总收益=Div yield + captain gain 成立吗

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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：

3.87%.

4.25%.

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.

总收益=Div yield + captain gain 成立吗

成立的话，用总收益=11.15% 带入。

div yield 用2018年的div除以合理价格8.42

然后减出来的captain gain 是4%，和答案不一样呀

哪里有问题？

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1 个答案

王园圆_品职助教 · 2025年01月31日

同学你好，“总收益=Div yield + captain gain 成立吗”——这个公式是成立的，但是注意，dividend yield = D1/P0——是指期初以P0投资一年，期末获得D1的收益从而计算的收益率，所以dividend yield必须带入D1/P0而不是D0/P0,现在是2009年年初，所以2008年年末的分红是D0而不是D1

你要计算出D1，就需要用D1 = D0*（1+g)带入

所以公式是11.15% = 0.59*（1+g)/8.42 + g——g = 3.87%

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