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wyrw · 2025年06月24日

股息增长率和自由现金流增长率

* 问题详情,请 查看题干

NO.PZ201512300100001001

问题如下:

1. Which of the following long-term FCFE growth rates is most consistent with the facts and stated policies of Emerald?

选项:

A.

5 percent or lower.

B.

2 percent or higher.

C.

8 percent or higher.

解释:

C is correct.

The sustainable growth rate is return on equity (ROE) multiplied by the retention ratio. ROE is 10 percent, and the retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth should be at least 8 percent per year in the long term.

ROE*payout ratio计算得出的是股息增长率,但是题干问的是自由现金流增长率,为何两者相同

1 个答案

王园圆_品职助教 · 2025年06月24日

同学你好,严格来说是的,ROE*b是指的分红和earnings的增长率,并不是FCFE的增长率,但是这个本题自己给出的设定条件,并不是有什么知识点支撑的结论哦,请看以下题干截图,我们是根据题干要求,才用这个sustainable growth rate来做FCFE的增长率的

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