普通股融资方法是CFA考试中的常考点？运用CAPM知识点考试题会做吗？

普通股融资方法是CFA考试中的常考点，那在备考中有这样的考试题吗？我们来看看这这个知识点的考试题，对你学习CFA知识是有帮助的哦！

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】运用CAPM：estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.

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

因此如果计算出的股权融资成本为14%, Harlan运用的方法应该是bond yield + risk premium。

CFA知识点的学习是帮助学员更好掌握CFA的基本知识点，如果学员还有更多想要学习的内容，可以在线咨询。