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186****7737 · 2022年01月17日

请问为什么不选A

  1. CFA II
  2. Equity

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：

A.

The dividend yield of the stock is 5.5%.

B.

The total return of the stock is 14.5%.

C.

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等于required return=10% Capital gain yield=4.5% 最后不是应该Dividend yield=5.5%吗？那不是选项A嘛
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王园圆_品职助教 · 2022年01月17日

嗨，爱思考的PZer你好：


同学你好，请注意题干问的是什么哦~~

题目问的是以下哪个说法是错误的哦~~因为B显然是错的，所以选B哦~~

解析只是告诉考生如何通过题干条件求dividend yield而已哦~~

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加油吧，让我们一起遇见更好的自己！

186****7737 · 2022年01月18日

谢谢，竟然没看清题目😭

王园圆_品职助教 · 2022年01月18日

嗨，爱思考的PZer你好：


不客气，没看清题目是正常的，考试时注意就好啦~~同学加油~~

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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