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CoCo · 2020年11月20日

问一道题：NO.PZ201512300100001001

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

1. Which of the following long-term FCFE growth rates is most consistent with the facts and stated policies of Emerald?

选项：

A.

5 percent or lower.

B.

2 percent or higher.

C.

8 percent or higher.

解释：

C is correct.

The sustainable growth rate is return on equity (ROE) multiplied by the retention ratio. ROE is 10 percent, and the retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth should be at least 8 percent per year in the long term.

这个为什么不考虑inventory changes (unsustainable source）5% 带来的影响？

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1 个答案

maggie_品职助教 · 2020年11月21日

嗨，努力学习的PZer你好：


同学，二级考试就是一小问对应一道题（这里是用不到下面的信息的），这里考察我们的就是可持续增长率，那么g=ROE*b,所有数据都给我们了，代入计算即可。


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


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