
· 方法二:可以设定为名义GDP的增速(Nominal Growth Rate)
如果目