问题
单项选择题
An analyst does research about return on equity and gathered the following expectations that are related to two companies and their respective common stocks:
Based on the expectations, which of the following is the most accurate statement about the two companies Company A is expected to have a:（）
A. higher return on equity than Company B.
B. lower intrinsic common stock value than Company B.
C. higher intrinsic common stock value than Company B.
答案
参考答案：C
解析：
P=D1/(r-g)，由此得：
$1.6×55%×(1+6%)
显然P(A)＞P(B)，所以A公司内在价值大于B公司。
因为g=ROE×(1-payout ratio)，而两个公司的g和payout ratio都是一样的，所以它们的ROE也是一样的。