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BESSIEWANG · 2025年04月29日

为什么1.45是D0,而不是D1

NO.PZ2018103102000041

问题如下:

Steve is considering adding TMT Inc. in his portfolio. One of his colleagues Alan who also interested in TMT suggested that the stock’s current market price of $30.79 is equal to the fair value of the stock. What is the implied growth rate of dividends given the stock’s market price? Given the required return on equity is 9.8% and the company’s last dividend payment is $1.45 per share.

选项:

A.

6.44%.

B.

4.86%.

C.

7.32%.

解释:

B is correct.

考点:DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析:B是正确的。如果公司的内在价值等于当前市价30.79,那么使用戈登增长模型反推隐含增长率:V0=D1/r-g

(9.8%-g)30.79=1.45(1+g)

g=4.86%

我用D1没算出答案

1 个答案

王园圆_品职助教 · 2025年04月29日

同学你好,因为题目说了“company’s last dividend payment is $1.45 per share”——一般用来 last或者用过去式表达的分红,就是已经发生的过去了的分红D0,而不是未来的预测的分红D1