股利贴现模型:一般模型 Dividend discount models General model D =(1+k) ■∨o=股票价值 Value of stock ■D=股利 Dividend ■k=必要收益率 required return 18-718-7 股利贴现模型 ：一般模型 Dividend Discount Models: General Model V D k o t t t = = +  (1 ) 1 V0 = 股票价值 Value of Stock Dt = 股利 Dividend k = 必要收益率 required return