翻訳と辞書 Words near each other ・ Sum addressed decoder ・ Sum Alahi Mong ・ Sum and Product Puzzle ・ Sum and Substance ・ Sum certain ・ Sum Elai-Mang ・ Sum frequency generation spectroscopy ・ Sum Mo Chikan ・ Sum of absolute differences ・ Sum of absolute transformed differences ・ Sum of angles of a triangle ・ Sum of Christianity ・ Sum of Logic ・ Sum of normally distributed random variables ・ Sum of Parts ・ Sum of perpetuities method ・ Sum of public power ・ Sum of radicals ・ Sum of squares ・ Sum of the Parts ・ Sum of two squares theorem ・ Sum Practysis of Medecyne and other Short Works ・ Sum rule ・ Sum rule in differentiation ・ Sum rule in integration ・ Sum rule in quantum mechanics ・ Sum to Infinity ・ Sum to Infinity (book) ・ Sum Ying Fung ・ Sum-free sequence Dictionary Lists mini英和辞書 mini和英辞書 Webster 1913 Latin-English FOLDOC Wikipedia English ウィキペディア

翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Sum of perpetuities method ： ウィキペディア英語版 Sum of perpetuities method The sum of perpetuities method (SPM) is a way of valuing a business assuming that investors discount the future earnings of a firm regardless of whether earnings are paid as dividends or retained. SPM is an alternative to the Gordon growth model (GGM) and can be applied to business or stock valuation if the business is assumed to have constant earnings and/or dividend growth. The variables are: *$P$ is the value of the stock or business *$E$ is a company's earnings *$G$ is the company's constant growth rate *$K$ is the company's risk adjusted discount rate *$D$ is the company's dividend payment ::$P\; =\; (\backslash frac)\; +\; (\backslash frac)$ SPM is a generalized version of the Walter model. The primary difference between SPM and the Walter model is the substitution of earnings and growth in the equation. Consequently, any variable which may influence a company's constant growth rate such as inflation, external financing, and changing industry dynamics can be considered using SPM in addition to growth caused by the reinvestment of retained earnings internally. Because $G$ is substituted in the equation, SPM is also directly comparable to other constant growth models. == SPM and the Gordon growth model == In a special case when a company's return on equity is equal to its risk adjusted discount rate, SPM is equivalent to the Gordon growth model (GGM). However because GGM only considers the present value of dividend payments, GGM cannot be used to value a business which does not pay dividends. Also, when a firm's return on equity is not equal to the discount rate, GGM becomes highly sensitive to input value changes. Alternatively, SPM values dividends and retained earnings separately, taking into consideration the present value of the future income generated by retained earnings, and then summing this result with the present value of expected dividends held constant in perpetuity. Consequently, SPM can be used to value a growing company regardless of dividend policy. SPM is also much less sensitive to input value changes when a company’s return on equity is different from the discount rate. An empirical test 〔 shows that SPM is substantially more accurate in estimating observed stock market prices than the Gordon Growth Model. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Sum of perpetuities method」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.