志同学2019-02-01 01:43:26
答案解析中,capital gain yield=3.5%, 但是原文中,没有提及capital gain yield呀,这个3.5%是怎么来的?
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孙亚军2019-02-03 21:48:05
同学你好,原文中已经告诉了每年7.35%的股票收益率。该7.35%的收益率来自于股利收益率和capital gain yield。根据这句话However, if a new government takes office in Canada, then the team estimates that ABC will likely not experience the elevated 12% short-run growth because of new regulatory and tax changes, and instead will grow by 3.5% indefinitely. 我们可知,capital gain yield为3.5%。正常来说,股价中不包含股利,股价变动回报率即为capital gain yield。所以,此处capital gain yield应为3.5%。
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原文的意思我理解的是:ABC可能不会经历12%的短期增长,而是无限期地增长3.5%。但是3.5%依然不明白为何看做是capital gain yield
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同学你好,capital gain yield即为股价上升率。比如用GGM模型,P0=D1/(r-g)代表当前价格,一年后的股票价格P1=D2/(r-g)。则capital gain yield=(P1-P0)/P0=(D2-D1)/D1=g。所以,capital gain yield=g。


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