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豌豆JO · 2024年04月17日

为什么不能用div yield = (r-g)/(1+g)这个公式？

  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%。

为什么不能用div yield = (r-g)/(1+g)这个公式？

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王园圆_品职助教 · 2024年04月17日

同学你好，dividend yield是指0时刻投资一个P0，到1时刻可以收获一个D1，从而计算一个投资收益率，所以必须是D1/P0

你这个公式就是D0/P0了，这是不合理的，D0是过去的投资结下的果子，不是现在的投资带来的

本题考察的是以下讲义截图的内容

total return = （P1-P0+D1）/P0——（P1-P0）/P0就是capital gain ,D 1/P 0就是dividend yield

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