Which of the following statements concerning security valuation is FALSE()
A. The best way to value a company with high and unsustainable growth that exceeds the required return is to use the temporary supernormal growth (multistage) model.
B. The best way to value a company with no current dividend but who is expected to pay dividends in three years is to use the temporary supernormal growth (multistage) model.
C. A firm with a $1.50 dividend last year, a dividend payout ratio of 40% , a return on equity of 12%, and a 15% required return is worth $18.24.
参考答案：C
解析：
A firm with a $1.50 dividend last year, a dividend payout ratio of 40% , a return on new investment of 12%, and a 15% required return is worth $20.64. The growth rate is (1-0.40)× 0.12=7.2%. The expected dividend is then $ 1.50×1.072=$ 1.61. The value is then (1.61)/(0.15-0.072):$20.64.