NO.PZ2018062002000111
问题如下：
Listed below are some statements about the risk of an equity security, which is incorrect?
选项：
A. The risk of an equity security is based on the uncertainty of its cash flows.
B. The risk of an equity security is based on the uncertainty of its future price.
C. The risk of an equity security is measured using the standard deviation of its dividends.
解释：
C is correct.
Not all equity securities pay dividends, so standard deviation of dividend is not suitable to measure the risk of all stock securities.
考点：Risk And Return, Market Value and Book Value, Required Return
注意股票的风险是股票价格的不确定性，通常股票的风险我们用股票价格标准差来衡量，不是股息的波动幅度。此外很多股票是不分红的，所以没法用红利的标准差来衡量它的风险。
A也应该是错误的吧？现金流不是只公司本身的现金流吗？公司发行的股票，还涉及到现金流的概念吗？
