假设证券市场处于均衡状态,股价增长率等于( )A、期望报酬率B、股利收益率C、股利增长率D、内含增长率

作者: rantiku 人气: - 评论: 0
问题 假设证券市场处于均衡状态,股价增长率等于( )
选项 A、期望报酬率 B、股利收益率 C、股利增长率 D、内含增长率
答案 C
解析 当前股价P0=D1/(rs-g)=D0*(1+g)/(rs-g) 一年后股价P1=D2/(rs-g)=D1*(1+g)/(rs-g) 所以:股价增长率=(P1-P0)/P0=[D1*(1+g)/(rs-g)-D0*(1+g)/(rs-g)]/[D0*(1+g)/(rs-g)]=(D1-D0)/D0=[D0*(1+g)-D0]/D0=g 由此可知:固定股利增长率中的g,可解释为股价增长率。

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