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ACCA FM知识点：The dividend growth model
文章来源：ACCA全球网
发布时间：2021-11-24 14:01
阅读：597次
财务管理的一个基本部分是投资评估：公司应该将资金投入哪些长期项目？
贴现现金流量技术(DCF)，尤其是净现值(NPV)，被普遍认为是评估项目的最佳方法。在DCF中，对未来现金流量进行贴现，以便计入货币时间价值。需要两种类型的估计：
与项目相关的未来现金流量。
要应用的折扣率。
本文着眼于如何计算合适的贴现率。
A fundamental part of financial management is investment appraisal:into which long-term projects should a company put money?
Discounted cash flow techniques(DCFs),and in particular net present value(NPV),are generally accepted as the best ways of appraising projects.In DCF,future cash flows are discounted so that allowance is made for the time value of money.Two types of estimate are needed:
●The future cash flows relevant to the project.
●The discount rate to apply.
This article looks at how a suitable discount rate can be calculated.
The cost of equity
The cost of equity is the relationship between the amount of equity capital that can be raised and the rewards expected by shareholders in exchange for their capital.The cost of equity can be estimated in two ways:
The dividend growth model
Measure the share price(capital that could be raised)and the dividends(rewards to shareholders).The dividend growth model can then be used to estimate the cost of equity,and this model can take into account the dividend growth rate.The formulae sheet for the Financial Management exam will give the following formulae:
相关阅读：【ACCA FM知识点：Public equity】
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