NO.PZ2018062005000034
问题如下：
According to the above information, use DCF approach to calculate the cost of equity:
选项：
A.39.25%
B.24.55%
C.31.83%
解释：
C is correct. g =ROE*b=ROE*(1-payout rate)=20%*(1-35%)=13%
D1=D0*(1+g)=5*(1+13%)=5.65
Re=D1/V0+g=5.65/30+13%=31.83%
如果用后三个数值通过计算beta来计算Re的话，倒数第二个数值是不是不能是期望收益率，要是市场收益率才行？
