问题
单项选择题
An pharmaceutical industry analyst gathers the following information about a company during 2011. The net income is $23000. The total assets are $140000 on January 1, 2011. The total assets are $180000 on 31 December, 2011. The cash dividends paid on common stock this year are $8000, and the financial leverage is 2.5. The company's sustainable growth rate is closest to:（）
A. 9.4%
B. 20.8%
C. 23.4%
答案
参考答案：C
解析：
average total assets=($140000+$180000)/2=$160000
g=ROE×RR=ROA×financial leverage×(1-dividend payout ratio)
g=[$23000/$160000]×2.5×(1-$8000/$23000)=14.375%×2.5×0.652= 23.4%。