问题
单项选择题
A company reported its latest annual report as following:
Net income = $1000000
Total equity = $5000000
Total assets = $10000000
Dividend payout ratio =40%
Based on the sustainable growth model, the most likely forecast of the company's future earnings growth rate is:（）
A. 12%.
B. 8%.
C. 4%.
答案
参考答案：A
解析：
g=(RR)(ROE)
RR=1 - dividend payout ratio = 1-0.4=0.6
ROE = NI/Total Equity = 1000000/5000000 = 1/5=0.2
Note: This is the "simple" calculation of ROE. Since we are only given these inputs, these are what you should use. Also, if given beginning and ending equity balances, use the average in the denominator, g=0.6×0.2=0.12 or 12%