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hmggh · 2020年03月09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%。

老师,讲义里有讲到jusitified D/P = r-g/1+g, 根据这个公式算出来是5.26% 和 5.5%不一样。请问这种算法有什么问题?

1 个答案
已采纳答案

maggie_品职助教 · 2020年03月10日

嗨,努力学习的PZer你好:


1、注意jusitified D/P = r-g/1+g,这里的D是D0,不是D1,而Total return = Dividend yield(D1/P) + Capital gains yield.

2、根据GGM:我给你推了一下请参考


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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