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梁 · 2022年05月08日

公式的分解

NO.PZ2020012201000007

问题如下:

Alena,CFA, was updating her firm’s projections for US equity returns.If she believed that in the long run that the US labor input would grow by 0.9% perannum and labor productivity by 1.5%, that inflation would be 2.1%, that the dividend yield would be 2.25%, and that there would be no further growth in P/E, what is likely to have been her baseline projection for continuously compounded long-term US equity returns?

选项:

A.

6.75%

B.

5.5%

C.

5.85%

解释:

A is correct

解释:

在长期,一国股票市场的增长率等于该国GDP的增长率(本题P/E增长率为0也证实了这一点)。那么本题就等于计算该国GDP的增长率。

Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%

依照公式可得:. 6.75% = 0.9% + 1.5% + 2.1% + 2.25%

一直没有掌握好这个公式的fenj

这题这样理解吗

*D/P+增长率

增长率拆分



1 GDP增长+2 E/GDP增长+3 P/E增长

这题说第三项 p/e是0

第一项GDP是拆分为 labor input增长和 效率增长

那么第二项呢 这里是默认为0

2 个答案

源_品职助教 · 2022年07月15日

嗨,从没放弃的小努力你好:


公式其实反映的是下图第一行和第二行。

其中第二行的公式反应的是第一行中的一项。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

源_品职助教 · 2022年05月09日

嗨,从没放弃的小努力你好:



同学你的理解基本是对的。

股票增长率等于价格的变动+分红。

价格变动率是等于GDP增长率

GDP中第二项长期也是默认为0的。

如果是个大于0的数,长此以往,上市公司要吞并这个国家GDP,这是不可能的

如果是个小于0的数,场次以往,上市公司都要破产倒闭归于0,这也是不可能的。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

wangtao19910225 · 2022年07月15日

这题的公式可以列举解释一下吗?

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