# 金融代写|公司金融学代写Corporate Finance代考|Where Does g Come From?

my-assignmentexpert™提供最专业的一站式服务：Essay代写，Dissertation代写，Assignment代写，Paper代写，Proposal代写，Proposal代写，Literature Review代写，Online Course，Exam代考等等。my-assignmentexpert™专注为留学生提供Essay代写服务，拥有各个专业的博硕教师团队帮您代写，免费修改及辅导，保证成果完成的效率和质量。同时有多家检测平台帐号，包括Turnitin高级账户，检测论文不会留痕，写好后检测修改，放心可靠，经得起任何考验！

## 金融代写|公司金融学代写Corporate Finance代考|Where Does g Come From?

The previous discussion on stocks assumed that dividends grow at the rate $g$. We now want to estimate this rate of growth. Consider a business whose earnings next year are expected to be the same as earnings this year unless a net investment is made. This situation is likely to occur, because net investment is equal to gross, or total, investment less depreciation. A net investment of zero occurs when total investment equals depreciation. If total investment is equal to depreciation, the firm’s physical plant is maintained, consistent with no growth in earnings.

Net investment will be positive only if some earnings are not paid out as dividends, that is, only if some earnings are retained. ${ }^5$ This leads to the following equation:

The increase in earnings is a function of both the retained earnings and the return on the retained earnings.
We now divide both sides of (5.5) by earnings this year, yielding
Earnings next year $=$
Earnings this year
$\frac{\text { Earnings this year }}{\text { Earnings this year }}+\left(\frac{\text { Retained earnings this year }}{\text { Earnings this year }}\right) \times$ Return on retained earnings
The left-hand side of (5.6) is simply one plus the growth rate in earnings, which we write as $1+g{ }^6$ The ratio of retained earnings to earnings is called the retention ratio. Thus, we can write
$1+g=1+$ Retention ratio $\times$ Return on retained earnings

## 金融代写|公司金融学代写Corporate Finance代考|Where Does r Come From?

In this section, we want to estimate $r$, the rate used to discount the cash flows of a particular stock. There are two methods developed by academics. We present one method below but must defer the second until we give it extensive treatment in later chapters.
The first method begins with the concept that the value of a growing perpetuity is
$$P_0=\frac{\text { Div }}{r-g}$$
Solving for $r$, we have
$$r=\frac{\text { Div }}{P_0}+g$$
As stated earlier, Div refers to the dividend to be received one year hence.
Thus, the discount rate can be broken into two parts. The ratio, Div/ $P_0$, places the dividend return on a percentage basis, frequently called the dividend yield. The second term, $g$, is the growth rate of dividends.

Because information on both dividends and stock price is publicly available, the first term on the right-hand side of equation (5.9) can be easily calculated. The second term on the right-hand side, $g$, can be estimated from (5.8).

## 金融代写|公司金融学代写CORPORATE FINANCE代考|WHERE DOES G COME FROM?

$\frac{\text { Earnings this year }}{\text { Earnings this year }}+\left(\frac{\text { Retained earnings this year }}{\text { Earnings this year }}\right) \times$

$1+g=1+$ 保留率×留存收益回报率

## 金融代写|公司金融学代写CORPORATE FINANCE代考|WHERE DOES R COME FROM?

$$P_0=\frac{\text { Div }}{r-g}$$

$$r=\frac{\text { Div }}{P_0}+g$$

## Matlab代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。