1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Eaul-H(4)e(lD(一纯贴现债券(purediscountbond)肉匹s2明2才值。又称为zero,bullet,discountbonde术语:maturitydate,expire,faceEEPV二窖5E浩f朋中5春yLevelcoupon,C,ispaideverysixmonthsandisthesamethroughoutthelifeofthebond.eF,istheprincipalorthedenomination,$1000inU.S.EE沥t0Example水儿一L动E23eEnglishconsols;preferredstockI)/二三w园朋明22林1一目t目l月1面沥团值;(atpar/facevalue)值;(atpremium)沥maturity,YTM);当期收益率Ccurrentyield)沥沥江2人E林5一i的d仪月仁E国d尿水50E沥E肉=鲤十D年B宣1L(三)三狱不同肌j1、股息不变模型(Czerogrowth)7El广e即为一笔永续不变年金的现金流。2、不变增长股息模型(Cconstantgrowth)沥e吊一小庞沥55日p用|1河国LB口d00园f沥达5吴un伟e例子shtss人w。g1=15%,g2=10%,r=15%,d1=$1.15,t1=5years,c人一速增长。第一阶段适用普通年金公式,第二阶【DiVT+1D(1一1乏二Iv(十g1)gZT王s问题:三阶段股息增长模型?