                                         581

 t (,  t = 40       15%),   
          
,      .  ,      -
.         .

3      (,    
)  IRR    .     ,   
      .       . 
: Richard A. Brealey and Stewart . Myers, Principles of Corporate Finance (New York: McGraw-
Hill, 1991), Chapter 5.

4    /   ,  ,   -
        .    , -
          ,    -
 ,         . -
     ,      (  -
     ,  ipo),   ,  
     (,       -
 ),     ,        .
  DDM     Financial Analysts Journal  
1985 .    -  : Barbara Donnelly, The Dividend
Discount Model Comes into Its Own, Institutional Investor, 19, no. 3 (March 1985), pp. 7782; Kent
Hickman and Glen H. Petry, A Comparison of Stock Price Predictions Using Court Accepted Formulas,
Dividend Discount, and P/E Models, Financial Management, 19, no. 2 (Summer 1990), pp. 76-87.

5     NPVTOTJW.   ,   IRR  -
  .         .
 ,   ,       , 
    .         ,
   DDM.

'     ( ,      -
,     )   (18.13),  
    .    ,    -
          ,
,          
   . .: John S. Bildersee, Some Aspects of the Performance of Non-
Convertible Preferred Stocks, Journal of Finance, 28, no. 5 (December 1973), pp. 11871201; EnricoJ.
Ferreira, Michael F. Spivey, and Charles E. Edwards, Pricing New-Issue and Seasoned Preferred Stock: A
Comparison of Valuation Models, Financial Management, 21, no. 2 (Summer 1992), pp. 5262.

7           .: Raymond Chiang and Ricardo
J. Rodriguez, Personal Taxes, Holding Period, and the Valuation ofGrowth Stocks, Journal of Economics
and Business, 42, no. 4 (November 1990), pp. 303-309.

8     : Russell J. Fuller and Chi-Cheng Hsia, A Simplified Common Stock
Valuation Model, Financial Analysts Journal, 40, no. 5 (September/October 1984), pp. 49-56; Eric H.
Sorensen and David A. Williamson, Some Evidence on the Value of Dividend Discount Models, Financial
Analysts Journal, 41, no. 6 (November/December 1985), pp. 60-69; Richard W. Taylor, A Three-Phase
Quarterly Dividend Discount Model, Financial Analysts Journal, 44, no. 5 (September/October 1988),
pp. 79-80; A Three-Phase Quarterly Earnings Model, Financial Analysts Journal, 45, no. 5 (September/
October 1989), p. 79; Michael S. Rozeff, The Three-Phase Dividend Discount Model and the ROPE
Model, Journal of Portfolio Management, 16, no. 2 (Winter 1990), pp. 3642.

9  ,  ,       
   ,      .

10           
(earningprice ratio),   .   -
    ,    ,  -
      .    
  ,       -
,   .   ,        , -
      .