内在价值 Intrinsic value 股票的每股内在价值用表示,被定义为投资者从股票上所能 得到的全部现金回报,包括红利和最终售出股票的损益,是用 正确反映了风险调整的利率k贴现所得的现值。根据一年的投 资期和一年后P1=52美元的价格的预测,内在价值为: The intrinsic value, denoted vo. of a share of stock is defined as the present value of all cash payments to the investor in the stock, including dividends as well as the proceeds from the ultimate sale of the stock, discounted at the appropriate risk-adjusted interest rate, k In the case of ABc using a one-year investment horizon and a forecast that the stock can be sold at the end of the year at price P1 $52, the intrinsic value is 0=(E(D1)+E(P1)(1+k)=(4+52)/1.12=50美元 18-518-5 内在价值 Intrinsic Value 股票的每股内在价值用 V0表示，被定义为投资者从股票上所能 得到的全部现金回报，包括红利和最终售出股票的损益，是用 正确反映了风险调整的利率k 贴现所得的现值。根据一年的投 资期和一年后 P1＝52美元的价格的预测，内在价值为： The intrinsic value, denoted V0, of a share of stock is defined as the present value of all cash payments to the investor in the stock, including dividends as well as the proceeds from the ultimate sale of the stock, discounted at the appropriate risk-adjusted interest rate, k. In the case of ABC, using a one-year investment horizon and a forecast that the stock can be sold at the end of the year at price P1 $52, the intrinsic value is V0＝(E(D1)＋E(P1))/(1+k)=(4＋52)/1.12 ＝50美元