備考CFA考試你知識(shí)掌握了如何？在備考CFA考試中需要怎么做呢？跟著小編一起看看CFA考試題！

Faye Harlan, CFA, is estimating the cost of common equity for Cyrene Corporation.

She prepares the following data for Cyrene:

·Price per share = $50.

·Expected dividend per share = $3. ·Expected retention ratio = 30%.

·Expected return>·Beta = 0.89.

·Yield to maturity>·The expected market rate of return is 12% and the risk-free rate is 3%.


Based on these data, Harlan determines that Cyrene's cost of common equity is 14%. Harlan most likely arrived at this estimate by using the:

A. dividend discount model approach.

B. capital asset pricing model approach.

C. bond yield plus risk premium approach.

【答案】C

【解析】運(yùn)用CAPM：estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.

運(yùn)用DDM：growth rate = (0.3)(0.2)=6%,estimated cost of common equity = $3 / $50 + 6% = 12%.

因此如果計(jì)算出的股權(quán)融資成本為14%, Harlan運(yùn)用的方法應(yīng)該是bond yield + risk premium。

CFA知識(shí)學(xué)習(xí)是長(zhǎng)期的事情，但是堅(jiān)持CFA考試是每一位學(xué)員應(yīng)該做到的。通過(guò)CFA考試掌握更多的金融知識(shí)，讓自己變成富有的人。更多CFA備考知識(shí)、資料領(lǐng)取及學(xué)習(xí)答疑的事情，學(xué)員可以在線(xiàn)咨詢(xún)老師。