"Equity Investments":Understanding Income Statements
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
The following information is available about a company:
The current value per share of the company’s common stock according to the two-stage dividend discount model is closest to:
A、 $39.36.
B、 $49.20.
C、 $52.86.
Questions 2:
After a two-for-one stock split, which of the following will most likely change relative to its pre-split value?
A、 Earnings per share (EPS)
B、 Price-to-earnings ratio (P/E)
C、 Dividend payout ratio
A is correct. Net profit margin = Net earnings/Sales Net earnings = Net profit margin × Sales Dividends per share (Dn) = (Net earnings × Payout ratio)/Number of outstanding shares Therefore,
A is correct. A two-for-one stock split will double the number of shares, thus reducing the EPS to half of its pre-split value. P/E will remain unchanged because the price also reduces by half and exactly cancels out the effect of the reduced EPS. The dividend payout ratio remains unchanged because the same proportion of earnings will still be used after the split.
C is incorrect because the dividend payout ratio is unchanged.
B is incorrect because the P/E ratio is unchanged.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
