Application of DDM in Stock Valuation of Listed Companies

Ruihua Yu Shanghai Weiyu International School; Shanghai China

doi:10.47297/wspceWSP2516-251908.20210505

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Application of DDM in Stock Valuation of Listed Companies

5卷第5期

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Application of DDM in Stock Valuation of Listed Companies
Application of DDM in Stock Valuation of Listed Companies
200231
2021年5卷第5期页码：64-70
纸质出版日期： 2021-05-30 ，
DOI：10.47297/wspceWSP2516-251908.20210505
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(2021). Application of DDM in Stock Valuation of Listed Companies. 创意经济（英文版）, 5(5), 64-70.

.Application of DDM in Stock Valuation of Listed Companies[J].Creative Economy,2021,05(05):64-70.
(2021). Application of DDM in Stock Valuation of Listed Companies. 创意经济（英文版）, 5(5), 64-70. DOI： 10.47297/wspceWSP2516-251908.20210505.

.Application of DDM in Stock Valuation of Listed Companies[J].Creative Economy,2021,05(05):64-70. DOI： 10.47297/wspceWSP2516-251908.20210505.

摘要

Abstract

This paper uses DDM to value A-share listed companies

takes industrial and Commercial Bank of China and Gree Electric Appliance as examples to show the valuation process

and further discusses the premise

advantages and limitations of DDM. For the valuation of companies without stable and predictable dividend policy

this paper also introduces the equity free cash flow model FCFE. Finally

through the comparison between valuation calculation and market pricing

it is concluded that although DDM can well predict the intrinsic value of stocks

it cannot determine the short-term trading price in the secondary market.

关键词

Keywords

Stock valuationIntrinsic valueFCFE

references

Ohlson J A. Earnings, book values, and dividends in equity valuation[J]. Contemporary Accounting Research, 1995,11(2): 661-687.

Campbell J Y. The dividend-price ratio and expectations of future dividends and discount factors[J]. The Review of Financial Studies, Autumn, 1988, 1: 221.

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