题目
Using the dividend discount model, what is the cost of equity capital for Zeller Mining if the company will pay a dividend of C$2.30 next year, has a payout ratio of 30 percent, a return on equity (ROE) of 15 percent, and a stock price of C$45?
选项
A.9.61 percent.
B.10.50 percent.
C.15.61 percent.
答案
C
解析
Answer: C First calculate the growth rate using the sustainable growth calculation, and then calculate the cost of equity using the rearranged dividend discount model: g=(1-Dividend payout ratio)(Return on equity)=(1-0.30)(15%)= 10.5% re=(D1 / P0) ＋g=($2.30 / $45) ＋10.50%=15.61% 这道题目问的是使用股利折现模型，如果公司明年将支付2.30加元的股利，股利率为30%，股本回报率(ROE)为15%，股价为45加元，那么Z矿业的股票融资成本是多少? 首先利用公式计算可持续增长率，然后利用股利折现模型计算权益成本: g = (1 – Dividend payout ratio)(Return on equity) = (1 – 0.30)(15%) = 10.5% re = (D1/P0)＋ g = ($2.30/$45) ＋ 10.50% = 15.61%因此C选项正确