单项选择题:
An analyst does research about the dividend discount model (DDM) and gathers the following information to evaluate the effective dividends and leverage on future growth:
Scenario 1 Scenario 2
Dividend payout ratio 65% 45%
Financial leverage 3.5 2.3
If return on asset is the same for each scenario, the expected dividend growth rate is:（）
A. higher under Scenario 1.
B. higher under Scenario 2.
C. the same under both under Scenario land Scenario 2.
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答案：B
解析: g=ROE×RR=ROA×Financial leverage×(1-Dividend payout ratio)，据题意可知两种情况下的ROA相同。 第1种情况：3.5×(1-65%)=1.225；第2种情况：2.3×(1-45%)=1.265，所以第1种情况下的预期股利增长率小于第2种情况下的。