Sustainable growth rate g=ROE*b/不仅是针对DDM模型使用，对FCF模型也同样适用？

问题如下：

Jacques is preparing the valuation for PZ Inc.. She estimates that PZ’s long-term expected dividend payout rate is 35 percent and its return on equity is 12 percent over the long term. What is the long-term FCFE Sustainable growth rate of PZ Inc.?

选项：

A.

11.4%

B.

3.2%

C.

7.8%

解释：

C is correct.

考点：Sustainable growth rate

解析：C是正确的。可持续增长率等于净资产收益率(ROE)乘以留存收益率。净资产收益率为12%，留存收益率为1-派息率，即1.0- 0.35 = 0.65。可持续增长率等于0.65×12% = 7.8%。从长远来看，FCFE的年增长率至少应该达到7.8%。