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ruby5ltc · 2022年06月03日

请问

NO.PZ2015120604000033

问题如下:

Tom buys one share of stock at $30 now, and one more shares at $35 after one year. At the end of year 1, the stock paid $5 dividend per share. At the end of t2, Tom sold 2 shares for $40 each. Calculate the time-weighted rate of return on this investment.

选项:

A.

9.88%.

B.

15.00%.

C.

23.13%.

解释:

C is correct.

During the year1, the hoding return is (35 + 5) / 30 - 1= 33.33%,

During the year2, the hoding return is 80 / 70 - 1 = 14.29%

Time-weighted return = [(1.33)(1.14)]0.5 - 1 = 23.13%


在第一期算收益时,股票价格已经涨到了35,虽然没有抛售,但表示我能够以35的价格卖出股票,获得收益,所以是正号,表示现金流流入。

为什么呢?现金流应该是纯投入或者提取呀,为什么股票的涨跌也算呢?我理解的是如果股票抛售赚了钱才算,为什么没抛售也算呢?


2 个答案

Kiko_品职助教 · 2022年06月06日

嗨,从没放弃的小努力你好:


收益率是用收益比上成本算出来的,比如你在银行存了100块,期末收到120块,算收益率就要用120/100-1,这道题也一样,2时点的时候卖掉股票收到了80,这80块的收入是基于70这个成本算的,2时点的时候之所以能收到80,是因为1时点的时候手里有两只成本为35的股票,1时点手里的两只股票价值等于70,到2时点涨到了80,所以收益率是80/70-1。

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Kiko_品职助教 · 2022年06月04日

嗨,爱思考的PZer你好:


这个题求的是time-weighted rate of return,不需要考虑现金流流入还是流出,只看期间收益就可以。

可以这样理解,t=1时刻, hoding return应该是总价值收益/原始投资-1,总价值是35(已经涨到了这个价格)加上5得dividend,除以原始投资30,-1就得到HPR了。

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ruby5ltc · 2022年06月05日

第二年原始投资为什么是70?我理解的是30+35,请问错在哪里?

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