问题如下：
Company M is financed with $20 million debt and $80 million equity. Currently, the company is going to pay 40% of its net income as a dividend to the shareholders. The management estimate that the cost of equity would be reduced 150 basic points after the dividend and the dividend growth rate would be 5.5 percent. What`s the leading P/E ratio after initiating the dividend?
选项：
A.4.71
B.8.89
C.13.33
解释：
C is correct.
考点：Summary of Capital Structure Theories
解析：公司现今的资本结构所对应的权益资本是10%，发放股利后的权益资本将会下降到8.5%。Leading P/E = payout ratio/(r-g) = 40% / (8.5% - 5.5%) = 13.33
请问一下新产生的NI一部分分红一部分变成留存收益，这不会改变equity的资本结构吗？
