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wangbj · 2024年03月19日

为什么这里的r选用required return而不用return on equity？

  1. CFA II
  2. Equity

NO.PZ2023032701000019

问题如下：

Tanner expects short-term rapid earnings growth of 20% in 2014 for GNSK, with the rate of growth linearly diminishing over the next five years to match industry conditions thereafter. He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry. Given these assumptions and the data in Exhibit 1.

Using Bradley’s assumptions regarding GNSK and the data from Exhibit 1, GNSK’s long-term dividend growth rate is closest to:

选项：

A.

8.0%

B.

7.0%

C.

7.3%

解释：

0.037 = (0.11 – g)/(1 + g)

0.037(1 + g) + g = 0.11

0.037 + 0.037g + g = 0.11

1.037g = 0.11 – 0.037

g = 0.073 / 1.037 = 0.0704 =7.0%

为什么这里的r选用required return而不用return on equity？

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1 个答案

王园圆_品职助教 · 2024年03月19日

同学你，return on equity 是ROE=NI/Equity

我们进行股票估值的时候用的是股东的要求回报率也就是required return才对哦

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