财管第8章思维导图
股票估值相关内容讲解
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思维导图大纲
Stock Valuation思维导图模板大纲
Common Stock Valuation
Cashi-in Flows for Stock
dividends
sell shares held to another investor or back to the companny
Estimating Dividends:Special Cases
Constant dividend(如zero growth)
P0=D/R（=C/r）
“Constant dividend growth model”
P0=D1/（R-g）=D0（1+g）/(R-g)
Supernormal growth
Common stock vs. Preferred stock
features of common stock
Voting Rights
Proxy voting
Classes of stock
Other Rights
Share proportionally in declared dividends
Share proportionally in remaining assets during liquidation
Preemptive right——first shot at new stock issue to maintain proportional ownership if desired
features of preferred stock
Stated dividend must be paid before dividends can be paid to common stockholders
not a liability of the firm,preferred can be deferred indefinitely(无限期推迟)
Most preferred dividends are cumulative
generally does not carry voting rights
About dividend
not a liability until a dividend has been declared by the Board
a firm cannot go bankrupt for not declaring dividends
dividends are not tax deductible
两者现值的和就是股价(the price of stock)思维导图模板大纲
The price of the stock is really just the present value of all expected future dividends
The price of the value is irrelavent to the periods of holding stock
思维导图模板大纲
思维导图模板大纲
相关思维导图模板
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