b选项的意思

NO.PZ2023041102000033 问题如下 Baseon the latest tanalyst projects th3.25% regrowth in the future an3.75% inflation. He also forecasts thover the long run, equity market will return 13.5% per year—11% annuappreciation an2.5% vinyielforever. Assuming the macroeconomic forecasts are accurate, whiconclusion cobtaineunrlie the forecast of 11% equity market appreciation (over the long run)? A.expansion in the P/E multiple is zero B.the combinecontribution from expansion in the P/E multiple anchange in shares outstanng of G is 4% C.there is not enough information to obtain the conclusion. Using the GrinolKroner framework, equity market returns cattributeto (1) vinyiel (2) expansion/contraction of the price-to-earnings ratio, (3) nominG growth, an(4) change in shares outstanng. The macroeconomic forecast incates thnominG will grow 7% (3.25% re+ 3.75% inflation). So, the analyst’s forecast of 11% equity market appreciation implies a 4% annucombinecontribution from expansion in the P/E multiple anor change in shares outstanng of G over the long run.由GrinolKroner框架可得，股票市场回报可以归因于(1)股息收益率，(2)市盈率的扩张/收缩，(3)名义G增长，以及(4)流通股的变化。宏观经济预测显示名义G将增长7%(实际3.25% +通货膨胀率3.75%)。因此，分析师对11%股市升值的预测意味着，从长期来看，市盈率和/或流通股对G的年综合贡献为4%。 股票升值11%，名义G7%，股票升值比G多出来4%。说明就这道题的长期来看，P/E、change in shares outstanng、E/G这些项不等于0，而是4%。B只是说了P/E+change in shares outstanng=4%，明显是没有说全呀

NO.PZ2023041102000033问题如下Baseon the latest tanalyst projects th3.25% regrowth in the future an3.75% inflation. He also forecasts thover the long run, equity market will return 13.5% per year—11% annuappreciation an2.5% vinyielforever. Assuming the macroeconomic forecasts are accurate, whiconclusion cobtaineunrlie the forecast of 11% equity market appreciation (over the long run)?A.expansion in the P/E multiple is zeroB.the combinecontribution from expansion in the P/E multiple anchange in shares outstanng of G is 4%C.there is not enough information to obtain the conclusion.Using the GrinolKroner framework, equity market returns cattributeto (1) vinyiel (2) expansion/contraction of the price-to-earnings ratio, (3) nominG growth, an(4) change in shares outstanng. The macroeconomic forecast incates thnominG will grow 7% (3.25% re+ 3.75% inflation). So, the analyst’s forecast of 11% equity market appreciation implies a 4% annucombinecontribution from expansion in the P/E multiple anor change in shares outstanng of G over the long run.是在economy analysis里面的么？

NO.PZ2023041102000033 问题如下 Baseon the latest tanalyst projects th3.25% regrowth in the future an3.75% inflation. He also forecasts thover the long run, equity market will return 13.5% per year—11% annuappreciation an2.5% vinyielforever. Assuming the macroeconomic forecasts are accurate, whiconclusion cobtaineunrlie the forecast of 11% equity market appreciation (over the long run)? A.expansion in the P/E multiple is zero B.the combinecontribution from expansion in the P/E multiple anchange in shares outstanng of G is 4% C.there is not enough information to obtain the conclusion. Using the GrinolKroner framework, equity market returns cattributeto (1) vinyiel (2) expansion/contraction of the price-to-earnings ratio, (3) nominG growth, an(4) change in shares outstanng. The macroeconomic forecast incates thnominG will grow 7% (3.25% re+ 3.75% inflation). So, the analyst’s forecast of 11% equity market appreciation implies a 4% annucombinecontribution from expansion in the P/E multiple anor change in shares outstanng of G over the long run. E/g增长这一项未知，所以是不是选条件不足啊

NO.PZ2023041102000033问题如下Baseon the latest tanalyst projects th3.25% regrowth in the future an3.75% inflation. He also forecasts thover the long run, equity market will return 13.5% per year—11% annuappreciation an2.5% vinyielforever. Assuming the macroeconomic forecasts are accurate, whiconclusion cobtaineunrlie the forecast of 11% equity market appreciation (over the long run)?A.expansion in the P/E multiple is zeroB.the combinecontribution from expansion in the P/E multiple anchange in shares outstanng of G is 4%C.there is not enough information to obtain the conclusion.Using the GrinolKroner framework, equity market returns cattributeto (1) vinyiel (2) expansion/contraction of the price-to-earnings ratio, (3) nominG growth, an(4) change in shares outstanng. The macroeconomic forecast incates thnominG will grow 7% (3.25% re+ 3.75% inflation). So, the analyst’s forecast of 11% equity market appreciation implies a 4% annucombinecontribution from expansion in the P/E multiple anor change in shares outstanng of G over the long run.老师，长期来看股市增长等于G增长，P/E，E/G那些项的增长不是=0吗，为什么A不对呢