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Pina · 2020年12月21日

问一道题：NO.PZ201710200100000208

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

8. Based on Exhibit 4 and Intern 1’s analysis, Xavier Corporation’s sustainable dividend payout ratio is closest to:

选项：

A.

43.4%.

B.

44.6%.

C.

56.6%.

解释：

C is correct because it is based on the sustainable growth rate and the required rate of return:

Sustainable growth rate = (b in mature phase) × (Return on equity)

= (1 – Dividend payout) × (Return on equity)

0.036 = (1 – Dividend payout) × 0.083

Solving for the dividend payout ratio, the dividend payout = 56.627% ≈ 56.6%.

老师好为什么这题不能用re=(D1/P0)+g的公式来求dividentpayoutratio?谢谢。

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Debrah_品职答疑助手 · 2020年12月22日

同学你好，如果是你的这个公式，D1是可能随时变偶定的，但是b是mature stage的留存收益率。

可持续增长通常发生在公司的成熟阶段，请见原版书原文：
Setting ROE = r, the required rate of return on equity, based on theassumption that in the mature phase companies can do no more than earn investors’ opportunity cost of capital.

这道题我们计算的可持续分红比率，说明公司处于成熟阶段，因此可以ROE近似等于r。

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NO.PZ201710200100000208 问题如下 8. Baseon Exhibit 4 anIntern 1’s analysis, Xavier Corporation’s sustainable vinpayout ratio is closest to: A.43.4%. B.44.6%. C.56.6%. C is correbecause it is baseon the sustainable growth rate anthe requirerate of return:Sustainable growth rate = (b in mature phase) × (Return on equity) = (1 – vinpayout) × (Return on equity) 0.036 = (1 – vinpayout) × 0.083Solving for the vinpayout ratio, the vinpayout = 56.627% ≈ 56.6%. 亏我还想了半天，一看答案直接用re当roe用，简直了

2024-01-21 22:20 1 · 回答

NO.PZ201710200100000208 老师 requirerate of return=ROE？

2021-07-11 18:57 1 · 回答

NO.PZ201710200100000208 公司处于成熟阶段，因此可以ROE近似等于r, 这可以当结论记的是吗？ 谢谢。

2021-03-19 09:28 1 · 回答

44.6%. 56.6%. C is correbecause it is baseon the sustainable growth rate anthe requirerate of return: Sustainable growth rate = (b in mature phase) × (Return on equity) = (1 – vinpayout) × (Return on equity) 0.036 = (1 – vinpayout) × 0.083 Solving for the vinpayout ratio, the vinpayout = 56.627% ≈ 56.6%.看了之前老师的，没有看懂，想再问一下为啥不能用Re=P+g的公式反推vinpayout ratio？

2021-01-24 22:12 1 · 回答