公司金融简答题

13CorporationsWhatistheprimarydisadvantageofthecorporateformoforganizationNameatleasttwooftheadvantagesofcorporateorganization什么是公司组织形式的主要劣势呢至少写两个法人组织的优点TheprimarydisadvantageofthecorporateformisthedoubletaxationtoshareholdersofdistributedearningsanddividendsSomeadvantagesincludelimitedliabilityeaseoftransferabilityabilitytoraisecapitalandunlimitedlife企业形式的主要缺点是股东收益和红利的双重征税一些优势包括有限责任便于可转让性筹集资金的能力和无限的生活16WhoownsacorporationDescribetheprocesswherebytheownerscontrolthefirmsmanagementWhatisthemainreasonthatanagencyrelationshipexistsinthecorporateformoforganizationInthiscontextwhatkindsofproblemcanarise谁拥有一个公司描述所有者控制公司的管理过程是什么主要原因导致代理关系存在于企业组织形式中在这种情况下会出现什么样的问题InthecorporateformofownershiptheshareholdersaretheownersofthefirmTheshareholderselectthedirectorsofthecorporationwhointurnappointthefirmsmanagementThisseparationofownershipfromcontrolinthecorporateformoforganizationiswhatcausesagencyproblemstoexistManagementmayactinitsownorsomeoneelsesbestinterestsratherthanthoseoftheshareholdersIfsucheventsoccurtheymaycontradictthegoalofmaximizingthesharepriceoftheequityofthefirm企业的所有制形式股东是公司的所有者公司的股东选举董事他反过来任命公司的管理层这种分离的所有权从企业组织形式的控制代理问题存在的原因管理层可能会在自己的或别人的最佳利益而不是股东如果这样的事件发生时他们可能会反驳最大化的目标公司的股票的股价19SupposeyouwerethefinancialmanagerofanotforprofitbusinessanotforprofithospitalperhapsWhatkindsofgoalsdoyouthinkwouldbeappropriate假设你是一个非盈利业务的财务经理非营利性医院也许你认为什么样的目标将是适当的SincesuchorganizationsfrequentlypursuegoalsareprovidingapproachconceivableOnegoalthatissocialorpoliticalmissionsmanydifferentoftencitedisrevenueminimizationietheirgoodsandservicestosocietyatthelowestpossiblecostAnothermightbetoobservethatevenaappropriategoalwouldbetomaximizethenotforprofitbusinesshasequityThusanvalueoftheequity因为这样可以想象经常组织追求的目标是提供方法一个目标是社会或政治任务许多不同的被认为是收入最小化即他们的商品和服务社会以尽可能低的成本另一个可能是观察即使是一个适当的目标是最大化非盈利企业股权因此股票的价值112SupposeyouownstockincompanyThecurrentpricepershareis25Anthercompanyhasjustannouncedthatiswantstobuyyourcompanyandwillpay35persharetoacquirealltheoutstandingstockYourcompanysmanagementimmediatelybeginsfightingoffthishostilebidIsmanagementactinginstockholdersbestinterestsWhyorwhynot假设您的公司的股票目前的价格是每股25美元花药公司刚刚宣布想买你的公司和将支付每股35美元收购所有的已发行股份贵公司的管理层立即开始抵抗这种敌意收购是管理代理股东的最佳利益为什么或为什么不呢ThegoalofmanagementshouldbetomaximizethesharepriceforthecurrentshareholdersIfmanagementbelievesthatitcanimprovetheprofitabilityofthefirmsothatthesharepricewillexceed35thentheyshouldfighttheofferfromtheoutsidecompanyIfmanagementbelievesthatthisbidderorotherunidentifiedbidderswillactuallypaymorethan35persharetoacquirethecompanythentheyshouldstillfighttheofferHoweverifthecurrentmanagementcannotincreasethevalueofthefirmbeyondthebidpriceandnootherhigherbidscomeinthenmanagementisnotactingintheinterestsoftheshareholdersbyfightingtheofferSincecurrentmanagersoftenlosetheirjobswhenthecorporationisacquiredpoorlymonitoredmanagershaveanincentivetofightcorporatetakeoversinsituationssuchasthis管理的目标应该是使现有股东的股票价格最大化如果管理层认为它可以提高公司的盈利能力股价将超过35美元那么他们应该从外部公司提供如果管理层认为本投标人或其他身份不明的竞标者会支付超过每股35美元收购该公司然后他们仍应提供但是如果当前的管理不能增加价值的公司在投标价格之外并没有其他更高出价进来然后管理不是代理的股东的利益战斗由于当前经理经常失去工作公司收购时缺乏监控经理有动机斗争等情况下的企业收购115InresponsetotheSarbanesOxleyActmanysmallfirmsintheUniteStateshaveoptedtogodarkanddelisttheirstockWhymightacompanychoosethisrouteWhatarethecostsofgoingdarkn对萨班斯奥克斯利法案很多小公司在美国选择黑暗和他们的股票摘牌为什么一个公司选择这条路黑暗的成本是什么ThebiggestreasonthatacompanywouldgodarkisbecauseoftheincreasedauditcostsassociatedwithSarbanesOxleycomplianceAcompanyshouldalwaysdoacostbenefitanalysisanditmaybethecasethatthecostsofcomplyingwithSarboxoutweighthebenefitsOfcoursethecompanycouldalwaysbetryingtohidefinancialissuesofthecompanyThisisalsooneofthecostsofgoingdarkInvestorssurelybelievethatsomecompaniesaregoingdarktoavoidtheincreasedscrutinyfromSarbOxThistaintsothercompaniesthatgodarkjusttoavoidcompliancecostsThisissimilartothelemonproblemwithusedautomobilesBuyerstendtounderpaybecausetheyknowacertainpercentageofusedcarsarelemonsSoinvestorswilltendtopaylessforthecompanystockthantheyotherwisewouldItisimportanttonotethatevenifthecompanydelistsitsstockisstilllikelytradedbutontheoverthecountermarketpinksheetsratherthanonanorganizedexchangeThisaddsanothercostsincethestockislikelylesstobeliquidnowAllelsethesameinvestorspaylessforanassetwithlessliquidityOverallthecosttothecompanyislikelyareducedmarketvalueWhetherthisisgoodorbadforinvestorsdependsontheindividualcircumstancesofthecompanyItisalsoimportanttorememberthattherearealreadymanysmallcompaniesthatfileonlylimitedfinancialinformationalready最大的原因一个公司将黑暗是因为增加审计成本与萨班斯奥克斯利法案合规相关一个公司应该做一个成本效益分析可能的情况是符合sox法案的成本大于收益当然公司总是可以试图隐瞒公司的财务问题这也是将黑暗的成本之一投资者肯定相信一些公司正在黑暗的避免sox法案加强审查这个会损害其他公司去黑暗只是为了避免合规成本这类似于使用汽车的柠檬问题买家倾向于付给因为他们知道一定百分比的二手车是柠檬所以公司股票的投资者往往会支付更少比其他重要的是要注意即使公司delists其股票交易仍有可能但在场外交易市场粉单市场而不是在一个有组织的交易所这增加了另一个成本因为股票现在少可能是液体一切不变投资者支付少的资产流动性总体而言该公司的成本可能降低市场价值这是否对投资者是好还是坏取决于公司的个别情况同样重要的是要记住已经有许多小公司文件已经有限的财务信息chapter223Inpreparingabalancesheetwhydoyouthinkstandardaccountingpracticefocusesonhistoricalcostratherthenmarketvalue在编制资产负债表为什么你认为标准的会计实践关注历史成本而市场价值HistoricalcostscanbeobjectivelyandpreciselymeasuredwhereasmarketvaluescanbedifficulttoestimateanddifferentanalystswouldcomeupwithdifferentnumbersThusthereisatradeoffbetweenrelevancemarketvaluesandobjectivitybookvalues历史成本可以客观精确测量而市场价值难以估计和不同的分析师会想出不同的号码因此之间有一个权衡相关性市场价值和客观性账面价值26SupposeacompanyscashflowfromassetwasnegativeforaparticularperiodIsthisnecessarilyagoodsignorabadsign假设一个公司的现金流的资产为负一个特定的时期这一定是一个好迹象或坏迹象Forasuccessfulcompanythatisrapidlyexpandingcapitaloutlayswouldtypicallybelargepossiblyleadingtonegativecashflowfromassetsingeneralwhatmattersiswhetherthemoneyisspentwiselynotwhethercashflowfromassetsispositiveornegative对于一个成功的公司快速扩张资本支出通常会很大可能导致负现金流的资产通常来说重要的是钱是否花了明智不是来自资产的现金流是否积极的还是消极的29CouldacompanyscashflowtostockholderbenegativeinagivenyearHintYesExplainhowthismightcomeabout一个公司股东的现金流是负的在一个给定的提示是的解释这是怎么出来的IfacompanyraisesmoremoneyfromsellingstockthanitpaysparticularperioditscashflowtostockholderswillbenegativeIfamorethanitpaysininterestitscashflowtocreditorswillbenegative如果一个公司带来了更多的钱通过出售股票支付特定的时期其股东的现金流将是负面的如果大于支付的利息其债权人现金流将是负面的212HowdidMrSullivansreclassifyingsomecostsasassetpurchasesaffectnetincomeatthetimeInthefutureHowdidthisactionaffectcashflowsWhatdoethistellyouabouttheimportanceofexaminingcashflowrelativetonetincomeMrSullivan将一些成本作为资产购买计划是怎么影响净利润的时间吗在未来这一行动是如何影响现金流这能源部什么告诉你检查的重要性相对于净利润现金流ByreclassifyingcostsasassetsitloweredcostswhenthelineswereleasedThisincreasedthenetincomeforthecompany1tprobablyincreasedmostfuturenetincomeamountsalthoughnotasmuchasyoumightthinkSincethetelephonelineswerefixedassetstheywouldhavebeendepreciatedinthefutureThisdepreciationwouldreducetheeffectofexpensingthetelephonelinesThecashflowsofthefirmwouldbasicallybeunaffectednomatterwhattheaccountingtreatmentofthetelephonelines通过将成本作为资产线路租用时降低成本这增加了该公司的净收益1t可能增加最未来净收益虽然不是像你想象的一样多自从电话线路是固定资产他们将来就会贬值这种折旧减少电话线路费用化的影响该公司的现金流主要是无论如何会计处理的影响的电话线chapter333Explainwhatitmeansforafirmtohaveacurrentratioequalto50Wouldthefirmbebetteroffifthecurrentratiowere150Whatifitwhere150Explainyouranswer解释一个公司意味着什么有流动比率等于50公司会更好如果流动比率150如果在150呢解释你的答案Acurrentratioof050meansthatthefirmhastwiceasmuchincurrentliabilitiesasitdoesincurrentassetsthefirmpotentiallyhaspoorliquidityIfpressedbyitsshorttermcreditorsandsuppliersforimmediatepaymentthefirmmighthaveadifficulttimemeetingitsobligationsAcurrentratioof150meansthefirmhas50morecurrentassetsthanitdoescurrentliabilitiesThisprobablyrepresentsanimprovementinliquidityshorttermobligationscangenerallybemetcompletelywithasafetyfactorbuiltinAcurrentratioof150howevermightbeexcessiveAnyexcessfundssittingincurrentassetsgenerallyearnlittleornoreturnTheseexcessfundsmightbeputtobetterusebyinvestinginproductivelongtermassetsordistributingthefundstoshareholders050意味着公司的流动比率的两倍在流动负债是流动资产公司潜在的流动性不足的困境如果迫于其短期债权人和供应商立即付款该公司可能很难满足其义务流动比率为150时表示该公司流动资产比流动负债多50这可能代表一个改善流动性短期债务通常可以完全会见了一个内置的安全系数然而流动比率为150可能是过度的任何多余的资金通常坐在流动资产赚取很少或没有回报这些多余的资金可能是更好的投资生产使用长期资产或分发给股东的资金36ExplainwhatpeergroupanalysismeansAsafinancialmanagerhowcouldyouusetheresultofpeergroupanalysistoevaluatetheperformanceofyourfirmHowisapeergroupdifferentfromanaspirantgroup解释了对等组分析意味着什么作为一个财务经理你怎么能使用对等组分析的结果来评估公司的性能对等组从一群上进有何不同PeergroupanalysisinvolvescomparingthefinancialratiosandoperatingperformanceofaparticularfirmtoasetofpeergroupfirmsinthesameindustryorlineofbusinessComparingafirmtoitspeersallowsthefinancialmanagertoevaluatewhethersomeaspectsofthefirmsoperationsfinancesorinvestmentactivitiesareoutoflinewiththenormtherebyprovidingsomeguidanceonappropriateactionstotaketoadjusttheseratiosifappropriateAnaspirantgroupwouldbeasetoffirmswhoseperformancethecompanyinquestionwouldliketoemulateThefinancialmanageroftenusesthefinancialratiosofaspirantgroupsasthetargetratiosforhisorherfirmsomemanagersareevaluatedbyhowwelltheymatchtheperformanceofanidentifiedaspirantgroup对等组分析包括比较财务比率和经营业绩的一个特定的一组同龄群体公司在同一行业或业务部门比较一个公司同行允许财务经理评估是否某些方面公司的业务财务状况或投资活动是不符合规范从而提供一些指导采取适当行动来调整这些比率如果合适一组野心家集团将是一个公司的表现公司的问题想效仿财务经理经常使用野心家集团的财务比率作为目标比率为他或她的公司一些经理的评价是如何匹配的性能确定野心家39SocalledsomestoresalesareveryimportantmeasureforcompaniesasdiverseasMcDonaldsandSearsAsthenamesuggestsexaminingsamestoresalemeanscomparingrevenuesfromthesamestoresorrestaurantattwodifferentpointsintimeWhymightcompaniesfocusonsamestoresalesratherthantotalsales所谓somestore销售是非常重要的衡量麦当劳等公司和西尔斯顾名思义检查同店销售意味着比较收入相同的商店或餐厅在两个不同的时间点为什么公司关注同店销售而不是总销售额IfacompanyisgrowingbyopeningnewstoresthenpresumablytotalrevenueswouldberisingComparingtotalsalesattwodifferentpointsintimemightbemisleadingSamestoresalescontrolforthisbyonlylookingatrevenuesofstoresopenwithinaspecificperiod如果一家公司增加开设新店总收入大概就会上升比较总销售额在两个不同的时间点可能会误导人同店销售控制这只看收入的商店开在一个特定的时期312Inthepreviousquestionwhatactionsmightmanagerstaketoimprovetheseratios在前面的问题管理者可能会采取什么行动来改善这些比率IfweassumethatthecauseisnegativethetworeasonsforthetrendofincreasingcostofgoodssoldasapercentageofsalesarethatcostsarebecomingtoohighorthesalespriceisnotincreasingfastenoughIfthecauseisanincreaseinthecostofgoodssoldthemanagershouldlookatpossibleactionstocontrolcostsIfcostscanbeloweredbyseekinglowercostsuppliersofsimilarorhigherqualitythecostofgoodssoldasapercentageofsalesshoulddecreaseAnotheralternativeistoincreasethesalespricetocovertheincreaseinthecostofgoodssoldDependingontheindustrythismaybedifficultorimpossibleForexampleifthecompanysellsmostofitsproductsunderalongtempcontractthathasafixedpriceitmaynotbeabletoincreasethesalespriceandwillbeforcedtolookforothercostcuttingpossibilitiesAdditionallyifthemarketiscompetitivethecompanymightalsobeunabletoincreasethesalesprice如果我们假设的原因是消极的两个原因增加的趋势销货成本占销售额的比例成本正变得过高或销售价格不足够快的速度增加如果原因是增加销货成本经理应该看看可能的行动来控制成本如果成本可以降低寻求低成本供应商的类似或更高质量销货成本占销售的比例应该减少另一种选择是增加销售价格售出商品成本的增加根据不同的行业这可能是困难的或不可能的例如如果该公司销售的大部分产品longtemp合同固定价格它可能无法提高销售价格将被迫寻找其他降低成本的可能性另外如果市场竞争力公司可能也无法提高销售价格43WhathappensoafuturevaluesifyouincreasetheraterWhathappenstoapresentvalue如果你增加rFV会发生什么现值又怎样Thefuturevaluerisesassumingapositiverateofreturnthepresentvaluefalls46WhywouldGovernmentofIndiabewillingtoacceptRs1000todayinexchangeforapromisetorepaytwicethatamountinthefuture为什么印度政府愿意接受Rs1000今天以换取承诺将来偿还金额两倍吗49SupposethatwhenGovernmentofIndiaofferedthesecurityofRs1000GuptaBrothershadofferedanessentiallyidenticalsecurityDoyouthinkitwouldhavedoubledinshorterperiodorlongerWhy53TriStateMegabucksLotteryadvertisesa10milliongrandprizeThewinnerreceives500000todayand19annualpaymentsof500000Alumpsumoptionof5millionpayableimmediatelyisalsoavailableIsthisdeceptiveadvertising州彩票广告百万富翁1000万美元的大奖比赛冠军将获得500000美元的今天19年支付500000美元500万美元的一次性选择也可以立即支付这是欺骗性的广告吗ItsdeceptivebutverycommonThedeceptionisparticularlyirritatinggiventhatsuchlotteriesareusuallygovernmentsponsored这是骗人的但很常见欺骗是特别刺激这种彩票通常是政府赞助56Supposetwoathletessign10yearcontractfor80millionInonecaseweretoldthatthe80millionwillbepaidin10equalinstallmentsbuttheinstallmentwillincreaseby5percentperyearWhogotthebetterdeal假设两个运动员签署10年8000万美元的合同在一个案例中我们被告知8000万美元将在10年内支付相等的部分但部分将每年增长5谁得到了更好的交易Thebetterdealistheonewithequalinstallments更好的交易是平等的部分59InwordshowwouldyougoaboutvaluingthesubsidyonasubsidizedStaffordloan你如何评估的补贴补贴斯塔福德贷款吗Thesubsidyisthepresentvalueonthedaytheloanwouldhaveaccruedupuntilthetimeitactuallybeginstoismadeoftheinterestthataccrue补贴是现值当天贷款应计直到时间实际上开始了的兴趣增加63WithregardtobidandaskpricesonaTreasurebondisitpossibleforthebidpricetobehigherWhyorwhynot关于收购国债问价格有可能对投标价格高吗为什么或为什么不呢NoIfthebidwerehigherthantheasktheimplicationwouldbethatadealerwaswillingtosellabondandimmediatelybuyitbackatahigherpriceHowmanysuchtransactionswouldyouliketodo不如果出价高于问言外之意是经销商愿意出售债券和立即购买它在一个更高的价格有多少这样的交易你想做什么66HowdoesabondissuerdecideontheappropriatecouponratetosetonitsbondsExplainthedifferencebetweenthecouponrateandtherequiredreturnonabond债券发行人如何决定合适的债券票面利率设置解释之间的不同债券的票面利率和所需的回报率BondissuerslookatoutstandingbondsofsimilarmaturityandriskTheyieldsonsuchbondsareusedtoestablishthecouponratenecessaryforaparticularissuetoinitiallysellforparvalueBondissuersalsosimplyaskpotentialpurchaserswhatcouponratewouldbenecessarytoattractthemThecouponrateisfixedandsimplydetermineswhatthebondscouponpaymentswillbeTherequiredreturniswhatinvestorsactuallydemandontheissueanditwillfluctuatethroughtimeThecouponrateandrequiredreturnareequalonlyifthebondsellsforexactlypar债券发行人看看优秀债券类似的成熟度和风险这种债券的收益率是用于建立必要的票面利率为特定问题最初为票面价值出售债券发行人也只是问潜在购买者需要什么票面利率来吸引他们票面利率是固定的只是决定将债券的票面利率所需的回报就是投资者在这个问题上的实际需求并将通过时间波动所需的票面利率和回报是平等的只有债券售价差不多69USTreasurebondsarenotratedWhyOftenjunkbondsarenotratedWhyus宝藏债券评级为什么通常情况下垃圾债券评级为什么TreasurybondshavenocreditrisksoaratingisnotnecessaryJunkbondsoftenarenotratedbecausetherewouldnopointinanissuerpayingaratingagencytoassignitsbondsalowratingitslikepayingsomeonetokickyou国债没有信用风险所以评级不是必要的垃圾债券通常并不认为因为会毫无意义的发行人支付评级机构将其债券评级较低就像支付有人踢你612AlltreasurebondsarerelativelyliquidbutsomearemoreliquidthanothersTakealookbackatFigure63WhichissuesappeartobethemostliquidTheleastliquid所有财宝债券相对具有流动性但有一些比其他更具有流动性回顾图63似乎最具流动性的哪些问题最少的流动性吗OnemeasureofliquidityisthebidaskspreadLiquidinstrumentshaverelativelysmallspreadsLookingatFigure64thebellwetherbondhasaspreadofonetickitisoneofthemostliquidofallinvestmentsGenerallyliquiditydeclinesafterabondisissued流动性的一个指标是买卖价差流动性有相对较小的传播工具观察图64领头羊债券蔓延的蜱虫它是一个最具流动性的投资一般来说债券发行后流动性下降615aWhatistherelationshipbetweenthepriceofabondanditsYTM什么是债券的价格和其到期利率之间的关系ThebondpriceisthepresentvaluewhendiscountingthefuturecashflowsfromabondYTMistheinterestrateusedindiscountingthefuturecashflowscouponpaymentsandprincipalbacktotheirpresentvalues债券价格时的现值贴现未来现金流从一个债券到期利率的利率用于贴现未来现金流息票付款和校长回到他们的现值615bExplainwhysomebondssellatpremiumoverparvaluewhileotherbondssellatadiscountWhatdoyouknowabouttherelationshipbetweenthecouponrateandtheYTMforpremiumbondsWhataboutfordiscountbondsForbondssellingatparvalue解释为什么有些债券溢价出售超过票面价值而其他债券折价出售你知道关于票面利率之间的关系和溢价债券的到期利率吗贴现债券呢债券面值出售吗IfthecouponrateishigherthantherequiredreturnonabondthebondwillsellatapremiumsinceitprovidesperiodicincomeintheformofcouponpaymentsinexcessofthatrequiredbyinvestorsonothersimilarbondsIfthecouponrateislowerthantherequiredreturnonabondthebondwillsellatadiscountsinceitprovidesinsufficientcouponpaymentscomparedtothatrequiredbyinvestorsonothersimilarbondsForpremiumbondsthecouponrateexceedstheYTMfordiscountbondstheYTMexceedsthecouponrateandforbondssellingatpartheYTMisequaltothecouponrate如果票面利率高于所需的回报债券债券将溢价出售因为它提供了定期收入以优惠券的形式支付超过所需的其他类似债券投资者如果票面利率低于所需的回报债券债券折价出售因为它提供了息票付款不足相比投资者所要求的其他类似债券溢价债券票面利率超过到期利率贴现债券到期利率超过票面利率时债券按面值出售到期利率等于票面利率615cWhatistherelationshipbetweenthecurrentyieldandYTMforpremiumbondsFordiscountbondsForbondssellingatparvalue当前收益率和到期利率溢价债券之间是什么关系的贴现债券吗债券面值出售吗CurrentyieldisdefinedastheannualcouponpaymentdividedbythecurrentbondpriceForpremiumbondsthecurrentyieldexceedstheYTMfordiscountbondsthecurrentyieldislessthantheYTMandforbondssellingatparvaluethecurrentyieldisequaltotheYTMInallcasesthecurrentyieldplustheexpectedoneperiodcapitalgainsyieldofthebondmustbeequaltotherequiredreturn当前收益率被定义为当前债券价格除以年度优惠券支付溢价债券当前收益率超过到期利率贴现债券的当前收益率低于到期利率债券票面价值出售当前收益率等于到期利率在所有情况下当前收益率加上预期的一年期债券的资本利得收益率必须等于所需的回报73Referringtothepreviousquestionunderwhatcircumstancemightacompanychoosenottopaydividends在前一个问题在什么情况下会选择不支付股息公司吗IngeneralcompaniesthatneedthecashwilloftenforgodividendssincedividendsareacashexpenseYounggrowingcompanieswithprofitableinvestmentopportunitiesareoneexampleanotherexampleisacompanyinfinancialdistressThisquestionisexaminedindepthinalaterchapter一般来说需要现金的公司往往会放弃以来股息红利是一个现金费用年轻越来越有利可图的投资机会的公司就是一个例子另一个例子是一个公司在金融危机检查这个问题在后面章节的深度76BasedonthedividendgrowthmodelwhatarethetwocomponentsofthetotalreturnonashareWhichdoyouthinkistypicallylarger基于股息增长模型两个组件的总回报分享你认为哪个通常是大的吗ThetwocomponentsarethedividendyieldandcompaniesthecapitalgainsyieldislargerThisisnodividendsForcompaniesthatdopaydividendsfivepercentandareoftenmuchlessthecapitalgainsyieldFormosteasytoseeforcompaniesthatpaythedividendyieldsarerarelyover两个组件是股息收益率和公司资本利得收益更大这不是股息公司的分红百分之五通常要少得多资本利得收益率最容易看到的公司支付股息收益很少79Isitunfairorunethicalforcorporationstocreateclassesofstockwithunequalvotingrights这是不公平的或不道德的公司创建类和不平等投票权的股票吗ItwouldntseemtobeInvestorswhodontlikethevotingfeaturesofaparticularclassofstockareundernoobligationtobuyit它似乎不会投资者不喜欢投票的特点一个特定类的股票没有义务去买它712Intheconstantdividendgrowthmodelwhatisthehightestreasonablegrowthrateforastocksdividend在不断的股息增长模型中最高的是什么合理的股票的股息增长率AreasonablelimitforthegrowthrateisthegrowthrateoftheeconomywhichintheUShashistoricallybeenabout3to35percentafteraccountingforinflationAswewillseeinalaterchapterinflationhashistoricallyaveragedabout3percentso6to65percentafteraccountingforinflationwouldbeareasonablelimit合理限制的增长速度是经济的增长速度这在美国历来约335经通胀因素调整后在后面的一章我们将看到通胀历来平均约为3因此665经通胀因素调整后将是一个合理的限制