问题
单项选择题
An analyst does research about capital structure and gathered the following information about a company:
·Return on assets is 5.0%
·Financial leverage (Total assets/equity) is 2.5
·Beta for the company's stock is 1.5
If the company wants to achieve a growth rate of 10% without changing its capital structure or issuing new equity, the maximum dividend payout ratio for the company would be closest to:
A. 10.0%
B. 12.5%
C. 20.0%
答案
参考答案：C
解析： g=ROE×retention ratio=ROA×financial leverage×(1-payout ratio)，由此得：10%=5%×2.5×(1-payout ratio)，所以
1-payout ratio=80%，得出payout ratio=1-80%=20%。