[{"data":1,"prerenderedAt":47},["ShallowReactive",2],{"q-sitca_invest-114-3-023":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":22},"sitca_invest","投信投顧業務員資格測驗——證券投資與財務分析","c4",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":19,"explanation":20,"difficulty":21},"sitca_invest-114-3-023","114-3",23,"甲公司為固定成長公司，公司盈餘每年成長 8%，若甲公司普通股股票β係數為 1.2，市場投資組合報酬率 14%，無風險利率 4%，最近剛發放股利 4 元。試估算甲公司目前的每股價格為何？",[13,14,15,16],"120","130","36","54",3,"股票評價與基本分析",1,"(D) 先以 CAPM 求必要報酬率 k=4%+1.2×(14%−4%)=16%;再用固定成長模型 P=D0×(1+g)÷(k−g)=4×1.08÷(0.16−0.08)=4.32÷0.08=54 元。(A)(B)(C) 皆非兩步驟(CAPM 求 k、再代固定成長模型)正確代入的結果,常見錯誤是漏乘 (1+g) 或 k、g 相減出錯。","hard",[23,27,31,35,39,43],{"id":24,"question":25,"qno":26},"sitca_invest-114-3-005","某公司今年每股發放股利 2 元，在股利零成長的假設下，已知投資人的必要報酬率為 8%，則每股普通股的預期價值為：",5,{"id":28,"question":29,"qno":30},"sitca_invest-114-3-008","下列敘述何者「正確」？甲.股利殖利率是指股利除以股票面額；乙.對股利每年均固定成長之股票而言，其資本利得收益率等於股利成長率；丙.股票之總報酬率等於股利率加上資本利得收益率",8,{"id":32,"question":33,"qno":34},"sitca_invest-114-3-015","某公司的預期權益報酬率是 5%，若該公司的股利政策為發放 40%之現金股利，則在無外部融資假設下，其預期盈餘成長率是：",15,{"id":36,"question":37,"qno":38},"sitca_invest-115-1-006","某公司今年每股發放股利 2 元，在股利零成長的假設下，已知投資人的必要報酬率為 10%，則每股普通股的預期價值為：",6,{"id":40,"question":41,"qno":42},"sitca_invest-115-1-009","甲公司資產負債表中，有 650 萬元之資產，350 萬元之負債，假設甲公司股票流通在外股數為 10 萬股，且目前股票市價為 90 元，請問該公司股票之市價淨值比為：",9,{"id":44,"question":45,"qno":46},"sitca_invest-115-1-017","甲公司每年固定配發現金股利 4 元，不配發股票股利，其股票必要報酬率為 10%，若其貝它係數為1.1，在零成長之股利折現模式下，其股價應為：",17,1784190277766]