问题如下图：
选项：
A. 
B. 
C. 
解释：
题目中的意思应该是一年后又以35元的价格买了一只股票，这题的题干和NO.PZ2015120604000032的是一样的，NO.PZ2015120604000032中是按第1年流出35元算的，很疑惑，请帮忙解答下。
星星_品职助教 · 2019年08月30日
去看了下你说的那道题，区别在于，32那道题要求算的是MWRR，而33题即本题要算的是TWR.
先解释32题，计算MWRR的本质实际上是在算IRR，所以核心在于计算每个时间点的净现金流。所以：
0时点Tom买了30的股票，CF1=-30；
1时点，Tom的CF明细为：买了一只35的股票+收到5的Div：-35+5=-30
2时点，卖了两只已经值40的股票，没有Div，所以CF=40*2=80
这里面1时点的35由于是买了股票，所以是资金流出
对于本题（33题）而言，1时点其实是有两个35的，第一是Tom又买了一只35的股票，所以这35如果一定要是从现金流考虑，仍然是资金的流出；第二是0时点购买的原价值30的股票涨到了35.
但TWR的本质并不是根据现金流来计算，而是要计算出每个阶段的return再求几何平均，所以0-1阶段的return如果用语言来描述就是本来价值30的股票涨到了35，还分了5块钱，也就是Return=（35+5）/30-1或（35+5-30）/30。这里面看的都是投资回报，而不是钱是否流入还是流出，更具体的说，1时点计算收益时是不考虑新买的那35的，因为新买的股票并不是0时点投资的回报。
希望能解答你的问题，加油
NO.PZ2015120604000033问题如下 Tom bought one share of sto$30 time 0. the enof ye1, the stopai$5 vinper share anthen Tom bought one more share $35.the enof ye2, Tom sol2 shares for $40 each.Calculate the time-weighterate of return on this investment. A.9.88%.B.15.00%.C.23.13%.is correct.ring the year1, the hong return is (35 + 5) / 30 - 1= 33.33%,ring the year2, the hong return is 80 / 70 - 1 = 14.29%Time-weightereturn = [(1.33)(1.14)]0.5 - 1 = 23.13%你好，问一下。 这个题是用在课程中学过的公式是〈（P1—P0）+I 〉/ P0 算对吧 ？ 〈 35—30+5〉/ 30 = 0.333333
NO.PZ2015120604000033问题如下 Tom bought one share of sto$30 time 0. the enof ye1, the stopai$5 vinper share anthen Tom bought one more share $35.the enof ye2, Tom sol2 shares for $40 each.Calculate the time-weighterate of return on this investment. A.9.88%.B.15.00%.C.23.13%.is correct.ring the year1, the hong return is (35 + 5) / 30 - 1= 33.33%,ring the year2, the hong return is 80 / 70 - 1 = 14.29%Time-weightereturn = [(1.33)(1.14)]0.5 - 1 = 23.13%0.5是什么………？。？。
NO.PZ2015120604000033 问题如下 Tom bought one share of sto$30 time 0. the enof ye1, the stopai$5 vinper share anthen Tom bought one more share $35.the enof ye2, Tom sol2 shares for $40 each.Calculate the time-weighterate of return on this investment. A.9.88%. B.15.00%. C.23.13%. is correct.ring the year1, the hong return is (35 + 5) / 30 - 1= 33.33%,ring the year2, the hong return is 80 / 70 - 1 = 14.29%Time-weightereturn = [(1.33)(1.14)]0.5 - 1 = 23.13% ring the year2, the hong return is 80 / 70 - 1 = 14.29%这里面第二年的本金部分用的是70，这个70一部分是第二年初买的35，这个理解。那另一半35到底是看成初始购买成本30+分红的5还是说是最初购买的升值部分35计算（不算分红）呢？
NO.PZ2015120604000033 问题如下 Tom bought one share of sto$30 time 0. the enof ye1, the stopai$5 vinper share anthen Tom bought one more share $35.the enof ye2, Tom sol2 shares for $40 each.Calculate the time-weighterate of return on this investment. A.9.88%. B.15.00%. C.23.13%. is correct.ring the year1, the hong return is (35 + 5) / 30 - 1= 33.33%,ring the year2, the hong return is 80 / 70 - 1 = 14.29%Time-weightereturn = [(1.33)(1.14)]0.5 - 1 = 23.13% 老师，想问一下，第一年为什么不是35除以30而是加了个吴用四十除以三十呀？
NO.PZ2015120604000033问题如下 Tom bought one share of sto$30 time 0. the enof ye1, the stopai$5 vinper share anthen Tom bought one more share $35.the enof ye2, Tom sol2 shares for $40 each.Calculate the time-weighterate of return on this investment. A.9.88%.B.15.00%.C.23.13%.is correct.ring the year1, the hong return is (35 + 5) / 30 - 1= 33.33%,ring the year2, the hong return is 80 / 70 - 1 = 14.29%Time-weightereturn = [(1.33)(1.14)]0.5 - 1 = 23.13%T0是-30，T1是-35+5，T2是80，请问错在哪里。T1价值上升但并没有变现。