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成本是10%，发放股利后的权益资本成本将会下降到8.5%。Leading P/E = payout ratio/(r-g) = 40% / (8.5% - 5.5%) = 13.33
请问在计算leading P/E时，P0/E1=(D1/r-g)/E1=(D1/E1)/(r-g)，我理解D1/E1应该用一年后的dividend payout ratio，即现在的40%再乘（1+g），为什么这里直接用0时刻的分红比率呢？谢谢老师。
