运用NPVGO模型计算公司股票价格的应用论文材料资料.docx

本科论文 本科论文 摘 要 在股票价格中，NPVGO代表增长机会的净现值（每股）。 股票价格P = EPS / R +NPVGO，EPS代表每股收益， R代表公司股票一定的折现率。NPVGO是上述增长机会的净现值（每股）。 股票价格分为两部分。 第一部分是在公司对现状感到满意时将所有利润分配给投资者时的价格，最后一部分是公司把拥有的所有利润并投资于新项目时的增加值。 公司可以分为成长型公司与非成长型公司。 成长中的公司是对税后盈余进行再投资的公司。非成长型公司是指那些没有留存税后利润且没有进行扩张投资的公司。 在本文中，我们详细讨论了成长型公司，包括股利增长率和NPVGO（成长机会）的含义。 当公司有新的投资机会时，股利折现模型用于测试NPVGO模型是否可用于计算每股价格。 根据P = EPS / R + NPVGO这个公式，从公司将所有利润投资于新项目并投资一定比例的新项目的时间K，然后将继续永远投资下去，对股票的价格进行推导计算。 关键字：NPVGO模型，增长机会，股票价值，股利折现模型 Abstract In stock prices, NPVGO represents the net present value of growth opportunities (per share). Stock price P = EPS / R + NPVGO, EPS represents earnings per share, R represents a certain discount rate of the company's stock. NPVGO is the net present value of the above growth opportunities (per share). The stock price is divided into two parts. The first part is the price when all profits are distributed to investors when the company is satisfied with the status quo. The last part is the added value when the company invests all the profits it owns in the new project. Companies can be divided into growth companies and non-growth companies. Growing companies are companies that reinvest their after-tax surplus. Non-growth companies are those that do not retain after-tax profits and have not invested in expansion. In this article, we discussed in detail growth companies, including dividend growth rates and the meaning of NPVGO (growth opportunities). When the company has new investment opportunities, the dividend discount model is used to test whether the NPVGO model can be used to calculate the price per share. According to the formula of P = EPS / R + NPVGO, from the time point K when the company invests all profits in new projects and invests a certain percentage of new projects, then it will continue to invest forever and make derivation calculations on the stock price. Key words： NPVGO model, Growth opportunity, Stock value, Dividend discount model 目录 TOC \o "1-3" \h \u 前 言 1 1.股票价格研究的背景和现状 1 1.1.我国股票市场的