开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

豆好 · 2020年03月09日

问一道题：NO.PZ2016012005000029 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

A is correct.

Expected dividend = Previous dividend + (Expected earnings ×Target payout ratio – Previous dividend) × Adjustment factor)=$0.60+（$4×0.25-$0.6）×0.2=$0.68

看不懂， adjust factor 哪里来的. 老师在上课讲的时候， 不是应该 （0.25-0.2）/5 =0.01 每年的增长。 4* （0.6/3 + 0.01）这个才对吗？
添加评论
1 个答案

Debrah_品职答疑助手 · 2020年03月10日

同学你好。请见基础班讲义第143页。adjust factor是指一共需要五年时间达到target divideds，因此每年需要调整1/5。

  • 1

    回答

  • 0

    关注

  • 445

    浏览
相关问题

NO.PZ2016012005000029 问题如下 The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vin A.$0.68. B.$0.80. C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 公司最近一期vinpayout ratio = 20%, 目标五年后payout ratio = 25%，为什么不能计算为五年20%提升至25%、即每年派息比例提升1%，即今年预计派息比例为21%。今年预计EPS = 4，每股派息则为 = 4*21%？

2024-09-22 08:01 1 · 回答

NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 这里的 this yeexpeEPS是4指的是第五年吗? 这种题题干具体怎么理解啊，我只能死记硬背但其实读不懂题目

2024-09-07 21:13 1 · 回答

NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 李老在哪里讲到的这个austment factor？计算的时候完全没有关于这个的印象了，怎么理解在这道题里用的这个austment factor？

2024-06-30 14:07 1 · 回答

NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 想请问一下，站在今年要用5年EPS变为4，即v变为1，那不是要用六年v从0.6变成1

2024-06-19 18:43 1 · 回答

NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 计算这题的公式和讲义麻烦贴出来？

2024-05-03 09:44 1 · 回答