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ACCA FM知识点：The dividend valuation model
文章来源：ACCA全球官网
发布时间：2021-11-02 13:45
阅读：1080次
股息和股价上涨是向股东提供财富的两种方式。股息和股价增长之间存在相互作用：如果所有收益都作为股息支付，则没有任何收益可以再投资以创造增长，因此所有盈利公司都必须决定应该向投资者支付多少收益作为股息以及应保留部分收益。本文主要介绍股利估值模型。
The dividend valuation model
This states that the value of a company’s shares is sustained by the expectation of future dividends.Shareholders acquire shares by paying the current share price and they would not pay that amount if they did not think that the present value of future inflows(ie dividends)matched the current share price.The formula for the dividend valuation model provided in the formula sheet is:
Where:【点击免费下载>>>更多ACCA学习相关资料】
P0=the ex-div share price at time 0(ie the current ex div share price)
D0=the time 0 dividend(ie the dividend that has either just been paid or which is about to be paid)
re=the rate of return of equity(ie the cost of equity)
g=the future annual dividend growth rate.
Note the following carefully:
P0 is the ex div market value.The formula is based on an investment costing P0 and which produces the first inflow after one year and then every year thereafter.If the first income arises after one year the share value must be ex-div as a cum-div share would pay a dividend very soon indeed.
The top line of the formula represents the dividend that will be paid at Time 1 and which will then grow at a rate g.The use of the expression D0(1+g)has an implicit assumption that the growth rate,g,will also apply between the current dividend and the Time 1 dividend–but it need not apply if a change in dividend policy is planned.
The formula can be usefully rewritten as.
It cannot be emphasised enough that g is the future growth rate from Time 1 onwards.Of course,the growth rate isn’t guaranteed and the future growth rate is always an estimate.In the absence of other information,the future growth rate is assumed to be equal to the historic growth rate,but a change in dividend policy will undermine that assumption.
相关阅读：【ACCA FM知识点：The Gordon growth model】
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