NO.PZ2015122802000172
问题如下:
A justified forward PE ratio that is derived from the Gordon growth model is inversely related to the:
选项:
A.
growth rate.
B.
dividend payout ratio.
C.
required rate of return.
解释:
C is correct.
The justified forward P/E is calculated as follows:
P/E is inversely related to the required rate of return, r, and directly related to the growth rate, g, and the dividend payout ratio, D/E.
考点:GGM
这道题问的是根据GGM模型的公式来看,justified P/E和哪一项成反比? V/E1=(D1/E1)/r-g, V/E1与r成反比。
RR就是b,等于1-dividend payout ratio啊,既然g和PE成正比那么dividend payout ratio就应该成反比呀?