An analyst does research about the dividen

问题单项选择题

An analyst does research about the dividend discount model (DDM) and gathers the following information to evaluate the effective dividends and leverage on future growth:

	Scenario 1	Scenario 2
Dividend payout ratio	65%	45%
Financial leverage	3.5	2.3

If return on asset is the same for each scenario, the expected dividend growth rate is:（）

A. higher under Scenario 1.

B. higher under Scenario 2.

C. the same under both under Scenario land Scenario 2.

答案

参考答案：B

解析：

g=ROE×RR=ROA×Financial leverage×(1-Dividend payout ratio)，据题意可知两种情况下的ROA相同。

第1种情况：3.5×(1-65%)=1.225；第2种情况：2.3×(1-45%)=1.265，所以第1种情况下的预期股利增长率小于第2种情况下的。