# 美国福特汉姆大学论文代写：CAPM的成果

Q # 2讨论使用Gordon模型计算股权成本。列出方法的基本假设，主要结果，以及潜在的问题，如“超常增长”。

Gordon模型是用来了解股票的内在价值的，这是通过对未来一系列股息的帮助来估算的。在一年之内支付的每股股息是必需的。主要的假设是，股息有恒定的永续增长率。以未来派息为基础的无穷级数的现值由模型求解。

K代表股权投资者所需的收益率

G代表红利增长率(永续)

The CAPM as presented by Fama and French is the only model that can effectively be used to peredict required rate of return on securities keeping in view the risk free rate and market rate of return. The model is widely and reliably used by finance persons all over the world but there still exist many sorts of deficiencies in the model that are contributiong to limit its scope regarding its applications. The returns that are utilized in the model are assumed to be normally distributed but practically returns are not distributed normally. Another assumption of the model that shareholders have equal know how of the information prevailing in the market. In addition to this another strict assumption of the model limits its scope that is of probability beliefs of all the active and potential shareholders that it is exactly matching the true distribution of returns. The variation of stock returns is also not explained by the model effectively that challenges its application in many real world cases.
Q#2 Discuss using Gordon model to calculate cost of equity. List basic assumptions of the method, main results, and potential issues such as “Supernormal Growth”.
Gordon Model is used to have an idea about the intrinsic value of the stock that is estimated by taking help of future series of dividends that have a constant growth rate. A given dividend per share that is payable within a year is required. The major assumption is that dividend has a constant growth rate of perpetuity. Present value of infinite series comprised of future dividends is solved out by the model.
Value of Stock = D / k – G
The above mentioned equation reflects D which is expected dividend per year one year from now
K represents required rate of return for equity investor
G represents growth rate in dividends ( in perpetuity)
The model is a simplified version based on the constant growth rate therefore it can only be used by mature companies in the market. Broad market indices can also be treated with Gordon model if those are associated with low or moderate growth rates.