答案和详解如下： 1.Supergro has current dividends of $1, current earnings of $3, and a return on equity of 16 percent, what is its sustainable growth rate? A) 8.9%. B) 12.2%. C) 10.7%. D) 14.5%. The correct answer was C) g = (1 – 1/3)(0.16) = 0.107 2.GreenGrow, Inc., has current dividends of $2.00, current earnings of $4.00 and a return on equity of 16 percent. What is GreenGrow’s sustainable growth rate? A) 6%. B) 7%. C) 9%. D) 8%. The correct answer was D) GreenGrow’s sustainable growth rate is 8 percent. g = [1 – ($2/$4)](0.16) = 8% 3.Sustainable growth is the rate that earnings can grow: A) indefinitely without altering the firm's capital structure. B) with the current assets. C) without additional purchase of equipment. D) before the hiring of additional personnel. The correct answer was A) Sustainable growth is the rate of earnings growth that can be maintained indefinitely without the addition of new equity capital. 4.The sustainable growth rate, g, equals: A) earnings retention rate times the return on equity. B) dividend payout rate times the return on assets. C) pretax margin times the asset turnover. D) pretax margin divided by working capital. The correct answer was A) The formula for sustainable growth is: g = b × ROE, where g = sustainable growth, b = the earnings retention rate, and ROE equals return on equity. 5.In computing the sustainable growth rate of a firm, the earnings retention rate is equal to: A) 1 - (dividends / assets). B) (Earnings - dividends) / assets. C) 1 - (dividends / earnings). D) Dividends / required rate of return. The correct answer was C) Earnings retention rate is equal to: 1 – (dividends / earnings). 6.Dynamite, Inc., has current earnings of $26, current dividend of $2, and a returned on equity of 18 percent. What is its sustainable growth? A) 14.99%. B) 16.62%. C) 13.37%. D) 18.82%. The correct answer was B) g = [1 – ($2/$26)]0.18 = 16.62% | 
发表于 2008-5-20 11:27
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