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eee · 2018年06月08日

股利分配计算的公式问题



Using Jack Aubrey’s estimates in Exhibit 2, and assuming that the company adopts his suggested dividend policy, the company’s 2015 dividends per share will be closest to:

  1. $3.49.
  2. $4.17.
  3. $3.52.

Solution

C is correct. Aubrey is proposing a stable dividend policy—one that reflects long-run expected earnings.

Adjustment factorAdjustment factor = 1Number of years over which adjustment is to occur1Number of years over which adjustment is to occur
  = 1/51/5
  = 0.200.20

Expected Dividend: = Last dividend + Increase in earnings × Target payout ratio × Adjustment factor

For 2015, Expected dividend = 3.42 + (8.05 − 6.60) × 0.35 × 0.20 = $3.52.

3.42是上一年分红,8.05是本年利润,6.6是去年利润,0.35是 target payout ratio


以上是官网题目的计算公式,我记得应该是改成了3.42+(8.05*0.35-3.42)*0.2 这两个公式到底哪个是对的?记混了

1 个答案
已采纳答案

吴昊_品职助教 · 2018年06月08日

Expected div=Previous div+[(Expected earnings*Target payout ratio-Previous div)*Adjustment factor]

用这个公式,加油~

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