capital 和 dividend 分别是由什么因素来影响的？

NO.PZ2018103102000075

问题如下：

Matt, CFA, is evaluating the value of Company M by using the Gordon growth model. Given the required rate of return is 10% and the stock is fairly valued. He predicts that the dividend will grow at its recent rate of 4.5% per year into the indefinite future. Which of the following statements is least correct?

选项：

The dividend yield of the stock is 5.5%.

The total return of the stock is 14.5%.

The capital gains yield of the stock is 4.5%.

解释：

B is correct.

考点：H-model,Sustainable Growth Rate & Dividend Growth Rate, Retention Rate, And ROE

解析：根据公式：Total return = Dividend yield + Capital gains yield

当股票被正确定价时，总回报率等于要求回报率为10%，其中capital gains yield为4.5%。因此，dividend yield为5.5%。

total return = capital + dividend

为啥dividend会按4.5%增加代表却是 capital增加4.5%呢？

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已采纳答案

王园圆_品职助教 · 2021年09月26日

嗨，从没放弃的小努力你好：

同学你好，原理是E(r) = (P1-P0+Div)/P0 = (P1 - P0)/P0 + Div/P0

红色的部分就是capital gain yield,黄色的部分就是dividend yield。

这个公式中，dividend yield并不等于dividend growth rate（=(D1 - D0)/D0)

capital gain yield 代表的是一年公司股价的增长。P0 = D1/(r-g); P1 = D1*(1+g)/(r-g)

所以P1 = P0*（1+g)

由最后这个公式可以看出，股价的增长率就是g,即capital gain yield.

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NO.PZ2018103102000075问题如下Matt, CFis evaluating the value of Company M using the Gorn growth mol. Given the requirerate of return is 10% anthe stois fairly value He prects ththe vinwill grow its recent rate of 4.5% per yeinto the infinite future. Whiof the following statements is least correct?A.The vinyielof the stois 5.5%.B.The totreturn of the stois 14.5%.C.The capitgains yielof the stois 4.5%.B is correct.考点H-mol,Sustainable Growth Rate vinGrowth Rate, Retention Rate, AnROE解析根据公式Totreturn = vinyiel+ Capitgains yiel股票被正确定价时，总回报率等于要求回报率为10%，其中capitgains yiel4.5%。因此，vinyiel5.5%。可以当成结论记吗。。。

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capital 和 dividend 分别是由什么因素来影响的？

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