※ 引述《na112233123 (nn)》之銘言： : The sales and net income of YY company in year 2001 are 50 millions and : 5 millions respectively. Its dividend is $3 per share and the optimal capital : structure is 40% with debt. The DOL and DFL are 2 and 5 respectively. : The number of outstanding share is keeping at 1 million shares. YY company : estimates the sales in year 2002 to be 55 millioms and decides to invest : 8 millions to build a new plant. How much the divident per share for year 2002 : will be under each of the following situations? : (1) YY company applies constant dividend policy. 固定股利，所以股利同2001年的$3 per share : (2) YY company applies constant dividend payout ratio policy. 固定股利支付率，2001年股利支付率為 3 / 5 = 60% 由第(4)小題得知2002年EPS為10，故股利為 10 * 60% = $6 per share : (3) YY company applies residual dividend policy. 剩餘股利政策，盈餘先用於必要的投資，有多的才發出來 投資需要8M，在維持資本結構(負債40%)不變下，需要權益資金 8M * 60% = 4.8 M 因此總股利為 10M - 4.8M = 5.2M => divident per share = $5.2 per share : (4) How much the estimated EPS for year 2002 will be? DTL = DOL * DFL = 10 因此在營業額(△S)/S = (55-50) / 50 = 10% 下，△EPS/EPS = 10% * 10 = 100% EPS(2001) = 5 / 1 = 5 => EPS(2002) = 5 * (1 + 100%) = 10 -- --

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