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sarah_xu · 2020年07月26日

问一道题：NO.PZ201512300100000806

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

6. If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?

选项：

A.

3.87%.

B.

4.25%.

C.

5.30%.

解释：

A is correct.

If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

我理解r=D1/P+g,g为capital gain，所以我带入11.15%=0.59*（1+5.3%）/8.42+g，求得g=3.77%，所以就近选对了，请问公式中数字是否带入有误

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简ying · 2021年03月14日

当股价是合理定价的时候，倒推出的g=3.87%，此时计算D1=0.59*（1+3.87%），而不能用g=5.3%。

2 个答案

Debrah_品职答疑助手 · 2021年03月14日

嗨，爱思考的PZer你好：


简ying同学你是在解答问题还是在提问呀？

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

Debrah_品职答疑助手 · 2020年07月27日

同学你好，计算g其实就是根据GGM的公式反算。D0*（1+g）/(Re-g)=P0，所以应该是0.59*（1+g）/(11.5%-g)=8.42，得出来g=3.87%。你再算一下，加油。

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