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Spencer · 2020年05月19日

问一道题：NO.PZ2016012005000029

  1. CFA II
  2. Corporate Issuers

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

A is correct.

Expected dividend = Previous dividend + (Expected earnings ×Target payout ratio – Previous dividend) × Adjustment factor)=$0.60+（$4×0.25-$0.6）×0.2=$0.68

老师 觉得这句话表达不够到位“This year it estimates earnings per share will be $4.00”，难道不是应该说the fifth year estimated earnings per share will be $4.00? 毕竟是需要从第一年至第五年进行平摊dividend

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Debrah_品职答疑助手 · 2020年05月19日

同学你好，原版书对于这个公式中的变量解释如下，expected earning指的是next year的，而adjustment factor是指调整年限分之一。回到题目中，五年只是调整的年限，需要花五年来完成分红的调整。expected earning并不一定是第五年的EPS。这里不是一个考点，考试也不会在这里出陷阱。不需要纠结，加油~

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