问题如下图：
选项：
A. 
B. 
C. 
您好关于这道题我想问问为什么公布DIVIDED 以后COST OF EQUITY 会下降到9%（这个9%是如何计算的）
还有MILLER 关于股息的假设不是说不会影响公司的价值吗
谢谢老师
NO.PZ201601200500004406 20.0. 25.0. C is correct. The Gorn growth mol cuseto calculate the P/E the payout ratio vithe fferenbetween cost of equity angrowth. In this case, the payout ratio woul50%, cost of equity woulop from the current 10% (see table) to 9%, anthe growth rate is 7%. The leang P/E is 0.5/(0.09 – 0.07) = 25×. 9％没看到题干写呀？
NO.PZ201601200500004406 老师好， 我看了大家的提问和之前老师的解答，我其实在做这道题的时候没有想到E应该怎么求。 虽然看到题目上有“\"Skylark’s competitors thpa vinappeto benefit from a 100 basis point rection in cost of equity, regaress of capitstructure. I assume Skylark’s cost of equity woulcline the same amount if it initiates a vin\"”但是我当时对‘a vin这个词比较困惑，难道不管公司结构如何，也不知道vin不是完全一样，然后只要有派息对应的Equity就都是下降一个点？ 麻烦老师帮我讲下，谢谢。
想问下50% payout rate怎么得到E就是50%呢？ 题中只说了v是50%的NI，并没有说是50%的equity，也没有给出NI与equity之间的关系，所以无法联系到E的计算，是我哪里看漏了吗？
20.0. 25.0. C is correct. The Gorn growth mol cuseto calculate the P/E the payout ratio vithe fferenbetween cost of equity angrowth. In this case, the payout ratio woul50%, cost of equity woulop from the current 10% (see table) to 9%, anthe growth rate is 7%. The leang P/E is 0.5/(0.09 – 0.07) = 25×. 这道题的考点是哪里？
请问为什么这道题要求leang p/E而不是trailing的呢？
