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enka · 2020年03月06日

问一道题: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%。

为何the dividend will grow at its recent rate of 4.5% per year into the indefinite future,然后capital gain yield 就是4.5%?

1 个答案
已采纳答案

maggie_品职助教 · 2020年03月06日

嗨,从没放弃的小努力你好:


这里是从GGM公式中反推得到的结论,当股票定价合理时:r=D1/p+g。而投资股票的总的收益率又包括两个部分红利收益和最后卖股票的资本增值即r=dividend yield + capital gains yield。因此两个等式合起来D1/p+g=dividend yield + capital gains yield,由于D1/p=dividend yield,所以g=capital gains yield。

我看你报的是全线班,这里基础班(讲义116页)视频有详细的讲解:

 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!


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