. "El modelo de Gordon-Shapiro, tambi\u00E9n conocido como el modelo de dividendos crecientes a tasas constantes, es una variaci\u00F3n del modelo de an\u00E1lisis de flujos de caja descontados, usado para evaluar acciones o empresas. Este modelo presupone un crecimiento de los dividendos a una tasa constante (g), siendo por eso un modelo aconsejado para empresas con crecimiento bajo y constante a lo largo del tiempo. Este fue publicado por primera vez en 1956 por los economistas y , de ah\u00ED el nombre del modelo."@es . 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"\uBC30\uB2F9\uD560\uC778\uBAA8\uD615"@ko . . . "Model Gordona"@pl . "El modelo de Gordon-Shapiro, tambi\u00E9n conocido como el modelo de dividendos crecientes a tasas constantes, es una variaci\u00F3n del modelo de an\u00E1lisis de flujos de caja descontados, usado para evaluar acciones o empresas. Este modelo presupone un crecimiento de los dividendos a una tasa constante (g), siendo por eso un modelo aconsejado para empresas con crecimiento bajo y constante a lo largo del tiempo. Este fue publicado por primera vez en 1956 por los economistas y , de ah\u00ED el nombre del modelo."@es . . "\uBC30\uB2F9\uD560\uC778\uBAA8\uD615\uC740 \uAE30\uC5C5\uC758 \uAC00\uCE58\uB97C \uBC30\uB2F9\uC561\uC744 \uD604\uC7AC\uAC00\uCE58\uB85C \uD560\uC778\uD574\uC11C \uAD6C\uD558\uB294 \uAC83\uC774\uB2E4. Po=D1/r-g\uB85C \uC27D\uAC8C \uACC4\uC0B0\uB41C\uB2E4."@ko . . . "La m\u00E9thode de Gordon et Shapiro (en anglais, dividend discount model ou DDM) est un mod\u00E8le d'actualisation du prix des actions. Il porte le nom de ses auteurs et a \u00E9t\u00E9 mis au point en 1966. Ce mod\u00E8le, dit aussi de \u00AB croissance perp\u00E9tuelle \u00BB, ne tient pas compte des plus values. En effet, il consid\u00E8re que lorsque le flux de dividendes est perp\u00E9tuel (et donc qu'il tend vers l'infini), la plus value n'a pas d'incidence sur l'\u00E9valuation de l'action."@fr . . . . . . . . . "7927"^^ . . . "Model sta\u0142ego wzrostu dywidendy (Gordona-Shapiro) \u2013 wariant modelu zdyskontowanych przep\u0142yw\u00F3w pieni\u0119\u017Cnych. S\u0142u\u017Cy do obliczenia warto\u015Bci przedsi\u0119biorstw lub akcji sp\u00F3\u0142ek gie\u0142dowych. W tym modelu zak\u0142ada si\u0119, \u017Ce przedsi\u0119biorstwo p\u0142aci regularnie dywidendy o warto\u015Bci kt\u00F3re stale rosn\u0105 o sta\u0142y wsp\u00F3\u0142czynnik \u2013 dywidenda w nast\u0119pnym roku gdzie: \u2013 stopa wzrostu zysku/dywidendy,ROE \u2013 stopa zwrotu z kapita\u0142u w\u0142asnego sp\u00F3\u0142ki, \u2013 wska\u017Anik zysku zatrzymanego, \u2013 wymagana stopa zwrotu. Model ten jest u\u017Cyteczny dla inwestor\u00F3w, kt\u00F3rzy nie maj\u0105 wp\u0142ywu na polityk\u0119 dywidendow\u0105 sp\u00F3\u0142ki (czyli dla akcjonariuszy mniejszo\u015Bciowych)."@pl . "In finance and investing, the dividend discount model (DDM) is a method of valuing the price of a company's stock based on the fact that its stock is worth the sum of all of its future dividend payments, discounted back to their present value. In other words, DDM is used to value stocks based on the net present value of the future dividends. The constant-growth form of the DDM is sometimes referred to as the Gordon growth model (GGM), after Myron J. Gordon of the Massachusetts Institute of Technology, the University of Rochester, and the University of Toronto, who published it along with Eli Shapiro in 1956 and made reference to it in 1959. Their work borrowed heavily from the theoretical and mathematical ideas found in John Burr Williams 1938 book \"The Theory of Investment Value,\" which p"@en . "Das Gordon-Growth-Modell (auch Dividendenwachstumsmodell oder Dividendendiskontierungsmodell) ist ein nach benanntes Finanzmodell zur Berechnung des Wertes einer Investition unter der Annahme eines gleichbleibenden Wachstums der Dividenden. Es geh\u00F6rt zu den Discounted Cash-Flow-Verfahren der Unternehmensbewertung und ist ein h\u00E4ufig genutztes Verfahren zur Berechnung des Endwerts einer Investition."@de . "15773113"^^ . . . . "La m\u00E9thode de Gordon et Shapiro (en anglais, dividend discount model ou DDM) est un mod\u00E8le d'actualisation du prix des actions. Il porte le nom de ses auteurs et a \u00E9t\u00E9 mis au point en 1966. Ce mod\u00E8le, dit aussi de \u00AB croissance perp\u00E9tuelle \u00BB, ne tient pas compte des plus values. En effet, il consid\u00E8re que lorsque le flux de dividendes est perp\u00E9tuel (et donc qu'il tend vers l'infini), la plus value n'a pas d'incidence sur l'\u00E9valuation de l'action."@fr . . "In finance and investing, the dividend discount model (DDM) is a method of valuing the price of a company's stock based on the fact that its stock is worth the sum of all of its future dividend payments, discounted back to their present value. In other words, DDM is used to value stocks based on the net present value of the future dividends. The constant-growth form of the DDM is sometimes referred to as the Gordon growth model (GGM), after Myron J. Gordon of the Massachusetts Institute of Technology, the University of Rochester, and the University of Toronto, who published it along with Eli Shapiro in 1956 and made reference to it in 1959. Their work borrowed heavily from the theoretical and mathematical ideas found in John Burr Williams 1938 book \"The Theory of Investment Value,\" which put forth the dividend discount model 18 years before Gordon and Shapiro. When dividends are assumed to grow at a constant rate, the variables are: is the current stock price. is the constant growth rate in perpetuity expected for the dividends. is the constant cost of equity capital for that company. is the value of dividends at the end of the first period."@en . . "\u041C\u043E\u0434\u0435\u043B\u044C \u0413\u043E\u0440\u0434\u043E\u043D\u0430"@ru . . . "\u80A1\u606F\u8CBC\u73FE\u6A21\u578B"@zh . . . . . . . "Modelo Gordon-Shapiro"@es . . "Modelo de Gordon"@pt . . "Dividend discount model"@en . "Gordon-Growth-Modell"@de . . . . . "M\u00E9thode de Gordon et Shapiro"@fr . . "O Modelo de Gordon ou modelo de crescimento de Gordon ou m\u00E9todo de Gordon e Shapiro \u00E9 um modelo de atualiza\u00E7\u00E3o do pre\u00E7o de a\u00E7\u00F5es, elaborado em 1956, e tem o nome de seus autores, Myron J. Gordon e Eli Shapiro O modelo, tamb\u00E9m chamado de \"crescimento perp\u00E9tuo\", n\u00E3o leva em conta os ganhos de capital. De fato, considera que, uma vez que o fluxo de dividendos \u00E9 perp\u00E9tuo (isto \u00E9, tende ao infinito), o ganho de capital n\u00E3o incide sobre a avalia\u00E7\u00E3o da a\u00E7\u00E3o. Trata-se de uma varia\u00E7\u00E3o do modelo de an\u00E1lise de fluxos de caixa descontados que pressup\u00F5e o crescimento de dividendos a uma taxa constante. Por isso \u00E9 adequado somente para empresas com crescimento constante ao longo do tempo, isto \u00E9, empresas consideradas est\u00E1veis e cujos dividendos estejam a crescer a uma taxa g constante a longo prazo. O modelo pressup\u00F5e tamb\u00E9m que a taxa de retorno desejada permane\u00E7a constante, e que o custo do capital pr\u00F3prio, isto \u00E9, expectativa de retorno sobre o patrim\u00F4nio l\u00EDquido k seja tal que k>g. O modelo envolve o somat\u00F3rio de uma s\u00E9rie infinita cujo resultado \u00E9 o pre\u00E7o corrente Po. Sua principal vantagem \u00E9 o fato de requerer a estimativa de apenas tr\u00EAs vari\u00E1veis: valor corrente dos dividendos do pr\u00F3ximo ano (D1), o custo do capital pr\u00F3prio (k) e a taxa de crescimento dos dividendos (g)."@pt . . . "O Modelo de Gordon ou modelo de crescimento de Gordon ou m\u00E9todo de Gordon e Shapiro \u00E9 um modelo de atualiza\u00E7\u00E3o do pre\u00E7o de a\u00E7\u00F5es, elaborado em 1956, e tem o nome de seus autores, Myron J. Gordon e Eli Shapiro O modelo, tamb\u00E9m chamado de \"crescimento perp\u00E9tuo\", n\u00E3o leva em conta os ganhos de capital. De fato, considera que, uma vez que o fluxo de dividendos \u00E9 perp\u00E9tuo (isto \u00E9, tende ao infinito), o ganho de capital n\u00E3o incide sobre a avalia\u00E7\u00E3o da a\u00E7\u00E3o."@pt . "Model sta\u0142ego wzrostu dywidendy (Gordona-Shapiro) \u2013 wariant modelu zdyskontowanych przep\u0142yw\u00F3w pieni\u0119\u017Cnych. S\u0142u\u017Cy do obliczenia warto\u015Bci przedsi\u0119biorstw lub akcji sp\u00F3\u0142ek gie\u0142dowych. W tym modelu zak\u0142ada si\u0119, \u017Ce przedsi\u0119biorstwo p\u0142aci regularnie dywidendy o warto\u015Bci kt\u00F3re stale rosn\u0105 o sta\u0142y wsp\u00F3\u0142czynnik \u2013 dywidenda w nast\u0119pnym roku gdzie: \u2013 stopa wzrostu zysku/dywidendy,ROE \u2013 stopa zwrotu z kapita\u0142u w\u0142asnego sp\u00F3\u0142ki, \u2013 wska\u017Anik zysku zatrzymanego, \u2013 wymagana stopa zwrotu."@pl . "Utdelningsdiskonteringsmodell"@sv . . "\uBC30\uB2F9\uD560\uC778\uBAA8\uD615\uC740 \uAE30\uC5C5\uC758 \uAC00\uCE58\uB97C \uBC30\uB2F9\uC561\uC744 \uD604\uC7AC\uAC00\uCE58\uB85C \uD560\uC778\uD574\uC11C \uAD6C\uD558\uB294 \uAC83\uC774\uB2E4. Po=D1/r-g\uB85C \uC27D\uAC8C \uACC4\uC0B0\uB41C\uB2E4."@ko . "En utdelningsdiskonteringsmodell \u00E4r ett s\u00E4tt att v\u00E4rdera , vanligen aktier. Modellen g\u00E5r ut p\u00E5 att man r\u00E4knar ihop v\u00E4rdet p\u00E5 kommande och f\u00F6rv\u00E4ntade utdelningar och vinster med r\u00E4nteber\u00E4kningar. I grunden \u00E4r detta mycket enkelt, men felaktiga antaganden p\u00E5verkar modellen mycket, d\u00E5 den \u00E4r k\u00E4nslig f\u00F6r sm\u00E5 f\u00F6r\u00E4ndringar. Modellen kallas \u00E4ven Gordons tillv\u00E4xtmodell efter Myron J. Gordon."@sv . . . "\u80A1\u606F\u8CBC\u73FE\u6A21\u578B\uFF08\u82F1\u8A9E\uFF1ADividend Discount Model\uFF0C\u7E2E\u5BEB\uFF1ADDM\uFF09\uFF0C\u662F\u73B0\u91D1\u6D41\u6298\u73B0\u6A21\u578B\u7684\u4E00\u79CD\u7279\u6B8A\u5F62\u5F0F\uFF0C\u4EC5\u7528\u4E8E\u4E3A\u516C\u53F8\u7684\u80A1\u6743\u8D44\u4EA7\u5B9A\u4EF7\u3002\u5176\u7528\u65BC\u4EE5\u6295\u8CC7\u8005\u89D2\u5EA6\u4F30\u7B97\u516C\u53F8\u80A1\u7968\u50F9\u683C\u7684\u5408\u7406\u503C\uFF0C\u539F\u7406\u5C31\u662F\u628A\u9810\u671F\u5C07\u4F86\u6D3E\u767C\u7684\u4E00\u7CFB\u5217\u80A1\u606F\u6309\u5229\u7387\u8CBC\u73FE\u6210\u73FE\u503C\uFF0C\u4E00\u7CFB\u5217\u80A1\u606F\u7684\u6DE8\u73FE\u503C\u7684\u7E3D\u548C\u76F8\u52A0\u5373\u70BA\u8A72\u80A1\u7968\u7684\u5408\u7406\u50F9\u503C\u3002\u9019\u689D\u65B9\u7A0B\u53C8\u53EF\u7A31\u7232\u6208\u767B\u589E\u9577\u6A21\u578B\u3002\u4EE5\u5B78\u8005\u547D\u540D\uFF0C\u56E0\u7232\u5B78\u8853\u754C\u50B3\u7D71\u8A8D\u7232\u6208\u767B\u57281959\u5E74\u9996\u5148\u63D0\u51FA\u9019\u6A21\u578B\uFF0C\u4F46\u5BE6\u969B\u4E0A\u5176\u7406\u8AD6\u57FA\u790E\u53EF\u8FFD\u6EAF\u81F31938\u5E74\u7531\u7D93\u6FDF\u5B78\u5BB6\u767C\u8868\u7684\u6587\u7AE0\u300A\u6295\u8CC7\u50F9\u503C\u7406\u8AD6\u300B\u3002 \u4E00\u822C\u4F86\u8AAC\uFF0C\u80A1\u606F\u8CBC\u73FE\u6A21\u578B\u7684\u516C\u5F0F\u53EF\u4EE5\u8868\u8FF0\u5982\u4E0B\uFF1A \u5176\u4E2D\u4EE3\u8868\u67D0\u4E00\u4F01\u4E1A\u80A1\u6743\u7684\u73B0\u503C\uFF08\u5F53\u524D\u80A1\u7968\u50F9\u683C\uFF09\u3001\u4EE3\u8868\u5F53\u524D\u9884\u6D4B\u7684\u672A\u6765\u7B2Cn\u671F\u53D1\u653E\u7684\u80A1\u606F\u3001\u4EE3\u8868\u80A1\u606F\u7684\u8CBC\u73FE\u7387\uFF0C\u5373\u6B0A\u76CA\u6210\u672C\uFF08\u5C0D\u6295\u8CC7\u8005\u4F86\u8AAA\uFF0C\u662F\u4ED6\u7684\u671F\u671B\u56DE\u5831\u7387\uFF09\u3002 \u7531\u65BC\u672A\u4F86\u7684\u80A1\u606F\u6709\u4E0D\u78BA\u5B9A\u6027\uFF0C\u6545\u516C\u5F0F\u53EF\u6539\u5BEB\u70BA\uFF1A \u4EE3\u8868\u6301\u6709\u80A1\u7968\u7684\u6642\u9593\u9577\u5EA6\uFF0C\u9019\u5F0F\u80FD\u5F37\u8ABF\u6295\u8CC7\u80A1\u7968\u4E0D\u50C5\u65E8\u5728\u6536\u53D6\u80A1\u606F\uFF0C\u9084\u80FD\u8AAC\u660E\u80A1\u7968\u50F9\u683C\u4E0A\u5347\u6240\u5E36\u4F86\u7684\u8CC7\u672C\u589E\u503C\u4EA6\u662F\u6295\u8CC7\u7684\u53E6\u4E00\u76EE\u7684\u3002 \u539F\u59CB\u6298\u7B97\u73FE\u91D1\u6D41\u7684\u80A1\u606F\u8CBC\u73FE\u6A21\u578B\u9700\u8981\u5C0D\u672A\u4F86\u7121\u9650\u671F\u7684\u80A1\u606F\u9032\u884C\u9810\u6E2C\uFF0C\u800C\u9019\u80AF\u5B9A\u662F\u4E0D\u53EF\u80FD\u7684\u4E8B\u3002\u56E0\u6B64\uFF0C\u5982\u679C\u671F\u671B\u6BCF\u5E74\u80A1\u606F\u7DAD\u6301\u76F8\u540C\u767E\u5206\u6BD4\u589E\u52A0\uFF0C\u80A1\u606F\u8CBC\u73FE\u6A21\u578B\u53EF\u6539\u5BEB\u6210\u4EE5\u4E0B\u5F62\u5F0F\uFF1A \u540C\u6A23\u5730\uFF0C\u662F\u80A1\u50F9\u7684\u73FE\u503C\u3001\u662F\u80A1\u606F\u7684\u671F\u671B\u6C38\u4E45\u589E\u9577\u7387\u3001\u662F\u516C\u53F8\u7684\uFF0C\u5F9E\u6295\u8CC7\u8005\u89D2\u5EA6\u4F86\u8AAC\u5C31\u662F\u4ED6\u7684\u671F\u671B\u56DE\u5831\u7387\u3002\u662F\u4E0B\u5E74\u5EA6\u7684\u80A1\u606F\uFF08\u5DF2\u77E5\u503C\uFF0C\u975E\u671F\u671B\u503C\uFF09\u3002\u7576\u516C\u53F8\u7BA1\u7406\u5C64\u516C\u4F48\u4E0B\u5E74\u5EA6\u7684\u80A1\u606F\u6642\uFF0C\u4E0D\u61C9\u8A72\u63A1\u7528\u73FE\u884C\u80A1\u606F\u548C\u589E\u9577\u7387\u4F86\u8A08\u7B97\u5176\u80A1\u50F9\u3002 \u8FD9\u4E00\u6A21\u578B\u7684\u6DB5\u4E49\u662F\uFF1A\u80A1\u4E1C\u4ECE\u516C\u53F8\u83B7\u5F97\u7684\u6536\u5165\u7684\u6839\u672C\u6765\u6E90\u662F\u80A1\u606F\uFF0C\u6240\u4EE5\u80A1\u4E1C\u6743\u76CA\u7684\u5F53\u524D\u4EF7\u503C\u7B49\u4E8E\u5176\u672A\u6765\u6240\u83B7\u5F97\u7684\u80A1\u6743\u7684\u73B0\u503C\u4E4B\u548C\u3002"@zh . 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"Das Gordon-Growth-Modell (auch Dividendenwachstumsmodell oder Dividendendiskontierungsmodell) ist ein nach benanntes Finanzmodell zur Berechnung des Wertes einer Investition unter der Annahme eines gleichbleibenden Wachstums der Dividenden. Es geh\u00F6rt zu den Discounted Cash-Flow-Verfahren der Unternehmensbewertung und ist ein h\u00E4ufig genutztes Verfahren zur Berechnung des Endwerts einer Investition."@de . . . . "En utdelningsdiskonteringsmodell \u00E4r ett s\u00E4tt att v\u00E4rdera , vanligen aktier. Modellen g\u00E5r ut p\u00E5 att man r\u00E4knar ihop v\u00E4rdet p\u00E5 kommande och f\u00F6rv\u00E4ntade utdelningar och vinster med r\u00E4nteber\u00E4kningar. I grunden \u00E4r detta mycket enkelt, men felaktiga antaganden p\u00E5verkar modellen mycket, d\u00E5 den \u00E4r k\u00E4nslig f\u00F6r sm\u00E5 f\u00F6r\u00E4ndringar. Modellen \u00E4r en utveckling av Nuv\u00E4rdesmetoden. Genom att l\u00E5ta nuvarande kapitaltillv\u00E4xten skatta hur tillv\u00E4xen kommer att ske i framtiden och diskontera dessa minus kapitalkostnaderna till sitt nuv\u00E4rde, d\u00E4rigenom ges ett numeriskt v\u00E4rde som representerar v\u00E4rdet p\u00E5 tillg\u00E5ngen. I grunden anv\u00E4nder modellen tre variabler, nuvarande aktiepris, den normala kapitaltillv\u00E4xten och kostnaden f\u00F6r bolagets kapital. Modellen kallas \u00E4ven Gordons tillv\u00E4xtmodell efter Myron J. Gordon."@sv . . . . . . . "1065728913"^^ . . .