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若然 · 2024年06月17日

?

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100000806

问题如下：

6. If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?

选项：

A.

3.87%.

B.

4.25%.

C.

5.30%.

解释：

A is correct.

If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

有一道题的解析里面是这么说的：Total return = Dividend yield + Capital gains yield。total return不就是required return么？

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2 个答案

王园圆_品职助教 · 2024年09月28日

同学你好，dividend yield和dividend growth rate是不一样的哦

dividend yield = D1/P0，是按0时刻投资一年获得的分红折算的收益率的意思

dividend growth rate才是我们平时估值说的GGM 模型下的分红增长率g，并且也等于capital gain yield 

这两者不能混淆哦

王园圆_品职助教 · 2024年06月17日

同学你好，是的啊，total return在股票被合理定价的前提下，就等于required return

但是本题知道这个条件并不能求出答案呢，因为本题求的是capital gain yield

在GGM下，V0 = D1/（r-g)，V1 = D1*（1+g)/(r-g)—— 这个g在GGM模型里就是指的分红的增长率g

而capital gain yield ,就是1时刻相对0时刻股票价格的变动程度。因为该股票是fair valued，那Price = value

P1 = V1， P0 = V0. capital gain yield =( P1-P 0)/P0 = P1/P0 - 1,带入上面V0和V1的式子

capital gain yield = D1*（1+g)/(r-g) * (r-g)/D1 - 1 = 1+g - 1 = g

所以capital gain yield 就等于dividend growth rate g

James · 2024年09月27日

div yield是恒定增长的g，capital gain也是按照g增长，那total return就恒定等于2g对吗？

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2024-07-19 19:28 2 · 回答

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2023-05-30 22:49 1 · 回答

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