问题
单项选择题
An analyst gathered the following information for a company:
Risk-free rate = 6.75%
Expected market return = 15.00%
Beta = 1.30
Dividend payout ratio = 55%
Profit margin = 10.0%
Total asset turnover = 0.75
Assets to equity ratio = 2.00
What is the firm's sustainable growth rate（）
A. Tax rate needed to determine answer.
B. 6.75%.
C. 15.00%.
答案
参考答案：B
解析：
Sustainable Growth (g)=ROE × Earnings Retention Rate, or ROE × ( 1 - Dividend Payout) ROE = Profit Margin x Total Asset Turnover x Financial Leverage Multiplier = 0.10×0.75×2=0.15
g=0.15×0.45=0.0675, or 6.75%.