问题
单项选择题
An analyst does research about equity valuation and gathers the following information about a company and the economy. The current share price is $45, the price-to-earnings ratio is 15, the nominal risk-free rate is 3.1%, the risk premium is 7%, and the expected retention ratio is 40%. The best estimate of the company's dividend growth rate is:（）
A. 6.1%
B. 7.4%
C. 14.1%
答案
参考答案：A
解析：
P/E= payout ratio/(k-g)，其中payout ratio=1-retention ratio=1-0.4=0.6，k=nominal risk-free rate+risk premium=3.1%+7%=10.1%，各数值代入有：15=0.6/(10.1%-g)，得出g=6.1%。