成长型股票价值及股利支付路径之最优化模型  

Dynamic programming for solving growth-stock value and optimizing dividend payout paths

作　　者：单磊[1] 杨朝军[1] 

机构地区：[1]上海交通大学管理学院

出　　处：《华中科技大学学报（自然科学版）》2003年第10期102-105,共4页Journal of Huazhong University of Science and Technology(Natural Science Edition)

基　　金：国家自然科学基金资助项目 (70 0 730 1 7)

摘　　要：对成长型股票建立了两阶段EBO价值评估模型 ,利用动态规划法求解最优股利支付路径及股票价值 .基于该估值模型 ,进行了实际的股票投资价值计算与筛选 .理论分析表明 ,成长型股票在成长期内不分配红利的股利政策才符合股票价值最大化 ,成长型股票的价值与公司的盈利能力、盈利持续性 (预测期长短 )、资本成本。In this paper, we built a two period EBO valuation model, by which a dynamic programming was used for solving the optimized dividend payout path and stock value. Based on the models, practical calculations and selections upon stock investment values were made. The theoretical analysis proved that a non payout dividend policy was consistent with the stock value maximization, and the value for a growth stock was related to the company′s profitability, sustained profit (forecast horizon′s duration), capital costs and post horizon capital premium.

关 键 词：股票价值 动态规划 股利政策 

分 类 号：F830.91[经济管理—金融学]