NO.PZ2016012005000029
问题如下：
The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.
选项：
A.$0.68.
B.$0.80.
C.$0.85.
解释：
A is correct. The estimated dividend per share is US$0.68.
Previous DPS = US$0.60
Expected EPS = US$4
Target payout ratio = 0.25
Five-year adjustment factor = 1/5 = 0.2
Expected dividend = Previous dividend + (Expected earnings × Target payout ratio − Previous dividend) × Adjustment factor
= US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2]
= US$0.60 + US$0.08
= US$0.68
公司最近一期dividend payout ratio = 20%, 目标五年后payout ratio = 25%，为什么不能计算为五年20%提升至25%、即每年派息比例提升1%，即今年预计派息比例为21%。今年预计EPS = 4，每股派息则为 = 4*21%？
