備考CFA考試你知識掌握了如何？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】運用CAPM：estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.
運用DDM：growth rate = (0.3)(0.2)=6%,estimated cost of common equity = $3 / $50 + 6% = 12%.
因此如果計算出的股權(quán)融資成本為14%, Harlan運用的方法應(yīng)該是bond yield + risk premium。
CFA知識學(xué)習(xí)是長期的事情，但是堅持CFA考試是每一位學(xué)員應(yīng)該做到的。通過CFA考試掌握更多的金融知識，讓自己變成富有的人。更多CFA備考知識、資料領(lǐng)取及學(xué)習(xí)答疑的事情，學(xué)員可以在線咨詢老師。
