NO.PZ2018101501000099
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的资本成本是10%。题干中说 M 公司如今的资本结构为 20% Debt，80% Equity。对应的就是表格中第二行的数据，即权益的资本成本（cost of equity）为 10%。发放股利后的权益的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
这里为何不需要对cost of equity做调整呢
