[{"data":1,"prerenderedAt":46},["ShallowReactive",2],{"q-fin_plan_tools-48-025":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":22},"fin_plan_tools","理財規劃人員專業能力測驗——理財工具","c5",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":19,"explanation":20,"difficulty":21},"fin_plan_tools-48-025","48",25,"庚公司每股現金股利成長率穩定為 8.0%，預期每股盈餘 3 元，現金股利發放率固定為 30.0%，股東要求年報酬率為 11.0%，則合理股價應為何？",[13,14,15,16],"36.2 元","34.8 元","32.4 元","30.6 元",2,"股票投資",1,"本題用股利折現模型中的固定成長模型（Gordon模型），合理股價等於明年預期現金股利除以股東要求報酬率與股利成長率之差。先算明年每股股利，等於每股盈餘3元乘現金股利發放率30%再乘成長因子1.08，約為0.972元；再除以要求報酬率11%減成長率8%的0.03，得約32.4元，故選(C)。要點是分子須用「下一期」股利，故要乘上一次成長率；分母則是折現率減成長率。(A)(B)(D)多因漏乘成長率或分母處理不當而偏離。","hard",[23,27,31,35,39,43],{"id":24,"question":25,"qno":26},"fin_plan_tools-46-020","台灣股票交易中，下列何者為一般交易與盤後定價交易之最大差別？",20,{"id":28,"question":29,"qno":30},"fin_plan_tools-46-021","下列何項非屬財務比率分析？",21,{"id":32,"question":33,"qno":34},"fin_plan_tools-46-022","假設其他因素固定不變，下列那一項會降低股票之本益比？",22,{"id":36,"question":37,"qno":38},"fin_plan_tools-46-023","有關股票評價之高登模式(Gordon)，下列何者正確？",23,{"id":40,"question":41,"qno":42},"fin_plan_tools-46-024","B 公司今年度每股現金股利 5 元，且股利成長率為 4%，乙股東要求之股票報酬率為 12%，預期每股盈餘 2.5元，依現金股利折現模式計算，其本益比應為何？",24,{"id":44,"question":45,"qno":10},"fin_plan_tools-46-025","依 CAPM 方法，假設某股票之β(Beta)係數為 2，股市的預期報酬率為 15%，無風險利率為 5%，則該股票報酬率為下列何者？",1787293950573]