为什么分子不用乘以（1+g），计算的是RI1还是RI0?

NO.PZ2023032701000057

问题如下：

Palmetto Steel, Inc. (PSI) maintains a dividend payout ratio of 80 percent because of its limited opportunities for expansion. Its return on equity is15 percent. The required rate of return on PSI equity is 12 percent, and its long-term growth rate is 3 percent. Compute the justified P/B based on forecasted fundamentals, consistent with the residual income model and a constant growth rate assumption.

选项：

1.33

1.55

1.68

解释：

With g = b × ROE = (1 -0.80) (0.15) = (0.20) (0.15) = 0.03,

P/B = (ROE-g)/(r - g)= (0.15 - 0.03)/(0.12 - 0.03)= 0.12/0.09 = 1.33

P/B = 1 + (ROE - r)/(r - g)= 1 + (0.15 - 0.12)/(0.12 - 0.03)= 1.33

为什么分子不用乘以（1+g），计算的是RI1还是RI0?

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1 个答案

王园圆_品职助教 · 2023年09月20日

同学你好，这个P/B的公式是讲义上的原知识点，是一阶段RI假设下衍生出来的产物，所以这个RI就是RI１而不是RI０，请看以下讲义截图

这里默认RI０是已知的，根本不需要计算，所以计算的（ROE－Re）＊B０就是RI１

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NO.PZ2023032701000057 问题如下 Palmetto Steel, In(PSI) maintains a vinpayout ratio of 80 percent because of its limiteopportunities for expansion. Its return on equity is15 percent. The requirerate of return on PSI equity is 12 percent, anits long-term growth rate is 3 percent. Compute the justifieP/B baseon forecastefunmentals, consistent with the resiincome mol ana constant growth rate assumption. A.1.33 B.1.55 C.1.68 With g = b × ROE = (1 -0.80) (0.15) = (0.20) (0.15) = 0.03,P/B = (ROE-g)/(r - g)= (0.15 - 0.03)/(0.12 - 0.03)= 0.12/0.09 = 1.33OrP/B = 1 + (ROE - r)/(r - g)= 1 + (0.15 - 0.12)/(0.12 - 0.03)= 1.33 为什么要重新算一个g？

2024-04-22 22:52 1 · 回答