开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

落了一地 · 2020年10月07日

关于FCFF FCFE Dividend这三者的g之间的关系

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

1. Which of the following long-term FCFE growth rates is most consistent with the facts and stated policies of Emerald?

选项：

A.

5 percent or lower.

B.

2 percent or higher.

C.

8 percent or higher.

解释：

C is correct.

The sustainable growth rate is return on equity (ROE) multiplied by the retention ratio. ROE is 10 percent, and the retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth should be at least 8 percent per year in the long term.

没太明白，答案这里计算的是Dividend的g，FCFF FCFE Dividend这三者的g之间有什么关系么？为什么说FCFE的g至少是这个数？

添加评论
1 个答案

Debrah_品职答疑助手 · 2020年10月08日

同学你好，这里求得是sustainable growth rate，公式g=ROE*b。

FCFF和FCFE模型估值用的也是现金流折现模型DDM，和GGM的g的假设和定义基本一致。

 

  • 1

    回答

  • 2

    关注

  • 829

    浏览
相关问题

NO.PZ201512300100001001问题如下1. Whiof the following long-term FCFE growth rates is most consistent with the facts anstatepolicies of EmeralA.5 percent or lower.B.2 percent or higher.C.8 percent or higher.C is correct.The sustainable growth rate is return on equity (ROE) multipliethe retention ratio. ROE is 10 percent, anthe retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth shoulleast 8 percent per yein the long term. 能否讲一下具体的推导？

2024-10-01 11:15 1 · 回答

NO.PZ201512300100001001问题如下1. Whiof the following long-term FCFE growth rates is most consistent with the facts anstatepolicies of EmeralA.5 percent or lower.B.2 percent or higher.C.8 percent or higher.C is correct.The sustainable growth rate is return on equity (ROE) multipliethe retention ratio. ROE is 10 percent, anthe retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth shoulleast 8 percent per yein the long term. g 比8%更高的话，如11%，那不是违反了假设，g大于r 的假设吗

2023-10-06 16:49 1 · 回答

NO.PZ201512300100001001 ROE和g的关联公式是？

2021-07-08 20:28 1 · 回答

NO.PZ201512300100001001 我用公式算出了8 percent，但是不明白为什么是8 percent anhigher

2021-05-11 09:31 1 · 回答

这个为什么不考虑inventory changes (unsustainable source）5% 带来的影响？

2020-11-20 09:04 1 · 回答