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去全世界 · 2021年02月05日

问一道题：NO.PZ2018103102000075 [ CFA II ]

  1. CFA II
  2. Equity

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%。

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%。 题目中dividend grow at 4.5 指的是dividend增长率还是capital gain增长率 解释是不是反了
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Debrah_品职答疑助手 · 2021年02月06日

同学你好，针对你的问题，由于Re=D1/P0+g=dividend yield+capital gain yield。所以在这个题目里capital gain yield=g=4.5%是没有错误的。

很多同学把dividend yield和dividend growth rate也就是g混掉，dividend yield是股息收益率，是股息/股价，而g是增速。要留意哦

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