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

橙子樱桃 · 2021年08月26日

earning的增长一般说的是nominal的增长率,为什么这里还要乘以通胀率?

NO.PZ2018103102000019

问题如下:

Country Y’S long-term inflation forecast at a rate of 4.5 percent per year. The forward dividend yield on the index is 1.5 percent. Currently, the 10-year government bond yield is 6 percent. Earnings in the public corporate sector are expected to grow at a 6.5percent per year. Consistent with that, the market P/E ratio is expected to grow at 2 percent per year. Based on the given information, the equity risk premium is calculated by using supply side estimate is closest to:

选项:

A.

5.4 percent.

B.

6.0 percent.

C.

9.0 percent.

解释:

C is correct.

考点:Equity risk premium

解析:C是正确的。根据supply side模型,股权风险溢价等于= {[(1 + EINFL)(1 + EGREPS)(1 + EGPE) − 1.0] + EINC}−Expected risk-free return

EINFL = 4.5% per year

EGREPS = 6.5 percent per year

EGPE = 2 percent per year

EINC = 1.5 percent per year

RF= 6 percent per year

带入公式, 我们可以得到:{[(1.045)(1.065)(1.02) − 1.0] + 0.015} − 0.06 = 0.09 = 9 percent.

答案乘以通胀率1+4.5%
1 个答案

王园圆_品职助教 · 2021年08月27日

嗨,从没放弃的小努力你好:


同学你好,这个题目就是考察股权风险溢价等于= {[(1 + EINFL)(1 + EGREPS)(1 + EGPE) − 1.0] + EINC}−Expected risk-free return 这个公式的记忆的哦~~所以题目不会在这里设置陷阱,一般给出的都是实际的earning growth rate 哦~~

除非题目特别强调这个earning growth rate 已经是考虑通胀后的增长率,否则我们把题目的各项已知条件带入公式就可以算结果啦~~

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!