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PaisleyPPx · 2020年01月30日

问一道题:NO.PZ2016012102000173

问题如下:

Which of the following statements is most correct?

选项:

A.

A firm has high dividend payout ratio identify its stocks with high earnings growth rates.

B.

A firm has low price to cash flow per share ratio identify its stocks with high earnings growth rates.

C.

A firm's book value to market value ratio is low that identify its stocks with high earnings growth rates.

解释:

C is correct.

A high growth rate firm's equity will tend to have higher market values than book value.

option A: High dividend payout ratios means companys are mature and do not have a lot of opportunities for growth.

option B: Low price to cash flow ratios ususally indicate value stocks rather than growth stocks.

老师 高的分红支付率也是因为高的收入增长率导致的 为什么不能选A

实际这是考察的是一种综合的报表解读能力吗?而不是某个特定的知识点?

1 个答案

Olive_品职助教 · 2020年02月03日

嗨,爱思考的PZer你好:


这道题考点更偏equity,如果公司处于高增长状态,通常不会选择太多分红,因为这时候的投资机会很多,正是需要用钱的时候,把钱放在公司支持公司的高增长比发放分红更合适。否则发放完分红之后公司还要去筹资来满足其发展的资金需求,筹资成本肯定比自己的留存收益要高,所以高增长的企业分红少,如果发展到了成熟阶段,没有什么好的投资项目了,这时候就应该把公司挣的钱回馈给股东了,留在公司也没什么用。


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