无论多少倍市盈率，最后出来的一期回报率都是r（右图），因为St和Dt都

No matter how many times the price-earnings ratio, the final rate of return is r (right), because St and Dt are based on the Gordon model, that is, r is already assumed (doll), so r in DDM In fact, it is both the discount rate and the expected rate of return on the stocks held (or the discount rate r itself is the requirement for the stock return rate). <br>Therefore, the most important thing for stock pricing is r (discount rate/required rate of return), how to get r---CAPM <br><br>9. The operating decision of the joint stock company (how the company should pay dividends, how to allocate D1 and D2) ---Fisher's law of separation <br>content: (1) the enterprise makes S0 (future bonus paste by selecting the appropriate D1, D2) Present value) Maximum (2) Immediately after shareholders maximize their utility through borrowing (that is, shareholders’ preferences do not affect D1 and D2 selected by the enterprise) <br>When is S0 the largest? At the tangent point of the probability boundary of the dividend (outer convex shape) and the market opportunity line with the slope (1+r), D1 and D2 are obtained. At this time, D1+D2/(1+r)=S0 is also the market opportunity line Abscissa. <br>Meaning of point P: The D1 chosen by the company makes the marginal investment return rate (the slope of the dividend possibility boundary is 1+marginal investment return rate)=market interest rate (the slope of the market opportunity line is 1+market interest rate)

Regardless of how many times the price-to-earnings ratio, the last-period return is r (right), because both St and Dt are based on the Gordon model, i.e. r is already assumed (set of lava), so r in DDM is actually both a discount rate and an expected rate of return on holding stake (or discount rate r itself is a requirement for return on equities).<br>Therefore, the most important thing for stock pricing is r (discount rate/demand rate of return), how to get r--- CAPM<br><br>9. The management decisions of the joint stock company (how the enterprise should pay dividends, how D1 and D2 are distributed) --- the law of fisher separation<br>Content: (1) The enterprise makes S0 (future dividend discount value) the maximum (2) by selecting the right D1 and D2 (2) followed by the shareholders to maximize their utility through borrowing (i.e. shareholder preference does not affect the D1, D2 of the enterprise's choice)<br>When is S0 the largest? The breakpoint of the probability boundary of the dividend (outer convex) and the slope (1 plus r) of the market opportunity line is obtained, d1 and D2, at which point D1 plus D2/(1-r) and S0 are also the horizontal coordinates of the market opportunity line.<br>P-point meaning: The d1 chosen by the firm makes the marginal return on investment (the slope of the dividend probability boundary is 1 plus marginal return on investment) - market interest rate (the slope of the market opportunity line is 1 plus market rate)

No matter how many times of P / E ratio, the final return of the first period is R (right figure), because st and DT are based on Gordon model, that is, R has been assumed (dolls). Therefore, R in DDM is not only the discount rate, but also the expected return rate of holding stocks (or the discount rate r itself is the requirement of stock return rate)<br>Therefore, the most important thing in stock pricing is R (discount rate / required rate of return). How to get r --- CAPM<br>9. The management decision of the joint stock company (how the enterprise should pay dividends and how to distribute D1 and D2) --- Fisher's law of separation<br>Content: (1) the enterprise maximizes S0 (future dividend discount value) by choosing appropriate D1 and D2; (2) shareholders maximize their utility by borrowing (i.e., shareholders' preference does not affect D1 and D2 of enterprise selection)<br>When is S0 the biggest? D1 and D2 are obtained at the tangent point of the market opportunity line with the slope of (1 + R), where D1 + D2 / (1 + R) = S0 is also the abscissa of the market opportunity line.<br>Meaning of point P: the D1 chosen by the enterprise makes the marginal rate of return on investment (the slope of dividend possibility boundary is 1 + marginal investment return) = market interest rate (the slope of market opportunity line is 1 + market interest rate)<br>