9％怎么来的

* 问题详情，请查看题干

NO.PZ201601200500004406

问题如下：

6. Given Skylark’s current capital structure and Miller’s assumption about the dividend’s effect on the cost of equity, initiating a dividend will result in a price-to-earnings multiple closest to:

选项：

16.7.

20.0.

25.0.

解释：

C is correct.

The Gordon growth model can be used to calculate the P/E as the payout ratio divided by the difference between cost of equity and growth. In this case, the payout ratio would be 50%, cost of equity would drop from the current 10% (see table) to 9%, and the growth rate is 7%. The leading P/E is 0.5/(0.09 – 0.07) = 25×.

9％没看到题干写呀？

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王琛_品职助教 · 2021年11月02日

嗨，从没放弃的小努力你好：

9% 是需要结合题干计算得出的哈

首先，题目中最后一个表格下面有备注：Note: Current capital structure (indicated in italics) is $2 billion of debt, $8 billion of equity. 说明 equity 占比 80%

接着查表，equity 占比 80%，对应表格第二行，此时，cost of equity = 10%，对应第二行第四列

然后，题目又说发放股利可以使得 cost of equity 下降 1%

"Skylark’s competitors that pay a dividend appear to benefit from a 100 basis point reduction in cost of equity, regardless of capital structure. I assume Skylark’s cost of equity would decline by the same amount if it initiates a dividend."

因此最终 cost of equity = 10% - 1% = 9%

这里 cost of equity 下降 1% 是题目给条件，不需要纠结哈

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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