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Alfred · 2024年02月08日

请问capital gain yield为什么是4.5%，而不是dividend yield是4.5%

  1. CFA II
  2. Equity

NO.PZ2018103102000075

问题如下：

Matt, CFA, is evaluating the value of Company M by using the Gordon growth model. Given the required rate of return is 10% and the stock is fairly valued. He predicts that the dividend will grow at its recent rate of 4.5% per year into the indefinite future. Which of the following statements is least correct?

选项：

A.

The dividend yield of the stock is 5.5%.

B.

The total return of the stock is 14.5%.

C.

The capital gains yield of the stock is 4.5%.

解释：

B is correct.

考点：H-model,Sustainable Growth Rate & Dividend Growth Rate, Retention Rate, And ROE

解析：根据公式：Total return = Dividend yield + Capital gains yield

当股票被正确定价时，总回报率等于要求回报率为10%，其中capital gains yield为4.5%。因此，dividend yield为5.5%。

如题

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已采纳答案

王园圆_品职助教 · 2024年02月08日

同学你好，推导如下

在GGM下，V0 = D1/（r-g)，V1 = D1*（1+g)/(r-g) 这个g在GGM模型里就是指的分红的增长率g

而capital gain yield ,就是1时刻相对0时刻股票价格的变动程度。因为该股票是fair valued，那Price = value

P1 = V1， P0 = V0. capital gain yield =( P1-P 0)/P0 = P1/P0 - 1,带入上面V0和V1的式子

capital gain yield = D1*（1+g)/(r-g) * (r-g)/D1 - 1 = 1+g - 1 = g

所以capital gain yield 就等于dividend growth rate g

dividend yield=dividend/Price，和dividend growth rate概念不同哦

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