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Yiyiyi · 2023年04月29日

这里应该是选A吧

  1. CFA II
  2. Equity

NO.PZ2018103102000075

问题如下：

Matt, CFA, is evaluating the value of Company M by using the Gordon growth model. Given the required rate of return is 10% and the stock is fairly valued. He predicts that the dividend will grow at its recent rate of 4.5% per year into the indefinite future. Which of the following statements is least correct?

选项：

A.

The dividend yield of the stock is 5.5%.

B.

The total return of the stock is 14.5%.

C.

The capital gains yield of the stock is 4.5%.

解释：

B is correct.

考点：H-model,Sustainable Growth Rate & Dividend Growth Rate, Retention Rate, And ROE

解析：根据公式：Total return = Dividend yield + Capital gains yield

当股票被正确定价时，总回报率等于要求回报率为10%，其中capital gains yield为4.5%。因此，dividend yield为5.5%。

这里应该是选A吧，答案错误

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2 个答案

王园圆_品职助教 · 2023年04月29日

同学你好，本题问的是哪个选项是错误的

B选项说total return是14.5%，可是题目中说了，股票是被合理定价的——这种情况下，required return = 股票的total return 

所以此时股票的total return应该等于10%，B错误


A选项说dividend yield = 5.5%

股票的total return = capital gain+dividend yield ，capital gain又等于growth rate也就等于4.5%

10% = 4.5%+dividend yield，所以 dividend yield = 5.5%——A正确

王园圆_品职助教 · 2023年04月29日

同学你好，本题问的是哪个选项是错误的

B选项说total return是14.5%，可是题目中说了，股票是被合理定价的——这种情况下，required return = 股票的total return 

所以此时股票的total return应该等于10%，B错误


A选项说dividend yield = 5.5%

股票的total return = capital gain+dividend yield ，capital gain又等于growth rate也就等于4.5%

10% = 4.5%+dividend yield，所以 dividend yield = 5.5%——A正确

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