普通股融資方法是CFA考試中的?？键c，那在備考中有這樣的考試題嗎？我們來看看這這個知識點的考試題，對你學習CFA知識是有幫助的哦！

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】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運用的方法應該是bond yield + risk premium。