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CFA一定过！ · 2024年09月07日

阅读理解

  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

这里的 this year expect EPS是4指的是第五年吗? 这种题题干具体怎么理解啊，我只能死记硬背但其实读不懂题目

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1 个答案

Kiko_品职助教 · 2024年09月09日

嗨，从没放弃的小努力你好：


原版书对于这个公式中的变量解释如下，expected earning指的是next year的，而adjustment factor是指调整年限分之一。回到题目中，五年只是调整的年限，需要花五年来完成分红的调整。expected earning并不一定是第五年的EPS。这里不是一个考点，考试也不会在这里出陷阱。不需要纠结，加油~

----------------------------------------------
努力的时光都是限量版，加油！

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