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L： · 2024年06月30日

adjustment factor

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000029

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

A is correct. The estimated dividend per share is US$0.68.

Previous DPS = US$0.60

Expected EPS = US$4

Target payout ratio = 0.25

Five-year adjustment factor = 1/5 = 0.2

Expected dividend = Previous dividend + (Expected earnings × Target payout ratio − Previous dividend) × Adjustment factor

= US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2]

= US$0.60 + US$0.08

= US$0.68

李老在哪里讲到的这个adjustment factor？计算的时候完全没有关于这个的印象了，怎么理解在这道题里用的这个adjustment factor？

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1 个答案

王琛_品职助教 · 2024年07月01日

嗨，从没放弃的小努力你好：


1

调整因子（adjustment factor），指的是公司为了逐步调整股息支付到目标派息率，所采用的一个缓冲比例

Berkshire Gardens Inc. 采用了一个五年的调整期，来逐步达到其目标派息率，即每年调整到目标派息率的五分之一（20%）

这是为了避免股息支付的剧烈波动，从而给股东带来稳定的预期，同时也让公司可以更稳健地管理其现金流和盈利分配

2

adjustment factor 是在 M1 分红和回购的 Stable Dividend Policy 中介绍的

请参考基础班讲义墨迹版 P47-49

3

关于 Stable Dividend Policy，如果考查定量计算，那么就会像这道题一样，直接代公式即可

这个考点是重要的，需要咱们熟练掌握哈 

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