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Betty-Che · 2023年11月29日

简答的计算题是不是直接写一个数字就行呀

* 问题详情,请 查看题干

NO.PZ202105270100000201

问题如下:

Calculate the implied contribution to Cambo’s US equity return forecast from the expected change in the P/E.

选项:

解释:

The growth rate in the aggregate market value of equity is expressed as a sum of the following four factors: (1) growth rate of nominal GDP, (2) the change in the share of profits in GDP, (3) the change in P/E, and (4) the dividend yield. The growth rate of nominal GDP is the sum of the growth of real GDP and inflation.

The growth rate of real GDP is estimated as the sum of the growth rate in the labor input and the growth rate in labor productivity. Based on the chief economist’s estimates, the macroeconomic forecast indicates that nominal GDP will increase by 4.0% (= 0.5% labor input + 1.3% productivity + 2.2% inflation).

Assuming a 2.8% dividend yield and no change in the share of profits in the economy, Cambo’s forecast of a 9.0% annual increase in equity returns implies a 2.2% long-term contribution (i.e., 9.0% equity return − 4.0% nominal GDP − 2.8% dividend yield) from an expansion in the P/E.

权益总市值的增长率表示为以下四个因素的总和:(1)名义GDP增长率,(2)利润占GDP份额的变化,(3)市盈率的变化,(4)股息收益率。名义GDP增长率是实际GDP增长率和通货膨胀率之和。

实际GDP增长率估计为劳动投入增长率与劳动生产率增长率之和。根据首席经济学家的预测,宏观经济预测显示,名义GDP将增长4.0%(= 0.5%的劳动投入+ 1.3%的生产率+ 2.2%的通货膨胀)。

假设股息收益率为2.8%,且利润在经济中所占的份额不变,Cambo预测股权回报年增长率为9.0%,这意味着市盈率的为2.2%(即9.0%股权回报- 4.0%名义GDP - 2.8%股息收益率)

比如这道题,如果考试的时候出到了,是不是直接写2.2 就可以拿分呀?

2 个答案
已采纳答案

笛子_品职助教 · 2023年12月18日

嗨,爱思考的PZer你好:


记得之前班会讲过,说计算简答只看答案给分,是这样的吗~

之前是有这个说法,但依然不建议计算题只写一个答案哦。

因为这只是流传的一个说法,我们认为大概率是这样。

但是,协会并没有正式官宣。

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加油吧,让我们一起遇见更好的自己!

笛子_品职助教 · 2023年12月01日

嗨,从没放弃的小努力你好:


Hello,亲爱的同学~

CFA协会建议解题的时候,把计算过程也写上哦。

最好不要只写一个答案。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ202105270100000201问题如下 Calculate the impliecontribution to Cambo’s US equity return forecast from the expectechange in the P/E. The growth rate in the aggregate market value of equity is expressea sum of the following four factors: (1) growth rate of nominG, (2) the change in the share of profits in G, (3) the change in P/E, an(4) the vinyiel The growth rate of nominG is the sum of the growth of reG aninflation. The growth rate of reG is estimatethe sum of the growth rate in the labor input anthe growth rate in labor proctivity. Baseon the chief economist’s estimates, the macroeconomic forecast incates thnominG will increase 4.0% (= 0.5% labor input + 1.3% proctivity + 2.2% inflation). Assuming a 2.8% vinyielanno change in the share of profits in the economy, Cambo’s forecast of a 9.0% annuincrease in equity returns implies a 2.2% long-term contribution (i.e., 9.0% equity return − 4.0% nominG − 2.8% vinyiel from expansion in the P/E.权益总市值的增长率表示为以下四个因素的总和:(1)名义G增长率,(2)利润占G份额的变化,(3)市盈率的变化,(4)股息收益率。名义G增长率是实际G增长率和通货膨胀率之和。实际G增长率估计为劳动投入增长率与劳动生产率增长率之和。根据首席经济学家的预测,宏观经济预测显示,名义G将增长4.0%(= 0.5%的劳动投入+ 1.3%的生产率+ 2.2%的通货膨胀)。假设股息收益率为2.8%,且利润在经济中所占的份额不变,Cambo预测股权回报年增长率为9.0%,这意味着市盈率的为2.2%(即9.0%股权回报- 4.0%名义G - 2.8%股息收益率) ​如题,没看懂中的这个部分假设股息收益率为2.8%,且利润在经济中所占的份额不变,Cambo预测股权回报年增长率为9.0%,这意味着市盈率的为2.2%(即9.0%股权回报- 4.0%名义G - 2.8%股息收益

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