[{"data":1,"prerenderedAt":45},["ShallowReactive",2],{"q-sitca_invest-115-2-014":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":21},"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":17,"explanation":19,"difficulty":20},"sitca_invest-115-2-014","115-2",14,"一般而言，發布未預期的物價大幅上漲，股價將：",[13,14,15,16],"上漲","下跌","不一定上漲或下跌","先漲後跌",1,"股票評價與基本分析","未預期的物價大幅上漲對股市是明確的利空。一方面通膨侵蝕企業的實質獲利：原物料與人工成本上升，售價未必能同步轉嫁，毛利遭到壓縮；另一方面央行為抑制通膨通常會升息，無風險利率與投資人的要求報酬率一起走高，未來股利折現時的折現率變大，股票的合理價格因而下修，資金也會從股市流向債券與定存。加上通膨升高了未來現金流量的不確定性，風險貼水擴大，股價更容易下跌。(A) 只有在溫和且可預期的通膨、企業具備轉嫁能力時才可能成立。(C)(D) 面對方向明確的利空，並非漲跌不定或先漲後跌。","medium",[22,26,30,34,38,42],{"id":23,"question":24,"qno":25},"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":27,"question":28,"qno":29},"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":31,"question":32,"qno":33},"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":35,"question":36,"qno":37},"sitca_invest-114-3-023","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？",23,{"id":39,"question":40,"qno":41},"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：",9,{"id":43,"question":44,"qno":41},"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：",1785904155671]