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熊蛋 · 2025年06月19日

C选项怎么理解呢?

NO.PZ2023040301000114

问题如下:

The advantages to an investor owning convertible preference shares of a company most likely include:

选项:

A.

an opportunity to receive additional dividends if the company's profits exceed a pre-specified level

B.

preference dividends that are fixed contractual obligations of the company

C.

less price volatility than the underlying common shares

解释:

Convertible preference shares tend to exhibit less price volatility than the underlying common shares because the dividend payments are known and more stable

如题

1 个答案

王园圆_品职助教 · 2025年06月19日

同学你好。可转换优先股毕竟是一种优先股,那它的分红就是在最开始就约定好的,可以看成是一个固定coupon payment的债券。而资产的价值其实是由未来的现金流折现到0时刻来确认的,如果未来的分红是固定的,V=D/r ,V 只受Re的影响,就不像普通股票V = D1/(r-g)Value还要受分红的增长率g的影响

影响value的因素越多,value变动就会更大更不稳定,而价格是围绕价值变动的,所以价格同样是common stock变动更多

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