CFA一级模块练习_权益投资_试题05.docxVIP

全球最大的CFA(特许金融分析师)培训中心  PAGE \* MERGEFORMAT 5 总部地址：上海市虹口区花园路171号A3幢高顿教育 电话：400-600-8011 网址：HYPERLINK /  微信公众号：gaoduncfa CFA一级模块练习-权益投资-试题05 　　1 .Ifthe expected dividend payout ratio of a firm is expected to rise from 50percent to 55 percent, the cost of equity is expected to increase from 10percent to 11 percent, and the firm’s growth rate remains at 5 percent, whatwill happen to the firm’s price-to-equity (P/E) ratio? It will: 　　A)decline. 　　B)be unchanged. 　　C)increase. 　　The correct answerwas: A 　　Payout increases from50% to 55%, cost of equity increases from 10% to 11%, and dividend growth ratestays at 5%, the P/E will change from 10 to 9.16: 　　P/E = (D/E) / (k – g). 　　P/E0 = 0.50 / (0.10 –0.05) = 10. 　　P/E1 = 0.55 / (0.11 –0.05) = 9.16. 　　2 . When a company’sreturn on equity (ROE) is 12% and the dividend payout ratio is 60%, what is theimplied sustainable growth rate of earnings and dividends? 　　A)4.0%. 　　B)7.8%. 　　C)4.8%. 　　The correct answer wasC 　　g = ROE × retentionratio = ROE × (1 – payout ratio) = 12 (0.4) = 4.8% 　　3 . Theconstant-growth dividend discount model would typically be most appropriate invaluing a stock of a: 　　A)moderate growth,mature company. 　　B)rapidly growingcompany. 　　C)new venture expectedto retain all earnings for several years. 　　The correct answerwas: A 　　Remember, the infiniteperiod DDM has the following assumptions: 　　§ The stock pays dividends and they grow at aconstant rate. 　　§ The constant growth rate, g, continues foran infinite period. 　　§ k must be greater than g. If not, the mathwill not work. 　　If any one of theseassumptions is not met, the model breaks down. The infinite period DDM doesn’twork with growth companies. Growth companies are firms that currently have theability to earn rates of return on investments that are currently above theirrequired rates of return. The infinite period DDM assumes the dividend streamgrows at a constant rate fo