新西兰财产学论文代写:权益成本

新西兰财产学论文代写:权益成本

用戈登模型计算权益成本。列表的基本假设的方法,主要结果,以及“超常增长潜力的问题”。
Gordon Model过去对股票的内在价值有一个想法,它是通过对未来一系列持续增长的股息的帮助来估计的。必须在一年内支付每股股息。主要的假设是,股利具有永久不变的增长率。该模型解决了由未来股利构成的无穷级数的现值问题。
股票的价值
上述方程反映的是未来一年内每年预期的股利。
k代表股本投资者所需的回报率。
G代表增长率的股息(永久性)
该模型是基于恒定增长率的简化版本,因此只能在市场成熟的公司使用。如果与低增长率或中等增长率相关的话,广义市场指数也可以用戈登模型来处理。
假设
就戈登模型的假设而言,它们与沃尔特模型的假设相似。
,公司融资的唯一来源是留存收益和没有外部资金参与融资的来源
的回报率和资本成本不变,即使新的投资决定,它不影响业务所涉及的风险
没有关闭涉及因此公司的生命是无穷无尽的
增长率“G”公司的计算找出产品的保留率的“B”和“R”的回报率。
资本客的成本大于增长率公司的“G”即柯> G

新西兰财产学论文代写:权益成本

Discuss using Gordon model to calculate cost of equity. List basic assumptions of the method, main results, and potential issues such as “Supernormal Growth”.
Gordon Model is used to have an idea about the intrinsic value of the stock that is estimated by taking help of future series of dividends that have a constant growth rate. A given dividend per share that is payable within a year is required. The major assumption is that dividend has a constant growth rate of perpetuity. Present value of infinite series comprised of future dividends is solved out by the model.
Value of Stock = D / k – G
The above mentioned equation reflects D which is expected dividend per year one year from now
K represents required rate of return for equity investor
G represents growth rate in dividends ( in perpetuity)
The model is a simplified version based on the constant growth rate therefore it can only be used by mature companies in the market. Broad market indices can also be treated with Gordon model if those are associated with low or moderate growth rates.
Assumptions
As far as the assumptions of Gordon Model are concerned these are similar to that of Walter’s model.
The only source of financing that a firm has is that of retained earnings and no external finance is involved in the financing sources
Both the rate of return and cost of capital are constant even when new investment decisions are taken it does not affect the risk involved in the business
No closing down is involved therefore the life of the firm is endless
The growth rate “g” of the firm is calculated by finding out the product of retention ratio “b” and rate of return “r”.
The cost of capital Ke is greater than the growth rate of the firm “g” i.e. Ke>g