"Equity Investments":Understanding Income Statements

下載正保會計網校APP 訂閱最新報考消息

來源: 正保會計網校編輯：小鞠橘桔 2020/11/02 09:27:23　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

The following information is available about a company:

Equity Investments:Understanding Income Statements

The current value per share of the company’s common stock according to the two-stage dividend discount model is closest to:

A、 $39.36.

B、 $49.20.

C、 $52.86.

Questions 2:

After a two-for-one stock split, which of the following will most likely change relative to its pre-split value?

A、 Earnings per share (EPS)

B、 Price-to-earnings ratio (P/E)

C、 Dividend payout ratio

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. Net profit margin = Net earnings/Sales Net earnings = Net profit margin × Sales Dividends per share (Dn) = (Net earnings × Payout ratio)/Number of outstanding shares Therefore,

Equity Investments:Understanding Income Statements

【Answer to question 2】A

【analysis】

A is correct. A two-for-one stock split will double the number of shares, thus reducing the EPS to half of its pre-split value. P/E will remain unchanged because the price also reduces by half and exactly cancels out the effect of the reduced EPS. The dividend payout ratio remains unchanged because the same proportion of earnings will still be used after the split.

C is incorrect because the dividend payout ratio is unchanged.

B is incorrect because the P/E ratio is unchanged.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點擊了解>