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Christinack · 2024年12月04日

股利是不是会影响股票价格呢?

NO.PZ2024092301000002

问题如下:

Assuming all other factors are equal, how does the cost of carry compare for a dividend-paying stock versus a stock with no dividends?

选项:

A.

Lower than a stock with no dividends.

B.

The same as a stock with no dividends.

C.

Higher than a stock with no dividends.

解释:

The cost of carry for a dividend-paying stock is lower than that of a stock with no dividends because the dividends expected to be received reduce the net cost of holding the stock. 所有其他因素相同的情况下,支付股利的股票的持有成本低于不支付股利的股票,因为预期收到的股利减少了持有股票的净成本

股票的价格不会被股利影响吧?


因为value是一样,这道题是不是不太严谨?

1 个答案

李坏_品职助教 · 2024年12月04日

嗨,从没放弃的小努力你好:


本题目问的不是股票价格或者value,他问的是cost of carry。支付股利的股票的cost of carry与不支付股利的股票相比,谁的cost of carry高?


cost of carry可以认为就是公式里的PVC - PVI,PVC是持有成本(比如储存成本),PVI就是股票的股利分红。当PVI高的时候,cost of carry是下降的,所以A正确。

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