NO.PZ201601200500004406
问题如下：
6. Given Skylark’s current capital structure and Miller’s assumption about the dividend’s effect on the cost of equity, initiating a dividend will result in a price-to-earnings multiple closest to:
选项：
A.16.7.
B.20.0.
C.25.0.
解释：
C is correct.
The Gordon growth model can be used to calculate the P/E as the payout ratio divided by the difference between cost of equity and growth. In this case, the payout ratio would be 50%, cost of equity would drop from the current 10% (see table) to 9%, and the growth rate is 7%. The leading P/E is 0.5/(0.09 – 0.07) = 25×.
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 that pay a dividend appear to benefit from a 100 basis point reduction in cost of equity, regardless of capital structure. I assume Skylark’s cost of equity would decline by the same amount if it initiates a dividend."”但是我当时对‘a dividend’这个词比较困惑，难道不管公司结构如何，也不知道dividend是不是完全一样，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。
