NO.PZ2015122801000064
问题如下：
Chloe wants to use the dividend discount model and the CAPM to value stocks. Which of the following is most likely to decrease the estimated value of a stock if all other factors keep constant?
选项：
A.An increase in the expected growth rate of dividends.
B.An increase in the expected dividend.
C.An increase in the stock's systematic risk.
解释：
C is correct.
Other things equal, using the CAPM, an increase in the stock's systematic risk would increase the required return on equity and decrease the present value of the value of the stock. Value of stock = D1/ (r - g).
C是正确的。
本题考察的是两个公式的运用：红利折现模型：V = D1/(r – g)， 资本资产定价模型： r = rf + β*（rm – rf）
A选项，红利增长率g上升，由公式1可得股票价值上升。A错
B选项，红利D1增长，由公式1得股票价值也上升。B错。
C选项，系统性风险上升，代表公式2中β上升，则r上升。公式1和2一起可得，股票价值下降。C正确。
r = rf + β*（rm – rf）
β代表系统性风险 是老师是在哪里有提到，是讲义的哪里呢
