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Pina · 2021年03月19日

结论？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000208

问题如下：

8. Based on Exhibit 4 and Intern 1’s analysis, Xavier Corporation’s sustainable dividend payout ratio is closest to:

选项：

A.

43.4%.

B.

44.6%.

C.

56.6%.

解释：

C is correct because it is based on the sustainable growth rate and the required rate of return:

Sustainable growth rate = (b in mature phase) × (Return on equity)

= (1 – Dividend payout) × (Return on equity)

0.036 = (1 – Dividend payout) × 0.083

Solving for the dividend payout ratio, the dividend payout = 56.627% ≈ 56.6%.

公司处于成熟阶段，因此可以ROE近似等于r, 这可以当结论记的是吗？ 谢谢。

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Debrah_品职答疑助手 · 2021年03月19日

嗨，努力学习的PZer你好：


是的，可以作为结论。可持续增长通常发生在公司的成熟阶段： in the mature phase companies can do no more than earn investors’ opportunity cost of capital(ROE=r).

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ201710200100000208 问题如下 8. Baseon Exhibit 4 anIntern 1’s analysis, Xavier Corporation’s sustainable vinpayout ratio is closest to: A.43.4%. B.44.6%. C.56.6%. C is correbecause it is baseon the sustainable growth rate anthe requirerate of return:Sustainable growth rate = (b in mature phase) × (Return on equity) = (1 – vinpayout) × (Return on equity) 0.036 = (1 – vinpayout) × 0.083Solving for the vinpayout ratio, the vinpayout = 56.627% ≈ 56.6%. 亏我还想了半天，一看答案直接用re当roe用，简直了

2024-01-21 22:20 1 · 回答

NO.PZ201710200100000208 老师 requirerate of return=ROE？

2021-07-11 18:57 1 · 回答

44.6%. 56.6%. C is correbecause it is baseon the sustainable growth rate anthe requirerate of return: Sustainable growth rate = (b in mature phase) × (Return on equity) = (1 – vinpayout) × (Return on equity) 0.036 = (1 – vinpayout) × 0.083 Solving for the vinpayout ratio, the vinpayout = 56.627% ≈ 56.6%.看了之前老师的，没有看懂，想再问一下为啥不能用Re=P+g的公式反推vinpayout ratio？

2021-01-24 22:12 1 · 回答

老师好为什么这题不能用re=(/P0)+g的公式来求vintpayoutratio?谢谢。

2020-12-21 16:56 1 · 回答