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H. · 2020年04月17日

问一道题:NO.PZ2015122802000094 [ CFA I ]

问题如下:

Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average:

选项:

A.

dividend yields.

B.

market-to-book ratios.

C.

price-to-earnings ratios.

解释:

A  is correct.

Higher than average dividend yield is a characteristic of a value stock, along with low price-to-earnings and low market-to-book ratios. Growth stocks are characterized by low dividend yields and high price-to-earnings and high market-to-book ratios.

请问为什么分红越多,market to book和P/E ratio越小?earning就是表示分红吗?分红越多,账面价值不是应该越小吗,market to book越大?
1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年04月18日

同学你好,这道题是说长期实证研究表明,价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。

A选项:价值型的股票基本上都是大的成熟的企业(增长机会较少),企业赚的钱更多用来分红。而成长性股票的经营利润希望大部分用于企业的再投资来支撑未来高速发展,所以分红少。

C选项:成长性企业增长性较价值型股票更强,受到投资人追捧,因此股价更高,估值也就更高。所以市盈率、市净率倍数也就越高。

B选项:相同的净资产情况下,由于成长性股票的股价更高,市值更高,因此它的market to book ratio更高。

所以应该选择A。

针对你的提问,首先这三个选项是并列的关系,不是互相推导的关系。其次,earning是盈利,不代表分红。分红越多,账面价值越小,但是market to book ratio是一个比例,要结合分子市值和分母账面价值同时来看。这一块的结论需要记一下,可以详细看一下基础班117页,或听一下李老师讲课。

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