问题
单项选择题
A firm has an expected dividend payout ratio of 48 percent and an expected future growth rate of 8 percent. What should the firm's price to earnings ratio (P/E) be if the required rate of return on stocks of this type is 14 percent and what is the retention ratio of the firm
P/E ratio Retention ratio（）
①A. 6.5 48%
②B. 8.0 52%
③C. 8.0 48%
A. ①
B. ②
C. ③
答案
参考答案：B
解析：
P/E=(dividend payout ratio)/(k-g)
P/E=0.48/(0.14-0.08)=8
The retention ratio=(1 - dividend payout)=(1-0.48)=52%