In the recent board meeting, Flat decided that it will switch to a 100%payout policy, and issue new shares each year to finance company growth. c. According to MM irrelevancy hypothesis, the total value of the company is unchanged by its payouy policy. What is the price of the commonstock at t=1 under the new policy? d. Use the perpetual-growth model to recalculate the stock price under the new policy. Note that the expected return of equity remains to be 12%, but the growth rate under the new policy is no longer 8% 翻譯一下，希望對你有幫助 在近期召開的董事會，F公司決定採取100%發放之股利政策，每年都會發行新股來滿足 公司成長之需求。 c.根據 MM 無關論，公司價值不會因為股利政策而有所改變，在新的股利政策之下， t=1普通股的價格會是多少？ d.利用永續年金成長模式去重新計算新股利政策下之股票價格。注意預期Re會維持在12% ，但是成長率在新的股利政策之下不會再是8%。 --

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