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如此_AnnieCcc · 2020年04月14日

问一道题:NO.PZ2018062002000021

问题如下:

When the stock price of PZ company was $30, Tim purchased 300 shares. He bought the stocks on 50 percent margin. One month later, Tim received a dividend of $1 per share and had to pay interest on the amount borrowed at a rate of 4% per month. After received dividends, Tim sold the shares at $25 per share immediately. The commissions for both the purchase and the sale of the stocks are $5. Which of the following statements is correct?

选项:

A.

The rate of return on this investment for the one-month period is -30.71%.

B.

The rate of return on this investment for the one-month period is –30.85%.

C.

The rate of return on this investment for the one-month period is –30.60%.

解释:

B is correct.

The total costs for the purchase is 300 × $30=$9000

Equity invested by Tim equals 0.5 × $9000=$4500

Tim borrowed amount is $9000-$4500=$4500

Interests are needed to paid by Tim at month end is $4500×0.04=$180

Dividends are received at month end is $1×300=$300

Proceeds on stock sale=$25×300=$7500

Total commissions paid by Tim is $5+$5=$10

Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390

The initial investment of Tim is $4505

The rate of return on this investment for the one-month period is −$1390/$4505=-30.85%

我理解不了为什么 1.-9000 ,怎么去理解? 价值9000的股票卖出去了 所以是-9000? 因为我始终觉得 我实际花了4500啊 为什么-9000... 2. Total commissions paid by Tim is $5+$5=$10 买和卖都要5$的comission,分子那么一大串是什么东西?? 计算法则是什么???分母我能理解是实际支出的。。已经算了5刀的commission了,为什么分子还要算成10 不算成5.

1 个答案

Debrah_品职答疑助手 · 2020年04月16日

同学你好。借钱买股的收益主要有如下几个部分构成:

1. 股票涨跌带来的损益:在这道题目中,Tim买了300股票,虽然借了一半的钱,但他享受到的整体的股票波动收益是(25-30)*300=-1500,就是买的时候股价30块钱,卖的时候变成25块钱,这样每股亏了5块钱。针对你的问题,他之所以借钱买股,就是为了享受全部100%的收益,因此计算的时候,运用做差的方法比较好理解,计算股票波动的整体损益。

2. commission(支出):买和卖都要支付5块钱,一共就是10块钱。10块钱都是买股的成本,因此在计算净收益的时候需要全部考虑。这个和分母是否考虑5块钱没有关系。

3. 借钱部分的利息(支出):因为Tim借了50%的钱,也就是300*30*50%=4500块钱,那这部分一个月的资金成本是4500*4%=180,这个也要在整体那个扣除。

4. 股利(收益):买股期间获得每股1元的股利,合计300元

因此Tim整体收益就是-1500-10-180+300=-1390

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NO.PZ2018062002000021问题如下When the stopriof PZ company w$30, Tim purchase300 shares. He bought the stocks on 50 percent margin. One month later, Tim receivea vinof $1 per share anhto pinterest on the amount borrowea rate of 4% per month. After receivevin, Tim solthe shares $25 per share immeately. The commissions for both the purchase anthe sale of the stocks are $5. Whiof the following statements is correct?A.The rate of return on this investment for the one-month periois -30.71%.B.The rate of return on this investment for the one-month periois –30.85%.C.The rate of return on this investment for the one-month periois –30.60%. B is correct.The totcosts for the purchase is 300 × $30=$9000Equity investeTim equals 0.5 × $9000=$4500Tim borroweamount is $9000-$4500=$4500Interests are neeto paiTim month enis $4500×0.04=$180vin are receivemonth enis $1×300=$300Procee on stosale=$25×300=$7500Totcommissions paiTim is $5+$5=$10Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390The initiinvestment of Tim is $4505The rate of return on this investment for the one-month periois −$1390/$4505=-30.85%考点杠杆投资T同学借钱买股票,其中50%是自有资金(bought on 50 percent margin你就把它想象成首付比例50%),而剩余的50%是从broker那里借来的,借来的资金就会产生利息费用。整个投资期是一个月,相当于投资者将在一个月后把股票卖出,一卖一买还需要支付手续费。此外,投资者在持有股票的期间还将获得红利收益,让我们计算一下这一个月投资者通过举杠杆来投资所能获得的收益率。收益率等于profit(净收益资本利得扣减各项成本后的收益)除以初始总的投资资金。那我们就分子分母分别来计算一下。因为股票在一个月后是下跌了,所以这道题最后算得分子净收益为负相当于是净亏损。先计算分子净收益=资本利得(股价从30跌倒25,再乘股票数量300)-买卖股票的手续费-一个月借款的利息费用+股息=−1,390其中自有资金出资=0.50*(300*30)=4500,借款额=0.50*(300*30)=4500一个月的借款利息=0.04*4500=180一个月的红利所得=300*1=300初始投资=自有资金出资的部分+买股票的手续费=4505因此投资收益计算可得−$1390/$4505=-30.85%这道题的问题主要集中在分母为什么要加上commission5?需要特别明确一下我们现在算的是投资收益率,收益率等于的是投资总的收益除以一开始的初始投入资金,我们初始投入的钱除了4500的自有资金以外,还支付了5的手续费,不交手续费就买不到股票。所以总的初始投入就要加上这5元。 为什么最终不是-1385/4505. 初始增加5,末尾为什么是减少10不是减少5呢

2024-01-08 17:06 1 · 回答

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2023-09-09 16:01 2 · 回答

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2023-03-03 01:52 1 · 回答

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2023-02-08 22:23 2 · 回答

NO.PZ2018062002000021 初始投资Tim确实花了9000呀?这个地方没太搞懂,希望老师解答一下

2021-09-07 11:31 2 · 回答