NH GI C PHIU( P DNG CC M HNH CHIT KHU DNG TIN)

M hnh chit khu dng tin t do (FCFE)

M hnh chit khu lung c tc (DDM)

C phiu

M hnh chit khu dng tin t do ton doanh nghip (FCFF)

www.themegallery.com

Company Logo

1.M hnh chit khu lung c tc (DDM)Cng thc tng qut:

Dt P= t + t =1 (1 k s )Trong :

n =

Dt : c tc nm va qua g : tc tng trng c tc ks : t l sinh li yu cu Pn : gi bn nm th n

1.M hnh chit khu lung c tc (DDM)M hnh khng tng trng

Do Dn P= = t + ks t =1 (1 k s )

n =

C tc c chi tr l nh nhau qua cc nm.T l li nhun yu cu l Ks.Trong :

D0 : c tc nm va qua g : tc tng trng c tc ks : t l sinh li yu cu Pn : gi bn nm th n

1.M hnh chit khu lung c tc (DDM)Cng thc tng qut: cho m hnh c tng trng tc g

D1* (1 g ) + Pn P= + t n + (1 k s ) + t =1 (1 k s )n tTrong :

D0 : c tc nm va qua g : tc tng trng c tc ks : t l sinh li yu cu Pn : gi bn nm th n

1.M hnh chit khu lung c tc (DDM)M hnh 1 giai on tng trng u_M hnh Gordon

Do * (1 g ) + P= (K s g )Gi thit: C tc hng nm tng trng vi tc g. T l tng trng u b hn li tc k vng (g