求助：2005金融学公司财务考研题

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05年公司财务计算题
某 β值为0.75的股票现在的售价为每股50元，投资者预计该股票本年末红利为每股3元，政府公债年利率为4%，市场风险报酬率为8%。问
1、该股票年末理论价格为多少？
2、假设该股票年末价格为54元，现在是否值得购入这支股票？
3、该股票现在的理论均衡价格是多少？

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关键词：公司财务 考研题 金融学 风险报酬率 均衡价格 求助 考研 金融学 财务

A very important data is not given--time period.

I assume we are at the beginning of the year.

1 required rate of return (applying CAPM)

r=0.75*8%+4%=10%

share price at the end of the year should be 50*1.1-3=52.

2 yes

3 55/1.04

Thanks for your reply:)

The time period is 1-year. Two time point: the beginning point of the year and the ending point of the year.

Generally I agree with you in the first two questions. Since YTM comprises capital gain rate and divident rate,2 yuan capital gain is requested for this security at the equilibrium point.

But the third question,I can't follow you very much.I think DDM Model should be applied there.Then the equilibrium price will be only 30 yuan.I am not certain weather that makes some sense,

Yes, you were right

For the third one, I assume that the ￥54 of share price at the end of the year is given as a known variable because this is the only way that the equilibrium price can be worked out.

The cost of equity capital is the required rate of return demanded by share holders which is worked out in question 1 as 10%.

Therefore, the equilibrium price should be 54/1.10 at time t0. (Both the year-end dividend and capital gain are already taken into the "54")