普通股融資方法有幾種？在備考CFA考試中你這個(gè)知識(shí)點(diǎn)是不是掌握了呢？是不是掌握了這些知識(shí)嗎？如果你學(xué)習(xí)了這個(gè)知識(shí)點(diǎn)，看看你是不是掌握了這個(gè)知識(shí)呢？看看小編給你準(zhǔn)備的考試題！

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。


（1）三種計(jì)算方法

方法一: CAPM (Capital Asset Pricing Model)

Ri= Rf +βi [Rm-Rf]

方法二：DDM（Divident Discount Model）

方法三：bond yield +risk premium （注意bond yield 是債券的YTM，是before taxt cost of debt）

CFA知識(shí)點(diǎn)的學(xué)習(xí)是幫助學(xué)員更好掌握CFA的基本知識(shí)點(diǎn)，如果學(xué)員還有更多想要學(xué)習(xí)的內(nèi)容，可以在線咨詢老師。