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Liuliu · 2024年01月18日

total return

  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%。

您好 请问可否解释一下 定价合理的时候为什么total return就等于required return呢？

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1 个答案

王园圆_品职助教 · 2024年01月18日

同学你好，定价合理的含义是，股票的价格P就等于价值V

投资股票可以获得的总收益率就是total return

而价值V计算的时候，我们用的都是投资人的要求回报率Re

既然P=V，那么total return也必然和Re相等

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