g的采用

NO.PZ2023032701000019

问题如下：

Tanner expects short-term rapid earnings growth of 20% in 2014 for GNSK, with the rate of growth linearly diminishing over the next five years to match industry conditions thereafter. He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry. Given these assumptions and the data in Exhibit 1.

Using Bradley’s assumptions regarding GNSK and the data from Exhibit 1, GNSK’s long-term dividend growth rate is closest to:

选项：

8.0%

7.0%

7.3%

解释：

0.037 = (0.11 – g)/(1 + g)

0.037(1 + g) + g = 0.11

0.037 + 0.037g + g = 0.11

1.037g = 0.11 – 0.037

g = 0.073 / 1.037 = 0.0704 =7.0%

为何此处的imply g和行业ROE*b得出来的g有什么联系吗，或两者可以等同吗？

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王园圆_品职助教 · 2023年10月16日

同学你好，这道题目里明确提供了信息“He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry.”——所以此时我们才可以把公司的长期增长率和行业的implied g联系到一起

注意，是题目给的信息让我们这么计算的，这不是结论，也不是行业implied g和公司的ROE*b两者必然有什么联系，只是本题的这个个案而已

既然本题说了要用行业现在的implied g来计算公司未来的长期增长率，那就不能用ROE*b这个公式计算公司的长期g

implied g讲义上是有固定公式的，请看以下讲义截图，我们只需要严格按照题目的要求进行计算即可哦

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NO.PZ2023032701000019问题如下 Tanner expects short-term rapiearnings growth of 20% in 2014 for GNSK, with the rate of growth linearly minishing over the next five years to matinstry contions thereafter. He assumes thstarting in Ye6, GNSK’s long-term vingrowth rate will equto the current level of impliegrowth rate for the instry. Given these assumptions anthe ta in Exhibit 1.Using Braey’s assumptions regarng GNSK anthe ta from Exhibit 1, GNSK’s long-term vingrowth rate is closest to: A.8.0%B.7.0%C.7.3% 0.037 = (0.11 – g)/(1 + g)0.037(1 + g) + g = 0.110.037 + 0.037g + g = 0.111.037g = 0.11 – 0.037g = 0.073 / 1.037 = 0.0704 =7.0% 看了以往的问题，还是有个疑问: 用行业平均增长率，那么为什么不能用行业的roe x (1-b)来计算g

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2023-07-02 17:58 1 · 回答

g的采用

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