问题如下：
Company M has a capital spending of $150 million. The target capital structure is 30% debt and 70% equity. According to the residual dividend policy, what`s the payout ratio for Company M with the estimated earnings of $100 million?
选项：
A.5%
B.0%
C.55%
解释：
B is correct.
考点： Payout Policies
解析：债务融资需要$150 * 30% = $45 million, 权益融资需要$150 * 70% = $105 million。$105 million > $100 million，因此还需要外部股权融资$5 million。剩余可分红0 million。
外部股权融资？？
