fisher2018-12-16 15:20:36

在练习题第九题：题目开头是：Bobby Lee is an equity analyst for the US investment management firm Larocque & Frères. Larocque & Frères has a substantial ownership stake in Skylark Industries, a US-based company that operates in several business segments related to defense. 第六个单选题：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: 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×. 这个答题解析中的0.09是怎么来的呢？