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醉清风 · 2023年03月07日

Retention rate = (1 - dividend payout ratio) = I -[80000/(800000/6.5)]=0.35不明白

  1. CFA I
  2. FRA

NO.PZ2016012102000183

问题如下：

Here is a table describes some information from financial statements of DC company for the date December 31,20X8.

Based on the following information, what is the sustainable growth rate of DC company?

  • revenue:$800,000
  • dividend paid: $80,000
  • total asset turnover:0.58
  • financial leverage: 1.7
  • sales to net income:6.5
  • tax rate:20%

选项：

A.

9.45%.

B.

12.45%.

C.

5.31%

解释：

C is correct.

Sustainable growth rate = (retention rate)*(ROE).

ROE =net profit margin* total asset turnover* financial leverage=(1/6.5) *0.58 *1.7=0.1517

Retention rate = (1 - dividend payout ratio) = I -[80000/(800000/6.5)]=0.35

Sustainable growth = 0.1517*0.35=0.0531

Retention rate = (1 - dividend payout ratio) = I -[80000/(800000/6.5)]=0.35 我 算成了1-（80000/800000），6.5是个什么含义

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王园圆_品职助教 · 2023年03月07日

嗨，从没放弃的小努力你好：


同学你好，revenue是指营业收入，而retention ratio是指的净利润（去除分红后）的留存收益率（而非营业收入的留存收益率），所以你用800000的revenue作为计算留存收益率的分母是不对的哦

这里是需要用revenue计算出实际的NI作为分母才行

sale to net income: 6.5就提供了revenue转换成NI的比例，所以800000/6.5就可以计算出真正的NI是多少，再带入retention ratio的公式才能计算出留存收益率哦

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