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西红柿面 · 2024年07月19日

此题为何不能用这个公式g+dividend yield=required rate of return

  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%

 此题为何不能用这个公式g+dividend yield=required rate of return？

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王园圆_品职助教 · 2024年07月19日

同学你好，题目说了“GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry.”你用上面你那个公式，那行业的dividend yield是多少？你也不知道啊，题目只给了行业的trailing dividend yield，这里公式要的可是leading dividend yield呢

更何况，你为什么指望用这一个公式就能解决所有的题目问题？你上面一个问题已经努力试图用这个公式了，不同的题目对应的知识点不同，如果都用一个公式就能解决，那Equity这门课考察的知识点也太匮乏了吧？

请看以下讲义截图，本题对应的是以下知识点，同学要理解出题人到底想考察什么知识点，用对应的知识点，才能最快最精准的解开题目哦

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